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According to the tax classification of 2004, tax revenues of the federal budget in (without consideration of single social tax) should amount to nearly RUR2 trillion 834 bil lion, or 15.1% of GDP, which is virtually by 1.6 percentage points of GDP more than that specified in the budget law for 2004, but by 1.1 percentage points less than actual tax revenues in 2004 (nearly 16.2% of GDP). Total federal budget revenues under the law is virtually comparable with the revenues under the 2005 federal budget, 17.90 and 17.77% of GDP correspondingly. At the end of 2004, federal budget revenues appear to exceed these figures by 2.5 to 2.6 percentage points (20.6% of GDP).

The key reason for the reduction in federal budget revenues in 2005 against the ac tual revenues in 2004 is reduction in 2005 of the effective single social tax by nearly RUR280 billion or 1.5 percentage points of GDP, as well as reduction in the income from public and municipal property and from activity of public and municipal organizations by 0.8 percentage points of GDP.

RUSSIAN ECONOMY in trends and outlooks Table Revenues in Budget Laws and Execution of Federal Budget in 20032005 (RUR million) 2003 Executed 2004 Executed Budget Budget Law for 2003 Budget Law for Law* Tax Revenues** 1892363,7 2029566,5 2071384,5 2712122,7 2834120,Profit (income) tax, capital 179550,5 537303,4 164765,6 205991,49 259003,gains tax Taxes on products and services; Licensing and 1178971,2 1135752,3 1088389,6 1188151 1205557,incorporation duties VAT 946218,5 882063,5 988368,2 1069691,5 1120751,excise 231368,3 252531,3 98516,8 117205 84805,Aggregate income tax *** 8478,4 10074,9 150,8 167,22 Single agricultural tax **** 257,8 150,8 167,22 Tax on securities transac 840,0 1663,3 824,0 121,26 tion Payments of utilization of 183129,5 249507,7 279381,1 434252,61 483035,natural resources Taxes on foreign trade and foreign economic opera 335975,5 452789,2 532538,2 859736,84 867969,tions Other taxes, fees and du 5418,6 7069,4 5335,2 23702,36 285055,ties Non tax revenues 145721,8 176718,3 219194,4 221995,52 225420,Incomes from public and municipal property and 83158,8 112680,8 165612,1 169394,48 73004,from activity of public and municipal organizations Administrative fees and 1406,5 1383,1 1381,2 2395,308 1714,charges Penalties, compensation 1353,6 1975,1 1157,8 1683,37 1483,of damage Incomes from foreign eco 55932,7 52924,3 45205,2 38470,391 51124,nomic activity Other tax revenues 3870,0 7755,0 5827,2 10051,934 98093,Fund of the Ministry of Nuclear Power Energy 14066,3 14349,0 14061,5 14074,644 0,of the Russian Federa tion Single social tax 365640,0 364593,8 438210,0 442218,25 266500,Total revenues 2417791,8 2586191,2 2742850,4 3426334,2 3326041,* In the table above, unlike the established classification of incomes specified in the draft federal budget law for 2005, the amount of tax duties (Taxes on foreign trade and foreign economic operations) is attributed to tax revenues.

** Without consideration of single social tax.

*** From 2004, for the purpose of compensation for non receipt of revenues by the budgets of constituent en tities of the Russian Federation as a result of abolished sales tax, the federal part of tax revenues under special tax treatments of small businesses, aggregate income tax, is transferred to the budgets of the constituent enti ties of the Russian Federation.

**** Provides for coming into force, since January 1, 2004, of a revised chapter of the Tax Code regulating a special tax treatment as a single agricultural tax.

Section 2.

