Currently, there is really a necessity to revise the legal base of SRC, and also the composition of the organizations having such status. But first a number of questions are to be answered: if a SRC status is needed and for what functions What is the difference between SRC and other organizations Which must be an optimal legal form of SRC SRC status is needed in the event it is granted not simply to the research organizations advanced in their field, possessing the unique material and technical and instrumental base, but to institutions vested by the state with special functions – expert, prognostic etc. In this case an appropriate targeted state support of SRC is needed as an instrument of implementation of the state priorities, carried out either through special program, or funding under FTSTP. An issue the legal form of current SRC(s) must be solved in the context of general reform of organizational structure of science. Also important is to define an interaction pattern between SRC(s) and their corporate network with authorized body at a government level. As regards a precedent concerning discontinuation SRC support, cessation, within the frame of the government undertaken obligations, of the second year of financing would not mean retreat from the idea switching to competitive work financing. Moreover, as the experience of reforming the science complexes of a number of transitional economies shows, a sharp transition to the use of one instrument is non-productive in the same manner, as also the too slow adaptation of new mechanisms. In Russian conditions, where implementation of initiatives occur, as a rule, not half in the way it planned, an optimal is a method of pilot projects. This, among other things, also concerns the transition to exclusively competitive distribution of funds within the frame of FTSTP, based on consolidated projects.
Full completion of SRC program seems inefficient at present, as it is one of few means of implementation of national priorities in the field of science and engineering and critical technologies of federal level.
I.Dezhina Issues Considered at the Sessions of the RF Government on April 7 and Of all issues of the RF Government considered at April 2005 sessions of special interest are the following. On April 7 the Economy Minister Gref G.O. presented a report “On Scenario-Based Conditions of the Socio-Economic Development of the Russian Federation for 2006 and for a Period till 2008, and Price Parameters (Tariffs) for Products (Services) of Natural Monopoly Subjects”. At the session on April 21 a report of the Economy Minister of the RF Kudrin A.L. had been considered “On Major Indices of Russia’s Financial Projections for 2006-2008”.
* * * The scenario-based conditions of the socio-economic development of the Russian Federation for 2006 and for a period till 2008, presented in the report “On Scenario-Based Conditions of the SocioEconomic Development of the Russian Federation for 2006 and for a Period till 2008, and Price Parameters (Tariffs) for Products (Services) of Natural Monopoly Subjects” have been developed on alternative basis and provide for implementation of a package of investment-oriented tax novations since 2006.
Variant 1 considers retaining of inertial trend, characterized by lowering the competitive power of Russian economy, absence of positive changes in the investment climate, and does not suggest implementation of new large-scale projects or strategies. It is expected reduction of Urals prices in 2006 to USD 28 a barrel, and slowing the economic growth rates from 6,3% in 2005 to 4,5-4,6% – in the years to follow.
Variant 2 orients to taking an innovative pathway based on implementation of institutional reforms and most important development strategies of the economy sectors. The Urals prices were projected at USD 39 a barrel in 2005, USD 34 - in 2006, USD 33 and 33.5 a barrel in 2005 in the years to follow.
In 2005 it is expected a GDP growth by 6,5%, and in 2007-2008 - by 6,1-6,2%. This variant is characterized by active income policies directed to doubling in 2004-2008 in the public sector of wages and labor pensions.
According to forecasts, an increase rate of the value volumes of export of fuel and energy resources is reduced in from 36,6% in 2004 to 1-3% in 2007-2008 in variant 2, in compliance with the agreed expected level of prices on the world market, and also relative deficiency of export capacities and lessening of putting into operation new wells. The oil export forecast in variant 2 suggests further modest rise in oil demand on the part of traditional foreign consumers on retention of the restrictions on exports on the part of transport infrastructure, and also restrictions concerned with lagging of the resource base of oil production. The export of oil in variant 1 in 2008 by 2,1% lower than the export of oil in variant 2, in both variants the oil export growth rates are reduced from 13% in 2004 to 1-2% in 2007-2008.
