Amortized deduction as a source of the real financing of industrial modernization

Abstract

In the process of creating a new concept of the financial mechanism, it is important, in our opinion, to construct a mechanism for depreciation of fixed assets of enterprises, adequate to the goals of the national economy modernization. It seems appropriate to establish a depreciation model which will allow the state to conduct depreciation policy differentiated by branches of the national economy and on specific territories. In addition, depreciation deductibles must be real, that means, they should be accumulated on the accounts and not just be tax exemptions. There are expressions of the Russian economists, that it is possible to ensure the realization of revenues depreciation on special accounts under threat of possible penalties. The solution of this problem, it seems, can be achieved through mandatory enrollment of depreciation amounts into the escrow bank accounts without withdrawing the funds before the expiration of the depreciation period of fixed assets of the owners. The yield on bank deposits in the Russian market, as a rule, does not exceed the Central Bank refinancing rate. Keeping money in the long term on such conditions is not economically feasible - a negative return on these investments is guaranteed, but if the federal government has helped to ensure a nominal rate of return of deposits to 10% (in a given period of time) at the expense of its resources, then our proposal could have lost the character of economic voluntarism. If all accrued depreciation (2 348 641 million rubles) will be placed on deposit accounts and the credit system of the Russian Federation will provide holders an annual yield of 10% (at the rate of inflation 8.8%), the annual subsidy amount will be 28 183.7 million rubles. In this case, the credit system receives a resource for the issuance of long-term loans. Taking into account the banking margin of 2%, the annual interest on long-term loans could amount (in terms of the current time) 10-12% of annual yield.