State regulation and investment support at the regional level: Kaluga region experience

Abstract

The article is devoted to the actual problems of state regulation and support of investment activity at the regional level. The importance of creating a favorable business environment for sustainable development, ensuring the flow of investment and the intensification of investment activities in particular at the regional level is shown. The experience of Kaluga region in state support and regulation of investment activity is considered. The complex of development institutions created in the region for these purposes is described. The legislative framework of state support for investment activities, including the provision of tax incentives and preferences is defined. Infrastructure investment projects implemented in the Kaluga region, including the most massive of them – industrial parks, are listed. Seven categories of investors that receive state support in the Kaluga region are given. Requirements for investors to be assigned to each category are analyzed. Their tax privileges and preferences, primarily on such taxes as the tax on profit of organizations and tax on property of organizations are described. It is noted that despite the development and implementation of a wide range of measures for state support of investment entities, Kaluga region has recently begun to give up its leadership position. An attempt to explain the current situation is made. In this regard, it is of interest to search for new measures to improve state regulation and support investment activities both at the Federal and regional levels, some of which are discussed in the article. In particular, the need for greater orientation of measures for state support of investment activities of small and medium-sized businesses was noted. The feasibility of direct inclusion of investors – residents of industrial parks in the system of state support measures was underlined.