Basic research and promotion ofscientific and technological progress
Industry, power engineering andconstruction
Protection of the environment andnatural resources, hydrometeorology, mapping and geodetic surveying
Transportation, road maintenance,communications and information technology
Preventingand/or eliminating the effects of emergencies and natural disasters
Culture and arts
Health and physicalfitness
Expenditures of target budgetaryfunds
Government debt servicing,including:
Financial aid to other levels ofgovernment
In February of 2000, having repeatedly failedto restructure the debt to the Paris Club, the government had to amend law “Onthe Federal Budget for year 2001” in its part concerning the distribution ofextra revenues across expenditure items. The original schedule (first Rub. 70billion of extra revenues to be divided between interest and non-interestexpenditures at the 50:50 ratio with consequent transition to the 30:70 ratioin favor of interest expenditures) was changed as follows: first Rub. 41billion of extra revenues were earmarked for the repayment and servicing of theforeign debt, other extra revenues should be divided between interest andnon-interest expenditures at the 50:50 ratio. Besides, the ceiling amount ofthe public debt as on 1.01.2002 was increased by Rub. 30 billion. The deputiesrefused to lift the restrictions on privatization of state-owned enterprisespromoted by the government.
Budgetary Situation inEarly 2001
In January, the administration of the federalbudget was characterized by a record for this month inflow of tax revenues. Inspite of traditionally low proft tax revenues and a decrease in the share ofincome tax revenues entered to the federal budget, the total inflow of taxrevenues was considerably above respective figures registered in previous years(15 per cent of GDP). Tax revenues grew due to an increase in VAT revenues (by0.5 percentage points), excises (by 0.2 percentage points), and taxes onforeign trade (by 0.5 percentage points).
A sharp contraction of expenditures (by 2.5percentage points as compared with January of 2000) may be attributed to adecrease in expenditures for the judiciary (by 2.8 percentage points),servicing of the public debt (by 0.5 percentage points), internationalactivities (by 0.4 percentage points), other expenses (by 0.9 percentagepoints), and the absence of expenditures of target budgetary funds.
The preliminary estimates of theadministration of the federal budget in January and February demonstrate thatbudgetary revenues continue to grow. Over two months budgetary revenues were atslightly over 18 per cent of GDP. The primary proficit of the federal budgetmade about 4.5 per cent of GDP. Expenditures were at about 19.5 per cent ofGDP. The budgetary deficit was financed mainly at the expense of internal fundsaccumulated on accounts (about Rub. 31 billion, i.e. 2.7 per cent of GDP),borrowings on the domestic market (Rub. 7 billion, i.e. 0.6 per cent of GDP),and sales of precious metals and gems from the national stockpile (over Rub. 3billion, i.e. 0.3 per cent of GDP).
In early 2001, the level of income taxrevenues inflow was considerably over the respective figures registered in theprevious year. For instance, in January the amount of consolidated budgetincome tax revenues was over Rub. 14 billion, in February it made Rub. 16billion. Therefore, the inflow of income tax revenues to the consolidatedbudget was at 2.4 per cent of GDP in January, and at 2.8 per cent of GDP inJanuary and February as compared to 1.9 per cent of GDP and 2.0 per cent of GDPover respective period of the previous year. Taking into account the fact thatin early 2001 there was registered neither a substantial rise in wages(according to Goskomstat, in December of 2000 the average nominal wage was atRub. 3,025.00, in January of 2001 – at Rub. 2,733.00, in February – at Rub. 2.766.00), nor aconsiderable contraction of unemployment (according to Goskomstat, the numberof officially registered unemployed remained at the 7 million level), it may beassumed that the tax collection improved considerably3, and that asubstantial cut in tax rates resulted in the legalization of incomes.
An increase in budgetary profit tax revenueswas also substantial –in January of 2001 the profit tax revenue inflow in the consolidated budgetmade 3.5 per cent of GDP, in January through February of 2001 it made 4 percent of GDP as compared to 3.3 per cent of GDP over respective two period ofyear 2000. VAT-generated revenues of the consolidated budget diminished from7.2 per cent of GDP in January of 2000 to 6.7 per cent of GDP in January of2001. In January of 2001, excises-generated revenues increased by 0.2percentage points in comparison with the level registered in January of 2000(2.4 per cent of GDP). The single social tax revenues made over Rub. 6.5billion (1.1 per cent of GDP) in January of 2001, while in January throughFebruary of 2001 they made over Rub. 37 billion (4.0 per cent of GDP).
1 According to our estimates, in 1998through 2000 the fluctuations of federal budgetary revenues related to changesin oil prices exceeded 4 per cent of GDP (i.e. 40 per cent of the total amountof revenues of the federal budget). For instance, in 1998 (oil prices werebelow US $ 12 per barrel) the value of the cyclic (caused by oil pricefluctuations) deficit of the federal budget reached 2.2 per cent of GDP. On theother hand, according to preliminary estimatesо in year 2000 the amount ofextra revenues received by the federal budget due to high oil prices made about2 per cent of GDP. It is necessary to note that over last 10 years the oilprice levels were above the long-time average (15 years) only in 1996 and 1997,and in 2000, when the industry generated extra revenues for the budget.
2 Prior to year 2000 the Revenue Ministrybalanced tax arrears against excess tax revenues. In order to ensurecomparability, the data are adjusted according to the 1999 methodology.
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