Monetary and budgetary spheres Table Revenues in Budget Laws and Execution of Federal Budget in 2003Budget 2003 Exe 2004 Exe 2005 Law Budget cuted for Budget cuted for Budget against Law 2003 Law 2004 Law * Budget Law % of GDP % Tax Revenues** 14.2 15.3 13.5 16.2 15.1 112.Profit (income) tax, capital 1.4 4.0 1.1 1.2 1.4 128.gains tax Taxes on products and ser vices; Licensing and incorpora 8.9 8.6 7.1 7.1 6.4 90.tion duties VAT 7.1 6.6 6.5 6.4 6.0 92.excise 1.7 1.9 0.6 0.7 0.5 70.Aggregate income tax *** 0.1 0.1 0.0 0.0 Single agricultural tax **** 0.0 0.0 0.0 Tax on securities transaction 0.0 0.0 0.0 0.0 Payments of utilization of natu 1.4 1.9 1.8 2.6 2.6 141.ral resources Taxes on foreign trade and for 2.5 3.4 3.5 5.1 4.6 133.eign economic operations Other taxes, fees and duties 0.0 0.1 0.0 0.1 1.5 Non tax revenues 1.1 1.3 1.4 1.3 1.2 84.Incomes from public and mu nicipal property and from activ 0.6 0.9 1.1 1.0 0.4 36.ity of public and municipal or ganizations Administrative fees and 0.0 0.0 0.0 0.0 0.0 101.charges Penalties, compensation of 0.0 0.0 0.0 0.0 0.0 104.damage Incomes from foreign eco 0.4 0.4 0.3 0.2 0.3 92.nomic activity Other tax revenues 0.0 0.1 0.0 0.1 0.5 Fund of the Ministry of Nu clear Power Energy of the 0.1 0.1 0.1 0.1 0.0 0.Russian Federation Single social tax 2.8 2.7 2.9 2.6 1.4 49.Total revenues 18.2 19.5 17.9 20.4 17.8 99.* In the table above, unlike the established classification of incomes specified in the draft federal budget law for 2005, the amount of tax duties (Taxes on foreign trade and foreign economic operations) is attributed to tax revenues.

** Without consideration of single social tax.

*** From 2004, for the purpose of compensation for non receipt of revenues by the budgets of constituent en tities of the Russian Federation as a result of abolished sales tax, the federal part of tax revenues under special tax treatments of small businesses, aggregate income tax, is transferred to the budgets of the constituent enti ties of the Russian Federation.

**** Provides for coming into force, since January 1, 2004, of a revised chapter of the Tax Code regulating a special tax treatment as a single agricultural tax.

Besides the reduction of the single social t revenues, the same is true with the value added tax revenues in 2005. In this case, the reduction is caused by introduction on January 1, 2005 of a value added tax collection procedure on the country of destination RUSSIAN ECONOMY in trends and outlooks basis for hydrocarbons exported to the CIS countries, as well as value added tax exemp tion on the goods exported to the Republic of Byelorussia.

In spite of the fact that in drafting the federal budget law for 2005, the forecasted Urals oil price is decreased down to $28 per barrel as compared to actual annual average price levels in 2004, the volume of payments for utilization of natural resources against GDP in 2005 will remain unchanged as compared to actual level of tax revenues in 2004.

This is due to an increase in the tax rate on oil production.

Eventually, due to changes in the tax law, tax revenues of the federal budget were re duced by RUR251,8 billion in 2005 and by 1.35% of GDP. At the same time, changes in standards for defining taxes by budgetary level enabled the federal budget revenues to grow by RUR102,1 billion or by 0.55% of GDP.

