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Proceeds from the sale of property rights are included in the taxable income of a physical person together with the proceeds from the sale of assets (Article 228).

In regard to corporate profit tax, the Article provisions on depreciation are amended. It is allowed to carry out lumpsum write-offs from 10 to 30 per cent (with regard to the type of depreciable property) of the value of the property acquired and included in the amount in expenses, provided that the property was in utilization for at least 5 years. In case of property lump-sum write-off before the expiry of 5 years, its cost is to be included in the tax base.

The reduction factor of 0.5, applied to the basic depreciation rate of organizations, purchasing the cars, valued over RUR 600 thousand and buses, which cost exceeds RUR 800 thousand is abolished from 1.01.2009.

For the purposes of the application of the maximum per cent rate, applicable to expenses under obligations, the refinancing rate of the RF Central Bank is increased from 1.1 to 1.5 (on ruble obligations), as well as the maximum rate for foreign currency liabilities from 15 to 22 per cent.

An overview of budget legislation M. P. Goldin In November 2008, there were the following main developments in the sphere of budget legislation:

the approval of the federal budget for the years 20092011; the introduction of alterations into some legislative acts of the Russian Federation, including those designed to expand the budgeting powers of the RF Government; the determination of the procedure and terms for granting budget allocations from the RF Investment Fund in the form of subsidies to the budgets of RF subjects for co-financing capital construction objects.

By Federal Law of 24 November 2008, No 204-FZ, On the federal budget for the year 2009 and the planning period of 2010 and 2011, the federal budget for the years 2009 2011 was adopted. By the Law On the federal budget the main indices of the 2009 federal budget and the planning period through 2010 and 2011 were established.

The 2009 budget has been planned on the basis of the forecasted volume of GDP, in the amount of 51.47 trillion rubles, and the level of inflation below 8.5 %. The planned federal budget revenue in 2009 is 10.9 trillion rubles (in 2008 it was 8.9 trillion rubles). In this con-nection, federal budget expenditure is established in the amount of 9.02 trillion rubles. Thus, the forecasted federal budget surplus in 2009 is determined at the level of 1.9 trillion rubles. The basic indices of the federal budget in 2010 and 2011 are established on the basis of the forecasted volumes of GDP 59.14 and 67.61 billion rubles respectively, and the inflation rate, which is expected not to exceed 7.0 % and 6.8 % respectively.

It should be noted that, beginning from the year 2010, the federal budget will include conditionally approved expenditures (reserved for covering the achievement of priority goals that may emerge during the implementation of the federal budget in a given year). The volume of such expenditure items in 2010 is planned to be 258 billion rubles, that in 2011 565.9 billion rubles.

By Federal Law of 24 November 2008, No 205-FZ, On introducing alterations into some legislative acts of the Russian Federation in connection with Federal Law On the fed-eral budget for the year 2009 and the planning period of 2010 and 2011, certain changes were made in some legislative acts of the Russian Federation, designed to bring their provi-sions in conformity with the requirements of budgetary legislation.

The introduction of alterations into legislative acts has been made necessary by the adoption of the Federal Law On the federal budget for the year 2009 and the planning period of 2010 and 2011. In particular, Federal Law of 05 August 2008, No 118-FZ, has been aug-mented by provisions envisaging the procedure for restructuring the outstanding debts, as of 1 July 2008, of the budget-funded institutions of RF subjects and municipal budget-funded in-stitutions. Besides, by Law No 205-FZ the RF Governments powers to use the resources of the Reserve Fund and the federal budget have been expanded, in order to ensure an adequate balance between different RF budgets. According to these amendments, the RF Ministry of Finance is required, before 1 January 2010, to redistribute budget allocations between a cur-rent financial year and a planning period by section, subsection, target item and type of ex-penditures; this should be done on the basis of the decision made by a relevant body of au-thority responsible for budget execution.

In 2009, the RF Government will have the right, without the need to introduce any al-terations into the Federal Law On the federal budget, to make decisions concerning the use of the Reserve Fund and other residuals of the federal budget for the execution of pay-ments designed to reduce the amount of debt liabilities and borrowings, as well as to achieve a well-balanced federal budget, including in instances when the total amount of federal budget expenditure may be increased in the event (and within the limit) of granting budget alloca-tions from the federal budget, earmarked for interbudgetary transfers with the purpose of achieving a good balance between the budgets of state off-budget funds of the Russian Fed-eration.

