Developing Tax Instruments to Stimulate Innovation in the Russian Economy

The relevance of the study lies in the gradual regionalization of the entire world economy, where Russia has sufficient potential to improve its position on the international stage. This is possible, among other things, through increasing the level of innovation in the Russian economy. The purpose of this work is to test a hypothesis about the positive impact of the used instruments of the state tax policy regulation in order to increase the level of innovation of the Russian economy in the context of sanctions pressure and transformation of the country’s foreign economic relations within the global economy. The objective of this study is to analyze and identify the instruments of tax policy for state regulation in order to increase the level of innovation in the Russian economy. The main methods used in this study include the collection and processing of statistical data, their comparative analysis, study of regulatory framework for the fiscal policy on innovative development of the country, as well as other documents related on sustainable economic development. The scientific novelty of the research conducted consists in determining the relationship between the indicators of the innovativeness of the economy and measures of tax incentives for R & D. As a result of the research, proposals are made to improve the existing fiscal instruments in the Russian tax law to stimulate innovative development of the economy. A conclusion is drawn about the significant innovative contribution of tax preferences and the possibility of strengthening their role in the area under study. The practical significance of the work done consists in the possibility of using the research results to improve the effectiveness of implementing of state tax policy in relation to business in order to stimulate R & D expenditures, increase the production and consumption of domestically produced innovative products, and export high-tech products.

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