Table Expenditures in Budget Laws and Execution of Federal Budget in 19992004 (% of GDP) 1999 2000 2001 2002 2003 2004 Bud Bud Bud Bud Bud Bud Draft Exe Exe Exe Exe Exe Exe get get get get get get budg cu cu cu cu cu cu Law Law Law Law Law Law et tion tion tion tion tion tion * * * * * * Law * Public administra tion and local self 0.34 0.31 0.48 0.34 0.53 0.46 0.52 0.52 0.51 0.50 0.50 0.48 0.administration Judicial power 0.12 0.10 0.15 0.11 0.15 0.13 0.17 0.18 0.20 0.19 0.22 0.20 0.International activ 0.91 1.22 1.05 0.15 0.29 0.33 0.43 0.31 0.38 0.24 0.29 0.32 0.ity National defense 2.34 2.40 2.63 2.62 2.77 2.73 2.58 2.72 2.65 2.68 2.69 2.56 2.Law enforcement and national secu 1.28 1.15 1.49 1.44 1.70 1.65 1.52 1.75 1.87 1.87 2.03 1.88 1.rity Fundamental sci entific research 0.29 0.23 0.30 0.24 0.29 0.26 0.27 0.29 0.31 0.31 0.30 0.28 0.and scientific pro gress promotion Industry, power energy and con 0.36 0.35 0.38 0.48 0.58 0.49 0.49 0.97 0.48 0.52 0.44 0.49 0.struction Agriculture and 0.23 0.18 0.22 0.18 0.27 0.26 0.20 0.26 0.23 0.24 0.19 0.21 0.fishery Environmental and natural resources protection, hydro 0.07 0.06 0.07 0.06 0.06 0.05 0.09 0.09 0.08 0.09 0.08 0.08 0.meteorology, mapping and ge odesy Transportation, communication 0.02 0.02 0.03 0.03 0.39 0.41 0.05 0.07 0.04 0.05 0.04 0.04 0.and informatics Market infrastruc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ture development Prevention and liquidation of con sequences of 0.18 0.16 0.17 0.13 0.08 0.08 0.08 0.08 0.16 0.18 0.17 0.16 0.emergency situa tions and natural disasters Education 0.52 0.43 0.60 0.52 0.63 0.60 0.71 0.75 0.75 0.75 0.77 0.72 0.Culture, arts and 0.08 0.06 0.09 0.07 0.08 0.07 0.09 0.09 0.11 0.11 0.11 0.10 0.cinematography Mass media 0.05 0.04 0.11 0.08 0.08 0.08 0.09 0.09 0.09 0.09 0.07 0.07 0.Section 2.

Monetary and budgetary spheres 1999 2000 2001 2002 2003 2004 Bud Bud Bud Bud Bud Bud Draft Exe Exe Exe Exe Exe Exe get get get get get get budg cu cu cu cu cu cu Law Law Law Law Law Law et tion tion tion tion tion tion * * * * * * Law * Health care and 0.26 0.21 0.30 0.23 0.29 0.26 0.28 0.29 0.30 0.30 0.31 0.29 0.sport Social policy 1.05 1.02 1.18 0.93 1.39 1.24 3.71 4.46 1.15 1.04 1.05 0.92 0.State debt service 4.17 3.38 4.11 3.53 3.09 2.56 2.65 2.11 2.13 1.66 1.88 1.22 Building up gov ernment provisions 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.16 0.16 0.13 0.12 0.and reserves Financial aid to budgets at other 1.09 1.30 1.29 1.39 2.41 2.54 2.24 2.93 5.45 5.99 5.31 5.39 5.levels Disposing and liquidation of mili tary weapons, including imple 0.04 0.07 0.04 0.05 0.08 0.07 0.09 0.10 0.08 0.08 0.07 0.07 mentation of inter national agree ments Mobilizing prepa ration of the econ 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.omy Researches and 0.07 0.07 0.06 0.06 0.06 0.08 0.09 0.09 0.06 0.07 0.08 0.07 use of space Military reform 0.00 0.00 0.00 0.00 0.05 0.06 0.15 0.13 0.11 0.12 0.05 0.04 Other expendi 0.24 0.13 0.09 0.09 0.05 0.07 0.03 0.11 0.05 0.74 1.00 0.01 1.tures Road network 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.36 0.61 0.34 0.52 0.29 Targeted budget 1.10 1.17 1.13 1.34 0.18 0.16 0.13 0.14 0.11 0.11 0.09 0.08 3.funds Total expenditures 14.38 13.83 15.98 14.09 15.40 14.67 17.09 18.91 17.97 17.75 17.36 16.07 16.* In comparable classification of expenditures.

