The strategic objective of tax impact on the real sector of economy development is to create a tax system that would encourage investment attraction and efficiency increase of priority areas of the economy. The need to improve the mechanism of tax incentives for the real sector of the economy, where there are unresolved controversial issues, makes this article extremely relevant. The article examines the existing in the world community main approaches to tax incentives for economic activity of economic entities through the income tax, VAT, and property taxes. In order to select the most feasible approaches to addressing system-related problems faced by the Russian tax system, the authors have analyzed the current international experience in taxation. The economies of developed and developing countries currently provide for such measures of tax incentives for investment activity as establishing a special procedure for collection of taxes and charges in the context of the performance of production sharing agreements; tax incentives for production sector enterprises making capital investments, as well as using leasing business by economic entities; granting an investment tax credit. The modern tax systems of most countries apply standard fiscal instruments, such as a reduction in tax rates; transfer of losses to future periods; tax holidays; tax credits in the context of making capital investments; tax deductions, etc. The analysis of the tools of tax incentives for investment and innovation activities of economic entities used in Russia and internationally, and the study of the current state of the Russian tax system and investment climate enabled to make conclusions about the areas of reforming the tax system of Russia. In particular, while implementing the tax incentive policy, there are proposals to take into account Russian specifics along with a focus on the experience of advanced economies. The comparison of the national practice with problem-solving techniques for stimulating investment activity, which exist in developed countries, serves to facilitate the creation of tax mechanisms that would strengthen investment processes under Russian conditions.
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