On the Concept of Capital Investments in Russian Financial Law

Abstract

The article examines the use of the term “capital investments” in the financial legislation of the Russian Federation both at the present stage and in the historical aspect. The approaches developed in the economic and legal literature to determining the correlation of the concepts of “capital investments” and “budget investments” are considered. The author analyzes the use of the term “capital investments” in budget legislation as a component of the name of a group of types of budget expenditures, as the purpose of providing subsidies and implementing budget investments, and also as the form of budget investments in state (municipal) property. The inconsistency of the legal regulation of capital investments as a form of budget investments is revealed. The expediency of capturing in the budget legislation such a group of types of budget expenditures as “capital investments of budget funds” is substantiated. The changes in legal regulation proposed by the author are due to the identified trends in the development of budget legislation in the context of expanding the subject of financial law.