Expenditures of the federal budget for 2005 are planned to reach RUR3 trillion 47,or 16.3% of GDP with GDP forecast amounting to RUR18 720 billion. Out of this amount, RUR 341,2 billion (11.19% of total expenditures) will constitute the funds allocated to the RF Pension Fund to pay basic labor pensions, RUR254,1 billion will constitute interest costs and RUR2 trillion 793,8 billion, non interest costs (8.33 and 91.66% correspond ingly).

Interest costs the budget 2005 will be reduced by 0.5 percentage points Of GDP (vir tually by 20% in comparable prices) as compared to the budget law of 2004.

Noteworthy are changes in functional classification in the draft federal budget for 2005:

reducing the number of sections and subsections of functional classification of expen ditures of the budgets of the Russian Federation ;

reflecting expenditures on management and applied scientific research in the corre sponding spheres of activity included into sections and subsections of functional clas sification ;

reflecting expenditures on capital investments included into economic classification of expenditures of budgets with possibility of their distribution between all items of the functional classification ;

strengthening the items of economic classification with their reference to a new chart of accounts.

It can be noted that under the new functional classification, in 2005 expenditures on general state issues are reduced by virtually 0.4 percentage points of GDP as compared to RUSSIAN ECONOMY in trends and outlooks the budget of 2004. In addition, expenditures on housing and public utilities, environmental protection and education will be reduced in real terms. In this case, expenditures on edu cation will be reduced by 0.2 percentage points of GDP. In other cases, liabilities in will grow in real terms as compared to 2004. The biggest share of expenditures will be util ized for financing national defense, national security and intergovernmental transfers, cor respondingly 16, 13.1 and 30.8% of the aggregate federal budget expenditures in 2005.

Applied scientific research in the field of national defense, more than RUR81 billion or 0.04% of GDP, is one of the most essential subsections of expenditures on national de fense. Expenditures reflected in National security and law enforcement section will grow by 0.07 percentage points of GDP or by 1,17 times in comparable prices. Expenditures on Intergovernmental transfers will grow in real terms by 1,06 times, while they will be de creased by 0.3 percentage points of GDP.

Table Comparison of Expenditures Items in the Federal Budget Law for with those of the Federal Budget Law for 2005 in comparable classification 2004 (Law) 2005 (Law) Actual growt % of ex % of ex h RUR bil pendi RUR bil pendi % GDP % GDP rates, lion tures lion tures % total total 2 659,4 17.36 100 3 047,9 16.28 100 106,Total expenditures 458,7 2.99 17,3 460,4 2.46 15,1 92,General state issues 413,7 2.7 15,6 531,1 2.84 17,4 118,National defense National defense 316,3 2.06 11,9 398,9 2.13 13,1 116,and law enforce ment 213,5 1.39 8 242,1 1.29 7,9 105,National economy Housing and public 16,6 0.11 0,6 8,6 0.05 0,3 48,utilities Environmental pro 5,0 0.03 0,2 4,6 0.02 0,2 85,tection 156,4 1.02 5,9 155,3 0.83 5,1 92,Education Culture, cinematog 32,8 0.21 1,2 39,2 0.21 1,3 110,raphy, mass media Healthcare and 75,5 0.49 2,8 85,7 0.46 2,8 105,sport 154,1 1.01 5,8 167,4 0.89 5,5 100,Social policy Intergovernmental 816,7 5.33 30,7 954,5 5.10 31,3 108,transfers Including to budg 317,2 2.07 11,9 274,6 1.47 9,0 80,ets at other levels Data source: Federal Budget Law for 2005 ; IETs estimates.

2.3. Interbudgetary relations and subnational finances In 2004, there were observed no radical changes in the system of interbugetary rela tions. The structure of tax revenues and tax powers of different levels of authorities re mained on the whole similar to that registered in the preceding year with the exception of several insignificant changes. At the federal level, there continued to function the channels of financial support of regional budgets set up within the last few years interbudgetary Section 2.

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