Monetary and budgetary spheres transfers in the form of grants for equalization of budgetary security, subventions, and subsidies from the Compensatory Fund, interbudgetary transfers from the Fund of Re gional Development, the Fund of Reform of Regional Finances, other types of interbudget ary transfers allocated on the basis of previously approved principles7. At the background of a growth in the revenues of the federal budget in real terms, the financial standing of subnational budgets (taking into account the received federal financial aid) may be characterized as rather stable.
At the same time, the expert community was focusing attention on the tax and budg etary aspects of relations among the authorities of different levels during all the period un der observation. First, in 2004 there were enacted the decisions concerning the abolish ment of the sales tax and redistribution of tax revenues between the federal and regional budgets for the purposes of compensation for the budgetary revenues lost because of the abolished tax; there began to function the revised tax on the property of organizations.
Second, during the year there were discussed the changes in the tax and budgetary legis lation, which the Parliament reviewed in the framework of the federative reform, the legal framework of which started to form yet in 20038. Third, there was widely discussed the adoption of legislation aimed at the liquidation of unfunded mandates (so called “moneti zation of social benefits” what was closely related to the development of interbudgetary relations. Fourth, the decision concerning the actual abolishment of the appointment of the heads of executive authorities of RF subjects by election will also have an impact on the state of interbudgetary relations and subnational finances in a medium term outlook. The law on the federal budget for year 2005 was elaborated and adopted taking into account not only the changes in the system of interbudgetary relations, but also on the basis of cer tain principles of the staring reform of the budgetary process.
2.3.1. Relations between budgets of different levels: basic trends of development In order to analyze main trends observed in 2004 as concerns the relations among budgets of different levels, it would be feasible to review the structure of the consolidated budget of the Russian Federation and its dynamics over the few past years. For the data characterizing the share of tax revenues, revenues and expenditures of budgets of RF sub jects in the consolidated budget of the Russian Federation see Table 9.
Table The share of certain budgetary indicators in the consolidated budget of the Russian Federation in 1992 through 2004 (in %) 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Tax reve 44,2 53,1 53,4 47,6 49,5 53,1 56,6 49,2 43,5 37,4 35,1 39,6 36,nues Reve 44,1 53,1 52,9 47,6 49,5 53,1 54,0 48,9 45,4 40,1 37,4 37,6 34,nues * Ex pendi 34,0 40,3 37,7 43,4 45,4 48,1 54,1 51,9 54,4 54,2 49,3 50,0 50,tures *Without financial aid from the federal budget (with the exception of the balance of unredeemed loans from the federal budget) as well as the revenues of targeted budget funds.
Source: RF Ministry of Finance, calculations of the IET.
See annual IET surveys for years 1999 and 2001.
See: Russian Economy in 2003. Trends and Outlooks. Issue 25. M.: IET, 2004.
RUSSIAN ECONOMY in trends and outlooks The data presented in Table 9 demonstrate that starting since 2001 (taking into ac count the fact that a portion of revenues from the single social tax is due to the federal budget) the share of tax revenues of subjects of the Russian Federation in the consoli dated budget of Russia fluctuated from 35 per cent to 38 per cent and was above this level in 2003. According to the results of budget administration in 2004, consolidated budgets of RF subjects received over 36 per cent of the total tax revenues of the budgetary system as compared with 39.6 per cent registered a year ago. At the same time, the share of ag gregate revenues of RF subjects (without financial aid from the federal budget) in the “Revenues” item of the consolidated budget of Russia declined from 37.6 per cent in to 34.1 per cent in 2004.
It should be pointed out that over the last few years the share of revenues of regional budgets in the consolidated budget of the Russian Federation was below the value of the respective indicator characterizing tax revenues. This fact may be primarily explained by higher amounts of non tax revenues of the federal budget and unavailability of the data characterizing such an important source of non tax revenues of the budgets of RF sub jects as interbudgetary transfers.
