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For one thing it should be noted thatbudget revenues growth rates were slower compared to two previous years (Table4). This can be explained by the fact that market conditions for traditionalgoods and commodities of Russia’s export stabilized and were no longer the only major factor of revenues growthin the budget system. Secondly, tax revenues of the consolidated budget as awhole somewhat dropped (by 0.2 points of GDP) which reflects major changes inthe tax system that entered into force at the beginning of 2001. This fallhappened due to changes on the level of local budgets, which showed a decreasein tax receipts comparedto the previous year by 1.4 points of GDP (because of centralization of VAT, cancellation of publichousing and social amenities upkeep tax and reduction of way-users’ tax rate), while federalbudget tax revenues grew by 1.2 points of GDP. In the third place, expendituresof the consolidated budget continued to decrease. In 2001 expenditures of the consolidated budgetdropped by nearly 2.2 points of GDP (from 26.6 % of GDP to 25.6 ofGDP17), which to a great extent was caused by strict budget policies.In the fourth place, there was a considerable decrease in increment of debts tothe budget system; debts to the federal budget in 2001 practicallydidn’t grow. (Table5). In 2001 increment of balanced tax debts was negligible18. Inparticular, increment ofbalanced debts to the consolidated budget amounted only to 0.5% of GDP, whileit didn’t evenreach 0.1% of GDP for the federal budget.

Table 4

Execution of Receipts and Outlays by theFederal Budget and Budgets of Territories (in % to GDP)


1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

The Federal Budget

Tax receipts *

16,6

12,4

11,5

11,6

11,0

10,9

9,6

12,6

15,0

16,2

Revenues

16,8

14,0

13,1

14,3

12,7

12,5

11,2

13,7

16,0

17,5

Expenditures

44,8

23,2

25,2

19,2

20,1

18,5

14,4

14,8

14,5

14,8

Deficit

-28,0

-9,2

-12,1

-4,9

-7,4

-6,0

-3,2

-1,1

1,5

2,7

Budgetsof Territories

Tax receipts *

12,0

13,5

13,5

12,2

11,8

13,0

12,1

12,0

12,2

10,8

Revenues

12,3

16,9

18,2

14,8

14,7

16,0

14,8

14,5

15,2

14,2

Expenditures

12,0

13,1

17,9

15,2

15,6

17,3

15,1

14,5

14,7

14,2

Deficit

0,3

3,8

0,3

-0,4

-0,9

-1,3

-0,3

0,0

0,5

0,0

Consolidated Budget **

Tax receipts *

18,6

25,9

25,0

23,8

22,8

23,9

21,7

24,6

27,2

27,0

Revenues

29,2

28,4

27,7

27,3

25,1

26,6

24,4

26,8

29,3

29,5

Expenditures

54,7

36,5

39,5

32,1

33,0

32,3

27,9

28,0

26,6

25,6

Deficit

-25,6

-8,1

-11,8

-4,8

-7,8

-5,6

-3,6

-1,2

2,7

3,9

Increase of non-balanced debts to the budgetsystem in 2001 was appreciably lower than in 2000. Its growth rate equalled to3% (25% in 2000), its increment share in GDP – 0.1% (1.2% in 2000).

Table 5

Tax Debts to the Consolidated and theFederal budgets


1996

1997

1998

1999

2000

2001

Debts to consolidated budget (inbillion roubles)

120

181

259

290

326

283

Balanced debtsgrowth rate

100%

46%

24%

9%

10%

-11%

Balanced debtsgrowth rate in points of GDP

3,0%

2,4%

2,9%

0,7%

0,5%

-0,5%

Debts to thefederal budget (in billion roubles)

70,5

103,6

160

198,7

204,0

206,9*

Balanced debtsgrowth rate

41%

42%

30%

18%

2%

1%

Balanced debts growth rate in pointsof GDP

1,1%

1,3%

2,1%

0,8%

0,1%

0,0%

* Estimate

Source: The Ministry of Taxes and Dutie ofthe Russian Federation, calculations by IET.

Analysis of Major TaxReceipts

As may be seen from Table 3 receipts ofmajor taxes, except taxes in foreign trade and assessments to off-budget funds,had similar dynamics: lower receipts in 2000 and growth in 2001. Flexibility ofmajor taxes in relation to GDP is shown in Table 7. It follows from it that GDPgrowth was accompanied by a smaller comparative growth of revenues from fourtaxes. Drops were registered also in real terms only for VAT and excise-duties.

Table 6

Receipts of Major Taxes in the BudgetSystem of the Russian Federation

In % of GDP

In real terms

1999

2000

2001

2000 1999

2001 2000

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