Main directions of tax incentives system reform in the Russian Federation

The current Russian system of tax incentives requires reforms. This system should be specified and targeted, consistent with the strategic goals and objectives of the country and regions development. This paper identifies factors affecting the efficiency of tax incentives, proposes to introduce a new concept of payback period of tax incentives and create dependences: «the social significance – the reduced tax rate»; «the reduced tax rate – the payback period of tax incentives». Also an algorithm of the targeted system of tax incentives creation is suggested.