The data on execution of the federal budget over January 2001 is presented in Table 11. According to results of the first month of 2001, the federal budget revenue account for 16% of GDP, including tax revenues- 15%, while expenditure made up 10.2% of GDP, including non-interest one- 7% of GDP. The budget proficit level accounted for 5.7% of GDP.
In January, the execution of the federal budget demonstrated a record-breaking level of tax returns. Thus, despite a traditionally low corporate profit tax and the decrease in the amount of personal income tax, due to the redistribution of its proportions in favor of territorial budgets, the overall level of tax revenue was substantially higher that the respective indices of the prior years (15% of GDP). The rise in taxes became possible thanks to the growth in VAT returns (at 0.5 per cent points), excises (at 0.2 per cent points) and taxes on foreign trade (at 0.5 per cent points).
A sharp contraction in the expenditure part vs. January 2000 ( roughly by 2.5 per cent points) is attributed to a lower level of spending on judicial power (at 2.8 per cent points), public debt servicing (0.5 per cent points), international activities (0.4 per cent points), and other kinds of expenditure (0.9 per cent points), with no spending by the targeted budgetary funds (0.9 p.p.), along with a simultaneous rise in expenditure on national defense (1.3 p.p.) and financial support of other tiers of government ( 2.4 p.p.).
The preliminary results of the execution of the federal budget between January to February testify to the ongoing growth in the budget revenue. Thus, the respective level accounted for slightly over 18% of GDP, with the level of expenditure making up a. 19.5% of GDP and the primary proficit of the federal budget being about 4.5% of GDP. The main sources of financing budget deficit over the two months in question were: legal entities’ own deposits- a. Rb. 31 bln. (2.7% of GDP), domestic borrowing (Rb. 7 bln., or 0.6% of GDP) and sales of the state stock of precious metals and stones- over Rb. 3 bln. (0.3% of GDP).
Since the beginning of the year, over Rb. 95 bln. were spent on financing interest expenditure and repayment of the principal body of the debt, including on the domestic debt- a. 20 bln. (1.8% of GDP) and on the external debt- 75 bln. (6.8% of GDP).
According to Goskomstat, as of early March, the federal budget’s backwages totaled a. Rb. 1 bln., with the territorial budgets’ wages arrears a. Rb. 4 bln.
In early 2001 the level of receipts from personal income tax exceeded the respective indices of the prior year substantially. Thus, the volume of the receipts in January exceeded Rb. 14 bln., and another 16 bln- in February. Hence, the receipts from personal income tax to consolidated budget amounted to 2.4% of GDP, and 2.8% of GDP for the period between January through February (For reference: the respective indices of the prior year were 1.9% and 2.0% of GDP, respectively). There also was a substantial growth in terms of corporate profit tax- 3.5% of GDP in receipts to consolidate budget in January and 4% of GDP over the period between January through February (3.3% of GDP for the both periods in 1999). The VAT receipts to consolidated budget in the shares of GDP equivalent reduced from 7.2% in January 2000 to 6.7% -in January 2001. The receipts from excises slightly grew in January 2001 compared with January 2000- by 0.2 p.p, or 2.4% of GDP, while the single social contributions totaled over Rb. 6.5 bln. (1.1% of GDP) in January 2001 and over 37 bln.(4.0% of GDP) between January through February 2001.
The actual tax revenue to the federal budget, according to MTC ( in prices of January 1998)
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