A Regional Investment Project: A Balance between Fiscal Powers

In the context of the need to finance large investment projects in the Russian Federation, a regional investment project has become a promising mechanism for granting tax incentives to investors. The Tax Code of the Russian Federation provides for three types of participants in regional investment projects, in respect of which there is a different procedure for granting tax incentives and their scope. The mechanism for granting benefits to participants in regional investment projects is carried out through joint legal regulation by the Russian Federation and its constituent entities. Such a mechanism effectively takes into account the fiscal interests of constituent entities of the Russian Federation by means of transferring additional fiscal powers to them granting tax incentives to participants of regional investment projects. At the same time, the Tax Code of the Russian Federation provides for a mechanism for granting benefits to participants of regional investment projects regardless of the opinion of the constituent entity of the Russian Federation on the basis of the decision of the executive power. This can lead to the loss of financial stability by the constituent entity due to the impossibility of regulating its budget income. Further improvement of the institution of a regional investment project is required in order to ensure a genuine balance of fiscal powers between the Russian Federation and its constituent entities.

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