The forecast of payment of balance provides for early repayment of debt to IMF, and repayment of debts to Paris club – according to payment schedule. Maximum costs for repayment and servicing of foreign debt are planned for 2005 (USD 19.4 billion).
For 2005 the targeted inflation rate - 8,5-10% had been set, with subsequent lowering to 4-5,5 % in 2008.
The forecasted increase in the external reserves of the Bank of Russia will make in 2005 USD 48-billion, while in 2006 the figure is expected USD 27-30 billion. On retention of the surplus budget, the money supply growth rate may reach in 2005 about 18-20% and will be lowered to 10-12% in 2008, which corresponds to solving the task - to keep inflation within targeted limits.
The price growth rates for natural monopolies’ goods will not exceed the targeted level set out for relevant period.
In 2005, as in previous period, the exchange rate dynamics will be strongly affected by trade balance surplus. The nominal values of ruble-to-dollar rate will be within a year at 27-28 rubles against the dollar. Strengthening of real effective ruble rate will make in 2005 about 8-9%, in the years to come the real ruble rate will not be over 3%. In conditions of variant 1 lowering the export revenues in 2006 will lead to stoppage of the process of real ruble strengthening.
General investment growth in 2006-2008 is forecasted at a level of 10% a year. The investment growth rates are estimated proceeding from the investment demand, and also the forecast of the investment financing sources.
All variants of the forecast of socio-economic development suggest improvement of the economic growth quality, which to a greater extent is determined by growth of domestic demand based on an increase of investment and growth of final consumption of private households. Structural changes in the production of GDP will largely be affected by implementation of sectoral strategies and will have a more pronounced character under variant 2 conditions.
The annual average growth rates of investment in fixed assets in variant 2 are estimated by 3-4,5% higher than in variant 1. In the economy sectors the share of industry in investments for the first variant remains at a 41% (the level of 2004), while in the second variant, directed to the economy diversification, this share is gradually reduced to 38,5% by 2008.
The higher growth rates are achieved in the variant of innovation development (variant 2) due to implementation of a number of conditions and factors, such as realization of national strategies and greater state participation in funding the efficient infrastructure projects, growth of investment activity of private investors and an influx of foreign investments owing to improvement of investment climate and development of infrastructure in the country, government policies pertaining to growth of incomes in the public sector, and also carrying out reforms in the tax sphere providing relieving tax burden on producer based on introducing in 2006-2007 a package of investment-oriented tax novations.
On April 21 the RF Finance Minister Kudrin A.L. presented a report “On Major Indices of Russia’s Financial Projections for 2006-2008”. The projections of key parameters were calculated in two variants: expected (proceeding from average annual Urals crude price of USD 34 a barrel) and base (USD 28 a barrel). Either of the two variants contains estimates of budget revenues and the budget expenditure parameters in the current tax legislation and that planned to be introduced since January 1, and projected for implementation in 2007-2008.
The expected execution of revenues of the budget system for 2005 with account of tax arrears mobilization will make Rb 7501.4 bn (37,4% GDP), without account of tax arrears mobilization – Rb 7230.5 bn (36,1% GDP). In 2006 revenues of the budget system are estimated at Rb 7619.9 bn (33,1% GDP), in 2007 – Rb 8404.7 bn (32,2% GDP) and in 2008 – Rb 9441.7 bn (32,2% GDP). If the state of affairs on the international markets of energy resources is worse, revenues of the RF budget system with regard to the expected variant will be lowered in 2006 by Rb 499.9 bn, in 2007 - Rb 536.2 bn, in 2008 - Rb 685.9 bn, RF Stabilization Fund contributions will be reduced in 2006 by Rb 301.4 bn, and in 2007 and 2008 by Rb 257.8 bn and Rb 259.4 bn correspondingly.
The budget system revenues calculated according to base variant, with respect to GDP, forecasted in favorable economic situation and taken as the federal budget projections for the next fiscal year and medium-term perspective will amount in 2006 - 32%, in 2007 - 31,6%, in 2008 - 31,9%.
