As the definition of “accounting policy for taxation purposes” was introduced in the list of institutions, definitions and terms used in the RF Tax Code, there was made the first step towards the systematization of its legislative regulation. Further, it would be feasible to add to item 2 of article 11 of the RF Tax Code a fundamental principle, in accordance with which the organization’s accounting policy for taxa tion purposes should contain all the provisions, where the RF tax legislation permits use of different accounting methods and which take place in the financial and eco nomic activities of this organization. This development will permit to avoid the intro duction of numerous amendments to the RF Tax Code’s articles indicating alterna tive options as concerns the reflection of items in the tax accounting.
The responsibility for reflecting this procedure in accounting policy for taxation purposes is set by item 10 of article 165 of the RF Tax Code.
RUSSIAN ECONOMY IN trends and outlooks In order to introduce systemic requirements to organizations’ accounting policies more efficiently, it would be feasible to develop and publish methodologi cal guidelines clarifying the options organizations have as concerns the choice of a method (means) of accounting for certain facts of financial and economic activities, as well as the procedures governing the reflection of this choice in accounting poli cies for taxation purposes. The development of a unified document will permit to reveal inconsistencies in the regulatory framework in this sphere and remove them.
In the case the systemic requirements to the substance of accounting policy for taxation purposes are in place, it will be possible to make taxpayers responsible for incompliance.
Both the tax and financial accounting should be based on the principles ena bling them to function efficiently. For instance, the choice of accounting methods with respect to certain items from the list set by the tax legislation should be limited by considerations of justification and consistency of application thereof as con cerns the sphere of enforcement.
Reasonable restrictions with respect to the frequency of changes in the meth ods (means) of tax accounting are an efficient barrier for tax planning and tax eva sion based on the changes in accounting methods.
At the same time, changes in accounting policy for taxation purposes (i.e.
modification of accounting methods) should be discerned from additions thereto.
Additions to the accounting policy should be defined as new provisions introduced in the document, which do not affect the already adopted accounting methods.
Primarily, this concerns new types of activities organizations engage in63 and provi sions already used by taxpayers in practice (as confirmed by other internal docu ments or tax accounting ledgers), but not yet reflected in taxpayers’ accounting policies for taxation purposes. The latter will be especially important in the transi tion period in the case the decision on systematization of requirements to account ing policy for taxation purposes is carried out after all.
At the same time, it is planned to permit to introduce additions in the docu ment (instructions) on accounting policy for taxation purposes, including the option to introduce such additions within a tax period.
It also appears feasible to introduce special fields in the forms of tax returns in order to reflect main methods (means) of tax accounting with respect to certain items, the list of which should be clearly defined by the tax legislation. It will permit to settle the issue of informing of the tax authorities in the case the method of tax accounting for certain items is changed under a procedure not requiring the ap proval on the part of tax authorities.
At the same time, in the case all alternative methods are not reflected in the RF Tax Code, it is impossible to inform the tax authorities about the methods of tax accounting adopted by an organization in the framework of tax returns forms. In It should be noted that the introduction of new provisions concerning the new types of activities, in which the organization engages, in its accounting policy for taxation purposes, can affect the meth ods of tax accounting for events and operations already adopted by the organization (for instance, in the case the new type of activities requires separate bookkeeping).
Annexs this case there may be recommended a procedure, under which the organization immediately informs the tax authorities on the changes in its methods after they are approved by the head of this organization (by presenting the document setting its accounting policy for taxation purposes) and later attaches the respective docu ment to its tax returns only in the cases where changes are introduced in the tax accounting methods, the alternative variants of which are not clearly defined in the RF Tax Code. It appears that the complete list of such situations should be set in a unified document systemizing the requirements to accounting policy for taxation purposes.