At the same time, the budget allocations earmarked for interbudgetary transfers to the regions cannot be redistributed. In this connection, it is established that it can be possible to earmark budget funding, without introducing the corresponding alterations into the Law On the federal budget, for covering public services and granting budget subsidies and invest-ments to those legal entities which are neither state nor municipal institutions.

The decisions concerning the redistribution of budget allocations can be adopted after the consideration of the governments proposals to this effect by the RF Federal Assemblys Commission on the issues relating to the redistribution of budget allocations between a cur-rent financial year and a planning period. It is suggested that the Commission should consist of 7 representatives each from the State Duma and the Council of the Federation.

By Decree of the RF Government of 7 November 2008, No 815, On approving the rules for granting budget allocations in the form of subsidies, from the Investment Fund of the Russian Federation to the budgets of subjects of the Russian Federation, earmarked for co-financing the capital construction objects which are owned as state property by subjects of the Russian Federation and into which budget investments are made from the budgets of subjects of the Russian Federation; or for granting subsidies from the budgets of subjects of the Rus-sian Federation to local budgets earmarked for co-financing those capital construction objects in municipal ownership the budget investments in which are made from local budgets, the procedure and terms for granting budget allocations from the RF Investment Fund in the form of subsidies to the budgets of RF subjects to co-finance capital construction objects are de-termined.

Subsidies are to be granted to federal bodies of executive authority the principal ad-ministrators of the federal budget resources - in accordance with the schedule for the transfers of subsidies to the budgets of RF subjects to co-finance the capital construction objects, owned by RF subjects as state property, in which budget investments are made from the budgets of RF subjects, or to grant the necessary subsidies from the budgets of RF subjects to local budgets to co-finance those capital construction objects in municipal ownership the budget investments in which are made from local budgets. It is established, in particular, that subsidies are to be granted on condition that an agreement on the granting subsidies has been concluded by the supreme executive body of state authority of a RF subject with the head ad-ministrator of the federal budget resources, and in coordination with the RF Ministry for Re-gional Development; that the terms stipulated in a projects certificate, approved by the RF Government, have been fulfilled; and that the accounting report on the RF subjects budget expenditure in the previous reporting period has been submitted. Besides, there have been de-termined: the requirements to the agreements content; the list of documents to be attached to the agreement; the procedure for decision-making concerning the suspension of the transfer of subsidies, and the procedure for the transfer of subsidies from the federal budget.

Economic growth factors in 2000-2008.

E.Astafyeva The section presents the results of decomposition growth output rate (GDP) in the 2000-2008. The decomposition is based on distinction between extensive and intensive components of economic growth, enabling to evaluate the quality of growth and estimate prospective trends of economic development. There has been a slowdown in financial growth factors in 2008. Herewith, "technological" productivity, estimated with regard to the oil prices dynamics, was negative this year.

According to preliminary MERT19 estimates, the GDP growth in real terms in 2008 will make 6.per cent as compared with the previous year, what is not only lower the growth rate of 2007, accounting to 8.1 per cent, but the average growth rate within 2000 2007 as well Like before, the output growth is accompanied by an explicit growth in major extensive factors, whereas in 2008 it is characterized by accelerated growth of labor and capital resources, based on accumulated potential during the first three quarters of the year. According to the Ministry of Economic Development and Trade estimates, the average annual increase of the number of employees in 2008 will exceed 1 per cent, exceeds the average indicator of 2000-2007 by 0.3 percentage points.

Despite the decline in investments growth, which in January-October 2008 amounted to 12.3 per cent (against 21.1 per cent in 2007), the estimates of growth in capital fund in 2008, based on the estimates of investments growth will make 3,5 per cent, which is by 0.5 percentage points higher than the indicator of 2007.

Table 1.