At the same time, the share of expenditures of RF subjects in the consolidated budget of the Russian Federation increased from 50.0 per cent to 50.8 per cent.
In this connection, it should be pointed out that by the end of 2004 there was ob served an increase in the share of revenues of the consolidated budget of the Russian Federation from 31.1 per cent of GDP registered in 2003 to 32.3 per cent (by 1.2 p. p.). At the same time, the tax revenues of the consolidated budget of Russia (not taking into ac count extra budgetary funds) grew more considerably – by 1.4 p. p. of GDP. It should be also noted that the federal budget accounted for a significant portion of this growth (0.8 p.
p. of GDP), while the tax revenues of consolidated budgets of RF subjects increased not so significantly – up to 10.6 per cent of GDP from 10 per cent of GDP registered in 2003. Ex actly this circumstance had determined the decline in the share of the tax revenues of con solidated budgets of RF subjects in the total tax revenues of the RF consolidated budget. In 2004, simultaneously with an insignificant increase in the tax revenues, there was ob served a certain decline in the amount of aggregate total revenues of regional budgets – from 14.5 per cent registered in 2003 to 14.3 per cent of GDP caused by the decrease in the amount federal financial aid.
The data presented above permits to arrive to the conclusion about a certain cen tralization of financial resources in the federal budget to the detriment of the budgets of RF subjects: on the whole the national level of tax burden has increased, however, the federal budget accounted for the bulk of this growth. At the same time, the federal financial aid to regions calculated as the share of GDP decreased, while the share of expenditures of re gional budgets in the RF consolidated budget grew. These facts indicate that the vertical imbalance of the distribution of sources of revenues and assignment of expenditure obli gations across the federal and regional levels of authorities has increased. At the same time, in the course of analysis of the structure of distribution of revenues across the levels of the budgetary system in 2004 it should be taken into account that at that time the budg ets of all levels received additional tax revenues resulting form the inspection of the NK YUKOS and its affiliated companies, what could distort the analyzed indicators9.
According to expert estimates, in 2004 the Russian budgetary system received about Rub. 140 billion as the repayment of indebtedness associated with tax payments, arrears, penalties, and fines related to the tax on profits of organizations trans ferred by the NK YUKOS.
Monetary and budgetary spheres In the course of analysis of the tax revenues received by consolidated regional budg ets in 2004, it should be noted that similarly to the situation observed in the preceding years two taxes (the income tax on individuals and the tax on profits of organizations) ac counted for more than a half of the total tax revenues (32 per cent and 37 per cent of the tax revenues of regional budgets respectively). It should be noted that in 2004 the reve nues generated by these two taxes increased in terms of their shares in GDP. While the revenues generated by the income tax on individuals remained at the previous level (about 3.4 per cent of GDP), the revenues generated by the profit tax have sharply increased (from 2.7 per cent of GDP to 3.9 per cent of GDP). At the same time, the growth in excise generated revenues also grew (up to 0.8 per cent o (GDP), while the revenues associated with payments for utilization of natural resources declined (down to 0.9 per cent of GDP).
The taxes on small businesses increased by 0.1 per cent of GDP after an insignificant de cline registered in 2003.
In the course of analysis of the respective indicators of administration of consoli dated budgets of the Russian Federation and comparison of these data with the results of execution of the federal budget, it should be stressed that starting since 2003 there has been taken the measures aimed at the increase of the rate of centralization of tax revenues in the federal budget. It should be reminded that in 2003 there were enacted such deci sions as the full abolition of the tax on users of motor roads, as well as the switching to the transfer of the total amount of revenues generated by excises on tobacco products to the federal budget. In 2004, this trend became even more pronounced as there was abolished a whole range of fees the revenues from which were transferred to the budgets of RF sub jects and the federal share in the revenues generated by the mineral extraction tax was raised.