Section 3. The Real Sector 3.1. Macrostructure of Production 3.1.1. Trends and Factors of Changes in Final Demand Influence of Domestic and External Demand on the GDP Dynamics and Structure The characteristic feature of 2006 was economic growth rates acceleration accompanied by the positive effect of external economic conditions and domestic social and political stability. The increase in business activity was based on the an ticipating growth of investments as compared with the dynamics of final consump tion and had the most considerable impact on the nature of structural shifts of the produced and used GDP. While in 2006 GDP increased by 6.7%, the real final con sumption of households increased by 10.7% and investments in the fixed assets – by 13.5% (Table 1).
Table Indices of the Basic Macroeconomic Indicators in 1999–2006, as percentage to the previous year 1999 2000 2001 2002 2003 2004 2005 2006* Gross domestic product 106.4 110.0 105.1 104.7 107.3 107.2 106.4 106.Real households’ final consumption 97.1 107.3 109.5 108.5 107.6. 112.1 112.7 110.Investments in fixed assets 105.3 117.4 110.0 102.8 112.5 111.7 110.7 113.Volume of industrial production 111.0 108.7 102.9 103.1 108.9 108.3 104.0 103.Agricultural production 104.1 107.7 107.5 101.7 101.3 103.0 102.4 102.Freight turnover 105.8 105.0 103.2 105.8 108.0 106.5 102.7 102.Amount of communication services 133.1 113.8 119.1 115.6 127.5 129.0 115.7 123.Retail trade turnover 93.9 109.0 111.0 109.3 108.8 113.3 112.8 113.Paid services for the population 107.0 104.7 101.6 103.7 106.6 108.4 107.5 108.Foreign trade turnover 86.7 130.2 103.8 108.1 126.0 132.4 131.5 127.Real disposable cash income 87.7 112.0 108.7 111.1 115.0 110.4 111.1 110.Real wages 78.0 120.9 119.9 116.2 110.9 110.6 112.6 113.Real scale of granted pensions 60.6 128.0 121.4 116.3 104.5 105.5 109.6 105.Average annual number of those 100.6 100.3 100.7 100.9 100.6 100.6 100.6 100.employed in the economy Number of officially registered unem 102.1 77.0 89.1 99.7 94.9 102.8 90.6 95.ployed * Preliminary data Source: Federal State Statistics Service The simultaneous expansion of both external and internal markets was the factor of the steady economic development in recent years. Whereas the dynamics of the external demand was formed under the influence of the favorable situation at the world market of fuel and raw materials, the expansion of the domestic market was determined by cumulative influence of business activity growth factors and regular growth in population effective demand.
Section The Real Sector I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2001 2002 2003 2004 2005 GDP Internal demand Externaldemand Source: Federal State Statistics Service Fig. 1. Growth Rates of Internal and External Demand over 2001–2006, as percentage to the respective quarter of the preceding year The ratio of internal and external demand over 2001 2006 has suffered con siderable changes (Fig. 1). In 2003 2006 a gradual improvement in the conditions of trade between Russia and foreign countries was observed due to the anticipating growth of prices for export goods as well as the demand expansion for the main Russian items of export. However in extremely favorable economic situation export growth rates deceleration in terms of physical volume has been observed since quarter IV, 2003, and it is from this period that a gradual increase of internal de mand influence on the dynamics of the economy development was observed. In 2005–2006 the slowdown of external demand growth rates proceeded in a more acute form and was provoked by dull dynamics of the physical volumes of oil and oil products export. In 2005 2006 the increase in external demand was on average equal to 6.7% against 12.1% in 2003 2004.
The combined influence of internal factors that control the level of business activity turned out to be sufficient to compensate the ebbing of external demand influence on the economic development rates. In 2006 the increase in internal de mand reached 10.0% against 9.1% in 2005 and 7.7% in 2003. The contribution of internal demand into the growth of the GDP in 2006 was estimated to be nearly 78%, exceeding considerably the figure of the so far most successful 2000. The positive dynamics of the internal demand was determined both by the extension of internal production output and the expansion of import scale.
