This article analyzes the transformation of tax instruments influencing investor behavior in the Russian financial market. The study combines an evolutionary analysis of Russian tax regulation with a comparative review of practices across 157 jurisdictions, as well as the interpretation of tax statistics and an assessment of the fiscal consequences of implemented measures. The research establishes that in Russian investor behavior management practices, broad preferences for interest income have been replaced by more differentiated and fiscally constrained mechanisms. However, this transformation remains incomplete. Several instruments formally designed to stimulate long-term portfolio investment have created opportunities for tax-free exits, while sector-specific preferences have often proven too narrow to influence overall market behavior. The article argues that targeted instruments integrated into comprehensive national financial market development strategies and protected by anti-abuse rules have a greater impact on investor behavior than unconditional tax breaks. Priority areas include: distinguishing portfolio investors from controlling shareholders, replacing broad incentives with more selective instruments for retail investors, and employing measurable criteria for evaluating tax incentive effectiveness.
Oleg Borisov (Thu,) studied this question.