Today, the world is on the threshold of the Fourth industrial revolution ("Industry 4.0"), which is expected to have an impact on the entire world economy, mainly due to digital technologies. The chemical and pharmaceutical enterprise is a powerful engine of innovation and creativity. It is not only a supplier of products and solutions to other industries; it is also a stimulating enterprise that implements technological innovations throughout the value chain. "The fundamental and global nature of this revolution means that it will become an integral part of all countries, economies, industries and people." At the same time, scientists, political scientists and statesmen of economically developed countries agree that success in the digital economy will directly depend on the technical and technological start - up capabilities of the industry in these countries. This means that in Russia, on the way to realizing the potential of "Industry 4.0" and establishing digital production, there is an urgent need to restore its industrial base, which was lost during the years of "reforms", that is, the need for reindustrialization. Attracting investment to the Russian economy for reindustrialization and transition to "Industry 4.0" is an urgent goal of economic policy. This research is devoted to analyzing the effectiveness of tax incentives for investment and innovation, and considering the prospects for further transformations in taxation that would contribute to a real technological breakthrough, which Russia has no alternative to.
Key words: innovation, the chemical and pharmaceutical sphere, investment, reindustrialization, tax policy, tax incentives, tax incentives, tax competitiveness.