RUSSIAN ECONOMY IN trends and outlooks The sustention of population consumption level accounted for the consumer goods import rates acceleration, and together with the long standing trend for anticipating investments growth as compared with the dynamics of the domestic machine building production output – for machinery and equipment import. The analysis of the GDP dynamics by the components of final consumption demonstrates that estimated import growth in 2006 was 20.3% against 17.0% in 2002 and minimum over the period economic index of 14.6% in 2002. The formation of this trend was sustained by the growing business incomes from the foreign economic activity and the increase in import efficiency against the background of the gradual ruble appreciation.
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV -2001 2002 2003 2004 2005 Import Domestic production Internal demand Source: Federal State Statistics Service Fig. 2. The Change in Import Growth Rates and Domestic Goods Production over 2001–2006, as percentage to the respective quarter of the preceding year In 2005 2006 along with the domestic production rates acceleration the change in the structure of sources of internal demand reserves formation. The dif ferentiation of goods market with respect to demand for import share has in creased in the total resources of domestic market.
It was the intensive growth of the physical volumes of export of capital goods and the reserved growth rates of intermediate goods import that had the prevailing impact on import structure in 2006. Machinery and equipment import share in the total amount of import increased up to 48.1% in 2006 as compared with 44.0% in 2005 and 41.2% in 2004. In the structure of the retail trade turnover the share of consumer’s goods went up from 40% in 2000 to on average 45% in 2005 2006. In 2006 in view of the trend for growth rates in consumer industries slowing down, Section The Real Sector which was initiated by the permanent crisis in the textile, clothing and footwear production, the share of the domestic goods in the resources of retail trade of the non food market decreased down to 44.3% against 45.7% in 2005 and 51.6% in 2000. The dynamics of food import was restrained by quite strong competitive po sitions of Russian producers and the share of the import in the amount of goods re sources of foodstuffs was stabilized at the level of 34% over 2002–2006.
The Dynamics and the Share of Gross Saving and Gross Accumulation in GDP It is demonstrated by comparative by factor analysis of GDP that it was the in vestment sphere that reacted most acutely on the changes in the amount and the dynamics of export earnings. Over 2003–2006 growing economy revenues from the foreign trade have obviously stimulated business activity. In 2006 GDP growth rates were equal to 6.7%, investments in fixed assets growth rates were 13.5%, the corresponding figures for 2001 2005 being on average, respectively, 6.3 and 9.0%. Favorable combination of the domestic business activity factors and price situation at the world market of raw materials accounted for the intensive increase of gross saving scales.
In past 7 years the share of gross saving was in the range 31.1 38.7% of GDP as compared with 24.0% in the pre crisis 1997. In 2006 under the influence of, on one hand, the growing economy revenues from the export and, on the other hand, the decrease in household expenditures gross national saving was equal to 33.4%, which corresponds to the average figure over 2001 2005. Export revenues increas ing and investment and credit attractiveness growing, strategic financial resources of the state were increasing. Since 1 January 2004 Stabilization Fund has started to operate in order to decrease the risks, connected with unfavorable external eco nomic situation and as a tool to sterilize excessive money supply due to additional budget incomes from high oil prices.
As of 01.01.2007 the total volume of Stabilization fund was equal to RUR 2346.9 bln. against RUR 1237 bln. as of the corresponding date for 2006 and RUR 522.3 bln. – for 2005.
In 2005 RUR 677.8 bln. from the Stabilization fund were allocated for the fol lowing aims:
- to repay the debt for the International Monetary Fund RUR 93.5 bln.;
- to repay the debt to the Paris Club member countries RUR 430.1 bln.;
- to repay the debt to the Bank for Foreign Economic Affairs for the credits pro vided to the Ministry of Finance in 1998–1999 to repay and service the foreign debt of the Russian Federation – RUR 123.8 bln;
- to compensate for the deficit in the Pension Fund of the Russian Federation – RUR 30 bln.
The formation of the Stabilization Fund in the environment of the steady eco nomic growth was one of the reasons for awarding Russia international investment rating as well as for making the decisions on the possibility of accumulated export incomes utilization for investment goals.
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