Subject. The article discusses the issue of capital export to other jurisdictions with a lower level of taxation, possibilities of attracting foreign investment and improving the tax system. Objectives. The aim is to perform a comprehensive analysis of the problem of capital export and reduction of foreign direct investment from the position of their relationship with the high tax burden on business; to identify problem areas and develop proposals for changing the situation based on the Russian tax system modernization. Methods. The study draws on methods of comparative, structural, systems, and logical analysis. Results. We propose to modernize the current system of taxes and fees based on replacing a number of taxes (primarily, corporate income tax and personal income tax) with a single tax on turnover and consumption. This will enable to reduce the tax burden on business and tax evasion, bring settlements out of the "shadow", attract foreign investors, and minimize the desire of large Russian companies and corporate structures to export capital to foreign jurisdictions. Conclusions. The introduction of a single tax on turnover and consumption in the Russian Federation serves as a tool for reducing the export of capital and attracting foreign investment. The measure will help streamline the tax system, tax administration, and improve tax control based on digital solutions used by banking organizations.
Keywords: return of capital, investment, taxation, digitalization
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