Structure of GDP annual growth rates 1999- 2000- 2001- 2002- 2003- 2004- 2005- 2006- 2007 2000 2001 2002 2003 2004 2005 2006 2007 GDP 9.40 5.00 4.70 7.30 7.20 6.40 7.40 8.10 6. I. Input factors 3.21 1.52 0.96 2.34 2.99 1.80 5.48 3.26 2. I.1 Labor 0.40 0.25 0.32 0.26 1.03 0.02 0.37 0.40 0. Employment 0.19 0.21 0.38 0.21 0.43 0.22 0.21 0.33 0. Working hours 0.21 0.04 -0.07 0.05 0.60 -0.20 0.15 0.08 - I.2 Capital 2.82 1.28 0.65 2.09 1.96 1.77 5.11 2.86 2. Fixed assets 0.27 0.39 0.43 0.42 0.54 0.68 1.44 1.75 2. Capacity utilization rate 2.55 0.89 0.21 1.67 1.42 1.09 3.67 1.11 0. II. TFP 6.19 3.48 3.74 4.96 4.21 4.60 1.92 4.84 3. % GDP 100 100 100 100 100 100 100 100 I. Input factors 34.20 30.48 20.46 32.08 41.54 28.08 73.99 40.30 41. I.1 Labor 4.22 4.92 6.73 3.51 14.28 0.38 4.95 4.97 9. Employment 1.99 4.12 8.13 2.88 5.97 3.47 2.90 4.04 9. Working hours 2.23 0.80 -1.40 0.63 8.30 -3.09 2.05 0.93 - I.2 Capital 29.98 25.56 13.73 28.57 27.26 27.70 69.03 35.33 32. Fixed assets 2.86 7.84 9.22 5.73 7.50 10.60 19.41 21.60 30. Capacity utilization rate 27.12 17.71 4.51 22.84 19.76 17.10 49.62 13.73 2. II. TFP 65.80 69.52 79.54 67.92 58.46 71.92 26.01 59.70 58.According to the decomposition20 (Table 1, Figure 1), GDP growth average rates in 2000-2007 are based on changes in labor costs by 5.5 per cent and changes in the production of capital by 32.2 per Monitoring of current economic situation in the Russian Federation in January-October 2008.

cent. The basic factor in the output growth in this period is the total factor productivity (TFP), changes of which urged 62.4 per cent average growth rate of output. Prospective estimates of the relevant factors contribution in 2008 accounted to 9.0 per cent for the cost of labor, 32.3 per cent for the cost of capital and 58.7 per cent for TFP.

The most significant components of the labor cost in the period 2000-2007, defining its contribution to GDP growth, are the changes in labor resources, that is, the number of employees. The growth of this indicator is largely based on an increase of the working-age population share in the total population, which was growing during the period from 57.9 per cent in 2000 to 63.4 per cent in 2007.

The share of economically active population in the working-age population has grown, starting from 2005 (that indicator in 2004 was 81.1 per cent, and 83.4 per cent in 2007), but in the same period the share of the employed population in the economically active population has declined (the indicator in 2004 made 91.1 per cent, and 90,1 per cent in 2007). According to preliminary estimates, in 2008, despite the negative trends in the labor market in view of deteriorating financial crisis, the share of the employed group in the economically active population will increase by 0.1 percentage points, which will result in growing labor resource input in GDP growth as compared with previous years.

The average growth rate of working hours per one employee in 2000-2007 remained lower than the rate of employment growth rate, making only 1.3 per cent in GDP growth on average. Given the reduction of that rate recorded in the first half of 2008, as well as the expanded crisis in the labor market, the main instruments of adaptation to changing market situation of which is the manipulation with working hours, adjustment of decomposition for 2008 with regard to the number of working hours, in all probably will lead to a reduction in the contribution of labor input to GDP growth.

Despite sustained high degree of fixed assets depreciation, reached the level of 46.3 per cent in 2007, the significant growth rate of investment in the fixed assets was maintained in recent years, inspired by intensification of the fixed assets updating. As a result, the period of 2000-2007 was characterized by an increased rate of the fixed assets growth, which has resulted in changes of the share of capital resource contribution in GDP growth, this factor becomes the dominant component.

According to preliminary estimates, in 2008 the contribution of this growth component will amount to 30.1 per cent. As opposed to that, volatility in intensity of production capacity utilization has significantly declined, and the contribution to GDP growth, based on changes in capital utilization level, in 2008 will make only 2 per cent, what is 10 times lower than the average indicator within 2000-2007.

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