The forecasted volume of revenues of the budget system is determined proceeding from the parameters of the budget system revenues in the conditions of changing of tax legislation and increase of the cut-off price to the Stabilization Fund from USD 20 to USD 27 for Urals crude. The volume of expenditure obligations of the federal budget is estimated at Rb 3689.0 bn in 2006, Rb 4095.4 bn - in 2007, and Rb 4679.8 bn - in 2008.
Unsecured by sources of financing the federal budget deficit is planned to be compensated from the Stabilization Fund. In 2006 this figure will be Rb 57.3 bn, in 2007 - Rb 100.5 bn, and in 2008 - Rb 37.8 bn.
It is supposed that one of the directions of loan strategy be realized – substitution of the foreign debt for domestic debt, and the funds attracted on the domestic market will be the main source of financing for repayment of the government debt obligations. The security denominated domestic public debt will increase from Rb 931.2 bn for the start of 2006 to Rb 1554.1 bn for the start of 2009. In 20062008 borrowings on the market of domestic public debt will be predominantly medium-term and longterm. Possibility of external borrowings is extremely low (exclusions may make attraction of targeted credits from the government of foreign countries and international financial organizations in fulfillment of the earlier achieved agreements and for embarked projects). Repayment of the government debt obligations will be directly concerned with the fulfillment of the RF Government course on substitution of external sovereign debt with domestic sovereign debt.
No measures are planned to take in 2006-2008 for reduction of the domestic public debt, so, repaying the principle debt as scheduled will be carried out by refinancing. For 2006 payments are provided for to repay the government debt at USD 9.5 bn, in 2007 - USD 11.7 bn, in 2008 - USD 10.2 bn.
A review of regulatory documents concerning taxation, which were made public in April of 1. Order of the RF Tax Service No. SAE-3-01/138 of April 4, 2005, approves the new form of the Statement on the comparative check of the calculations of taxes, charges, and fees presented by the taxpayer (Form No. 23).
2. Letter of the Federal Tax Service No. GV-6-05/239 of March 30, 2005, taking into account the position of the RF Finance Ministry expressed in its document No. 03-03-02-02/51 of March 18, 2005, explains the issues pertaining to the application of the single social tax rates with respect to agricultural producers. Article 241 of the RF Tax Code stipulates that lower rates of the single social tax should be applied to the taxpayers defined as agricultural producers, however, the RF Tax Code does not provide the definition of the agricultural producer per se. Therefore, there should be used the definition of the agricultural producer as presented in federal law No. 193 FZ of December 8, 1995, “On agricultural cooperative societies.” In accordance with this law, “agricultural producer is an individual or a legal entity engaged in production of agricultural produce, which in terms of amount makes more than 50 per cent of the total output of such a producer, including fishing cooperatives (collective farms), where the production of agricultural (fish) products and the volumes of catches of water biological resources in terms of their amounts make more than 70 per cent of the total volumes of output.
3. Order of the RF Finance Ministry No. 48n of March 24, 2005, approves the form of the Calculation of advance payments as concerns the insurance installment premiums relating to the mandatory pension insurance with respect to the persons making payments in favor of individuals. The order should be enforced with respect to the calculations of the advance payments made in the first reporting period of 2005.
4. Informational letter of the Federal Tax Service No. GV-6-21/33 of April 22, 2005, sets forth the rate of the mineral extraction tax applicable in March of 2005. The tax rate as adjusted for the Kts coefficient makes Rub. 1723.2632 per metric ton.
5. Order of the RF Tax Service No. SAE-3-02/173 of April 21, 2005, invalidates order of the RF Tax Ministry No. BG-3-02/729 of December 20, 2002, “On the approval of the Methodological recommendations on the enforcement of article 25 (the profit tax on organizations) of the second section of the RF Tax Code.” 6. Resolution of the RF Government No. 223 of April 15, 2005, approves the list of goods, in the course of production and (or) sales of which organizations should not be exempted from the payment of the land tax as concerns the plots of land used for production and (or) sales of such goods (in particular, tires for vehicles, hunting guns, yachts, cutters (with the exception of special purpose cutters), precious stones, and precious metals, etc).
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