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Problems of Innovative Science and Technology Center Financing From Budgetary Funds

Author

Listed:
  • Makar I. Kudelich

    (Financial Research Institute, Moscow 127006, Russian Federation)

Abstract

This article attempts to identify and analyze the problems of financial support for the creation and functioning of innovative science and technology centers (ISTCs) at the expense of the budgetary system of the Russian Federation which require their solution, in particular through improving legislation. The article provides an overview of the legal problems associated with the creation of ISTCs, the determination of the effectiveness of the Russian Federation’s tax expenditures on activities of the ISTCs, and the assessment of the volume and permissible directions of budget financing of the ISTCs. Conclusions are made about the absence of any formal criteria for support, or refusal to support, proposals to create an ISTC presented by the project initiator, including those related to the financial and economic justification of the requested amount of funds from the budgets of the budgetary system of the Russian Federation, as well as about the biased nature of budgetary efficiency calculation for Russia’s tax expenditures on activities of the ISTCs. The paper also contains proposals on possible mechanisms for determining and assessing the validity of financial support for ISTCs from the federal budget declared by project initiators.

Suggested Citation

  • Makar I. Kudelich, 2021. "Problems of Innovative Science and Technology Center Financing From Budgetary Funds," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 76-87, June.
    • Handle: RePEc:fru:finjrn:210306:p:76-87
    DOI: 10.31107/2075-1990-2021-3-76-87
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    Cited by:

    1. Zaffar Ahmed Shaikh & Polina Datsyuk & Laura M. Baitenova & Larisa Belinskaja & Natalia Ivolgina & Gulmira Rysmakhanova & Tomonobu Senjyu, 2022. "Effect of the COVID-19 Pandemic on Renewable Energy Firm’s Profitability and Capitalization," Sustainability, MDPI, vol. 14(11), pages 1-15, June.

    More about this item

    Keywords

    innovative science and technology center; financial support for creation and operation; tax expenses; budget;
    All these keywords.

    JEL classification:

    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises

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