However, the results of all these decisions were compensated in full by such meas ures in the sphere of interbudgetary redistribution of tax revenues as the transfer of the total federal share of tax revenues generated under the special taxation regimes applicable to small businesses to the budgets of RF subjects, the transfer of the federal share of ex cises on vodka and liquor products (the procedures governing the payment of these taxes were simultaneously reformed), and the transfer of 1 p. p. of the federal rate of the tax on the profits of organizations.
As a result, in 2004 the tax revenues of the RF subjects increased by 0.6 p. p. of GDP as compared with the figures registered in the preceding year. These developments were primarily determined by the growth in the revenues generated by the profit tax by 1.2 p. p.
of GDP. The increase in the revenues generated by the profit tax was caused by both the growth in the regional share in the profits tax, and the increase in the tax base. It may be surmised that the growth of the profit tax base has been favorably affected by the reduc tion of the base VAT rate from 20 per cent to 18 per cent occurred in 2004. According to some hypotheses, the growth in the profit tax revenues observed in 2004 was related to the improved discipline of taxpayers caused by the active actions taken by the federal au thorities with respect to the NK YUKOS.
At the same time, an analysis of the per capita indicator of the tax revenues of con solidated budgets of RF subjects demonstrates that in 2004 the interregional unevenness of this indicator increased; thus, the value of the respective Gini coefficient grew over the year and made 0.57 (as compared with 0.52 registered in 2003). A decline in the real tax revenues was observed only in four subjects of the Federation: the Republic of Adygeya, the Astrakhan oblast, the Saratov oblast, and the Republic of Altai. At the same time, in ab solute terms the maximal increase in the tax revenues was registered in the city of Mos cow, the Republic of Tatarstan, the Tyumen oblast, the Khanty Mansi AO, and the Republic RUSSIAN ECONOMY in trends and outlooks of Mordoviya, i.e. either in the regions characterized by high budgetary security (the first four regions), or the high shares of he profit tax in the structure of tax revenues (the Re public of Mordoviya). An analysis of changes in the per capita tax revenues demonstrates that the maximal positive increment of per capita tax revenues in real terms was observed in such regions as the Evenk AO, the Republic of Mordoviya, the Chukotka AO, the Tyumen oblast, and the Khanty Mansi AO. The success of the Tyumen oblast and the Khanty Mansi AO may be easily explained by high oil prices and the measures aimed at the exaction of additional tax payments from certain oil companies and respective growth in tax payments made by oil companies to regional budgets. At the same time, the significant growth in the per capita tax revenues in real terms in the Evenk AO, the Republic of Mordoviya, and the Chukotka AO may be explained by a high share of the profit tax in the total tax revenues of these regions. Thus, in 2004 the share of the profit tax in the total tax revenues of the Evenk AO made 95 per cent, the Chukotka AO – 85 per cent, and the Republic of Mor doviya – 78 per cent, while the average national level of this indicator was observed to make 37 per cent. As concerns the Republic of Mordoviya, there the growth in this indica tor should be primarily associated with additional tax payments made by taxpayers en gaged in resale of oil, who were registered in this subject of the Russian Federation, since the region granted significant tax privileges.
Therefore, the results of the analysis permit to state that tax revenues grew across all regions with the exception of four. At the same time, in 2004 the unevenness of the distri bution of tax revenues only increased, what may be explained by a growing importance for their revenues of such taxes characterized by the unevenly distributed base as the profit tax. The validity of this argument is confirmed by the fact that among the regions benefiting from the redistribution of tax resources are both highly subsidized regions like the Evenk and Chukotka autonomous okrugs, and non subsidized RF subjects, for instance, the Tyumen oblast, the Khanty Mansi AO, etc. The only specific feature common for these re gions is significant payments associated with the profit tax in absolute and relative terms.
Other decisions in the sphere of tax policy implemented in 2004 did not produce so signifi cant effect across all regions. Thus, the abolishment of the sales tax, which was rather high in Moscow, did not result in a decline in the tax revenues of this region. At the same time, the changes in the scheme of distribution of excises on fuels and lubricants were not com pletely compensated by other redistribution measures only in the Saratov oblast.
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