Problems of providing tax benefits to individual investors in the securities market

050

Abstract

Tax concessions are widespread in the securities market. They are used by the state as a tool of tax policy to attract individual investors to the securities market. In the Russian Federation, the most common tax benefits for individual investors are in the form of investment tax deductions. When analyzing the problems of providing tax benefits to individual investors in the securities market, the positions of the investor, the issuer, and the state are analyzed. From the position of an individual investor, there are problems in choosing benefits, the complexity of benefits, and technical aspects. The problems of providing investors with tax benefits in the securities market from the position of the issuer consist in the need to include securities in the list in order to receive a tax benefit. The problems of providing individual investors with tax benefits in the securities market for the state are the assessment of the effectiveness of tax expenditures on the provision of tax benefits, as well as the need to choose between the support of the issuer or the investor. The authors conclude that the beneficiaries of tax concessions in the securities market are not only investors, but also issuers and the state. It is stated that it is necessary to assess the fiscal efficiency of state expenditures on the provision of tax benefits to individual investors in the securities market, the need to amend the Tax Code of the Russian Federation in terms of eliminating duplication of tax benefits.