Code of capital investments – Newspaper Kommersant No. 15 (7460) of 01/27/2023

The White House continues to build the infrastructure to support investment activity. After the launch of the Capital Investments state information system with a minimum set of tools for concluding agreements on the protection and promotion of investments, the Federal Tax Service proposed expanding its functionality in a test mode. In this case, from 2024, the government will receive a tool for analyzing investment activity. The platform will allow you to track the status of investment projects and consolidate all the processes of interaction between the state and investors – from providing support measures to compensating businesses for the costs of implemented projects.

The Federal Tax Service proposes to launch the second stage of the state information system (GIS) “Capital Investments” into trial operation in 2024. It is necessary for the operation of the key mechanism for increasing investment activity – agreements on the protection and promotion of capital investments (IPPA) – due to the ability of investors to stabilize the conditions for doing business and compensate for part of the costs of project implementation. The first stage of the GIS “Capital Investments” was launched in June 2022 with minimal functionality – the ability for the state and investors to conclude SZPK electronically. Recall that the lack of a platform for a long time slowed down the conclusion of agreements that were supposed to become the basis of the investment boom, but the mechanism worked only from December 2020 to April 2021 – during this time, 36 agreements were concluded.

Since then, the regime has been noticeably revised: investors have the opportunity to raise debt financing, the regions and VEB to give negative opinions on projects, the Federal Tax Service to track tax revenues from investment projects through mandatory tax monitoring (see “Kommersant” dated May 16, 2022 ). The changes required the creation of a commission under the government to resolve disputes between investors, regions and VEB. As a result of the reset of the mechanism at the end of 2022, six SZPKs were concluded with an investment of more than 408 billion rubles. (in view of VAT). “Now the Ministry of Economy and VEB are considering new applications that are received by the GIS Capital Investments, face-to-face meetings with investors are taking place,” the Ministry of Economy reports. The document on the launch of the second phase in test mode was prepared by the Federal Tax Service in accordance with the instructions of First Deputy Prime Minister Andrey Belousov dated November 9, 2022.

Throughout 2023, the Federal Tax Service will expand the functionality of the platform in accordance with the new requirements — the system will start monitoring the fulfillment of the terms of agreements and the implementation of the investment project. Recall that the state has the right to terminate the agreement if its conditions are not met – and the investor will lose the stability clause and the opportunity to compensate for the costs (including in the form of a tax deduction).

The system will also generate a register of all agreements, including data on related agreements. GIS will de facto turn from a technical platform into a control system: data from the main external information systems will be automatically loaded into it, including the Federal Tax Service, the Federal Customs Service, the Ministry of Construction, Rosstat, as well as from the public services portal, the Electronic Budget and the Industry system. Such integration will provide the state with data on the actual costs of investors on projects and the benefits they have already received. It is expected that the GIS will provide the state with summary and analytical information about the companies implementing the project, the process of concluding agreements, the status of investment projects, the results of their implementation and the provision of state support measures – and will allow evaluating the effectiveness of the mechanism.

In addition, the system will speed up the process of working on agreements by digitizing the work of the commission under the government with projects that received a negative opinion from VEB at the application stage, and when considering disputes between the parties to agreements during their execution. The GIS will also include a designer of agreements using machine-readable forms of documents, a register of state support measures indicating the legal grounds for their provision with a navigator function. Investors will also be able to receive subsidies and an investment tax deduction for cost recovery there. It is expected that in 2025 the system will start working as usual and will become a single platform for attracting private investment.

Diana Galieva