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Profit tax

6,6%

5,7%

5,7%

109%

132%

Incometax

3,0%

2,5%

2,8%

105%

149%

VAT

11,2%

6,5%

7,1%

74%

143%

Excise-duties

4,2%

2,4%

2,7%

72%

148%

Foreign tradetaxes

1,9%

3,3%

3,6%

221%

146%

Assessments tooff-budget social funds

7,6%

7,7%

6,4%

129%

110%

Total taxes

33,9%

37,6%

34,5%

141%

121%

Table 7

Flexibility of Major Taxes in Relation toGDP

Nominal figures

Real figures

2000

2001

2000

2001

Profit tax

0,85

1,00

1,00

1,26

Incometax

0,83

1,13

0,97

1,42

VAT

0,58

1,08

0,69

1,36

Excise-duties

0,56

1,12

0,66

1,41

Foreign tradetaxes

1,74

1,10

2,04

1,39

Assessments tooff-budget social funds

1,01

0,83

1,19

1,04

Total taxes

1,11

0,92

1,30

1,15

Profit tax. Receipts of profit taxes grew in real terms in 2001 compared to2000 by 32%. The financial result balance of enterprises and organizations atthat according to the statistics of The State Statistics Committee as ofDecember 1, 2001 in 2001 compared to 2000 decreased by 10% and net profit by7%. Moreover, the share of money settlements in the economy grew by 4%.

Profit tax receipts growth against abackground of the 2001 profit dynamics is in many ways connected with the 5%municipal profit tax introduced to compensate for the abolished tax for upkeepof housing and communal services. In this connection the share of the profittax in GDP remained unchanged as compared to 2000: 5.7% of GDP.

Income tax. Income tax receipts in 2001 grew in real terms nearly by half. Atthe same time it should be taken into consideration that in 2000 nearly 90% oftaxpayers paid their income tax based on the lowest rate (12%), that is whyincrease of the tax rate for them by 1 point led to income tax receipts growthby 0.1% of GDP. Reduction of the marginal tax rate for taxpayers that werepaying their taxes at higher rates in 2000 led according to our estimates to adecrease in revenues by nearly 0.05% of GDP. Moreover, taxpayers’ number was extended by themilitary, which provided an increase in income tax receipts by nearly 0.06%. Inthis connection an approximate 0.2% GDP increase of income tax receipts in 2001compared to 2000 happened due to augmentation of the tax base.

The elasticity value of net remuneration inreal GDP is quite low (0.13)19. In this connection growthof real GDP in 2001 by 5-5.5% could lead to an increase of tax receipts by0.02% of GDP. In this way more than 1.5% of GDP of income tax receiptsincrement according to our assessments happened in all probability due tolegalization of incomes.

It should be noted that in 2002 income taxrate will be changed due to the use of social and property deductions, whileextra tax charges because of the single tax rate will not be charged. In thisconnection one can expect a lapse of income tax receipts of 2001 due in themiddle of 2002 which nevertheless shall be counted as receipts of 2002.

VAT. According tothe data provided by The State Statistics Committee retail trade turnoverincreased compared to the previous year by 10%. Moreover, there happenedconsiderable changes in the legislation on the value added tax in connectionwith adoption of the corresponding chapter of the Internal Tax Code. Inparticular on the 1st ofJuly there was made a transition to payment of VAT according to thedestination country principle in relations with CIS-countries, some ofpreferences were reduced. In aggregate all these factors caused an increase ofVAT revenues in real terms by 43% compared to 2000. At the same time it shouldbe noted that compensations of VAT in 2001 grew by 0.9 points of GDP (from 1.4%GDP to 2.5% GDP), which in its turn had a negative effect on the level of VATrevenues.

Excise-duties. Itshould be noted that a considerable increase of excise-duties in real terms by48% happened mainly due to introduction of new excises (on diesel oil and motoroils) and increase of excises on petrol (approximately 3 times). In aggregatethese measures helped to increase excise-duties revenues in 2001 as compared to2000 by more than 0.25 points of GDP.

Changes in the alcohol excise collectionorder (establishment of excise-warehouses since July 1, 2001) helped toinconsiderably increase this type of excise revenues calculated in GDP shares.

Foreign trade taxes. Foreign trade taxes receipts of 2001 exceeded the level of 2000 by46%; the previous year’s import duties revenues were exceeded by 62%, export dutiesrevenues by 36%. Increase of import duties revenues was connected with a bettercollection situation, measures against smuggling and underdeclaration ofprices, growth of imports and new higher customs tariffs on imports introducedby Governmental Regulation Nr. 866 of November 27, 2000. Analogous reasonscaused a growth of export duties: following the increase of oil prices customsoil export duties were being adjusted accordingly through the year.

Social tax.Social tax revenues in real terms compared to other taxes in 2001 grew to alower extent in comparison with year 2000, only by 10%, in shares of GDP theydecreased by 1.3 points. One should always take the following fact intoaccount: about 7% of revenues were settlement of debts to social budget fundsthat had accumulated before 2001.

This kind of dynamics is in many waysexplained by a reduction of the total rate of payments to state socialoff-budget funds used before 2001 from 38.5% paid by employers and 1% paid byemployees to 35.6% (i.e. by 10%) and to 22.8%20 for self-employed (by 43%).Concurrently The State Employment Fund was desegregated with the federal budgetand stopped its independent existence.

As follows from table 8 the share ofreceipts in each of the off-budget funds corresponds on the whole to the shareof payments to this fund in total payments. It should be pointed out that theprovided data don’ttake into account differences in shares of debts paid-out to correspondingfunds in sum total of paid-out debts, which leads to considerable distortionsin the pattern of receipts.

Moreover, one should take the following intoconsideration: starting in 2001 there exists, firstly, a regressive taxschedule, secondly, for self-employed in agriculture and lawyers there is alowered tax rate. According to the data for the first six months the social taxpaid by employers that don’t belong to categories that lower tax rates are applied to (that isto self-employed, agricultural enterprises and lawyers) made up 95% of thewhole of the social tax base. At the same time more than 10% of this tax basewere taxed using the regression (that is at rates of 20%, 10% and 2% of amountsexceeding 100,000 roubles, 300,000 roubles and 600,000 roubles of the tax basecorrespondingly).

Table 8


Rate in 2000

Share in the total rate

Pattern of receipts in 2000

Rate in 2001

Share in the total rate

Pattern of receipts in 2001

The Pension Fund

28%+1%

71,1%

71,2%

28%

78,7%

75,7%

The Social Security fund

5,4%

13,2%

15,7%

4%

11,2%

14,4%

The State Employment Fund

1,5%

6,9%

4,0%

The Compulsory Medical Insurance Fund andterritorial funds of compulsory medical insurance

3,6%

8,8%

9,5%

3,6%

10,1%

9,9%

The 2001 Budget ActExecution Analysis

In 2001 the income side of the 2001 budgetwas exceeded by more than 30%. The foreign trade receipts level planned by thebudget was surpassed by 70%. Among taxes the smallest execution share belongsto indirect taxes, in particular, the VAT control figures were surpassed by24%, the excise-duty figures by no more than 8%. An important role at that isplayed by the fact that compensation of the VAT paid to suppliers of materialresources used for production of export goods exceeded the figures stated inthe budget almost twice.

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