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Revenues from foreign economic operations

55932,7

45205,2

0,43

0,30

73,47

Other non-tax revenues

3870,0

5827,2

0,03

0,04

136,89

Fund of the Ministry of Atomic Enery of the Russian Federation

14066,3

14061,5

0,11

0,09

90,88

Unified social tax

365640,0

438210,0

2,80

2,86

108,95

TOTAL REVENUES

2417791,8

2742850,4

18,53

17,93

103,13

* In real terms.

** In % of scheduled GDP.

1 Since 2004, in order to compensate lost budget revenues of constituent entities of the Russian Federation incurred by abolition of sales tax, the federal share of tax revenues in case of social tax treatments of small business – taxes on aggregate income – is transferred in full to the budgets of constituent entities of the Russian Federation.

2 Provides for coming into force since January 1, 2004 of a revised chapter of the Tax Code regulating a special tax treatment as a unified agricultural tax.

Source: the RF Ministry of Finance, Russian State Statistics Committee (Goskomstat), authors’ estimates.

The revenues which are generated to the federal budget system from tax arrears of the previous years, including interest payments, are estimated to the amount of 13,6 bln rubles on an annual basis. It is recommended to reduce the limit size of deferment, installments and tax credits to 1,5 bln rubles in 2004 against the budget in 2003, thus cutting it by 0,2 bln rubles, in order to collect additional revenues to the budget system. Furthermore, about 165 bln rubles can be collected by increasing efficiency of all forms of public property management, which is 1,8 as much as the budget law 2003. Growth in revenues from the use of public property is expected to become a reserve for increase in revenues of the budget system and the federal budget in 2004.

Tax revenues to the federal budget account for 2 tln 71 bln rubles or 13,54% of GDP, which is almost by 1 less than in the budget 2003 in terms of percentage points of GDP. Changes in macroeconomic parameters in 2004 against 2003 reduced the share of tax revenues to the federal budget by 1,19 in terms of percentage points of GDP ( from 15,37% of GDP to 14,7% of GDP ), according to the estimates of the RF Ministry of Finance. The RF Ministry of Finance also points to the fact that among the key factors which reduced revenues are forecasting world oil prices declined from 26 US dollars per barrel in 2003 to 22 US dollars per barrel in 2004, which entailed a decrease in the estimated rate of oil production tax and export duty on oil and oil products ( decrease in tax revenues by 130 bln rubles or 0,85 in terms of percentage points of GDP ). Fall in prices of gas exported to foreign countries in 2004 reduced the amount of tax revenues by 2,7 bln rubles or by 0,02 in terms of percentage points of GDP.

An increase in tax allowances through changes in the taxable base structure reduced general tax revenues of the federal budget by 43,3 bln rubles or by 0,28 in terms of percentage points of GDP.

A substantial decrease in tax revenues was caused by amendments to tax and budget legislation ( by 125,2 bln rubles or by 0,81 in terms of percentage points of GDP). The reduction of value added tax rate from 20 to 18% reduced tax revenues to the federal budget by 100 bln rubles or by 0,65 in terms of percentage points of GDP. The federal budget revenues also lost 23,3 bln rubles or 0,15 in terms of percentage points of GDP due to assignment of 1% of profit tax to the revenues of constituent entities of the Russian Federation in order to compensate the loss in revenues of the constituent entities of the Russian Federation incurred by abolished sales tax. In addition, for the same purpose the Russian Federation assigned the federal tax on alcohol products and aggregate income taxes to the constituent entities, which reduced tax revenues to the federal budget by another 46,1 bln rubles or 0,3% of GDP. The compensation measures increased revenues of the constituent entities ( to the amount of 11,1 bln rubles ) which didn’t introduced sales tax, which made it possible to centralize 4,5% of the standard of oil production tax to the given amount. An increase in rates of mineral tax on oil and gas provided for additional revenues.

The abolition of gas excise was fully compensated by increased rate of natural gas production tax and export duty on natural gas from 5% to 30%. The scheduled decrease by an average of 20% in the rate of export customs duties on all goods except fuel-and-power goods led to a decrease in tax revenues of the federal budget by 5,1 bln rubles or by 0,03 in terms of percentage points of GDP. It should be noted that the budget system will lose 57,6 bln rubles in 2004 through the amendments to the government draft law, including an increase in the mineral tax rates.

At the same time, transfer of water resources tax from the category of non-tax payments to that of tax payments, as well as increase in the base rate of oil production tax, increased tax revenues of the Federal budget by 6,3 bln rubles ( by 0,04 in terms of percentage points of GDP ) and by 5,0 bln rubles ( by 0,03 in terms of percentage points of GDP ) correspondingly. In addition, adjustment of excise rates to the inflation rate, as well as additional indexation of several types of goods, increased the federal budget revenues by 14,9 bln rubles or by 0,1 in terms of percentage points of GDP. Adjustments to the standards of payment to the federal budget on the mineral tax increased tax revenues to the Federal budget by 21,7 bln rubles or by 0,14 in terms of percentage points of GDP, while assignment of the forest reserves tax to the federal budget increased revenues by 3,1 bln rubles or by 0,02 in terms of percentage points of GDP. However, assignment of gambling tax in full to the constituent entities of the Russian Federation reduced tax revenues of the Federal budget by 1,7 bln rubles or by 0,01 in terms of percentage points of GDP.

The scheduled decrease in rates of export customs duties for all goods, except for the fuel-and-energy goods, by an average of 20%, reduced tax revenues to the Federal budget by 5,1 bln rubles or by 0,03 in terms of percentage points of GDP.

Eventually, amendments to the tax legislation reduced tax revenues of the Federal budget by 102,2 bln rubles or by 0,66 in terms of percentage points of GDP. Amendments to the budget legislation reduced tax revenues of the federal budget by 23 bln rubles or by 0,15 in terms of percentage points of GDP. The government drew up the budget on the basis of average tax collectability being estimated at 97,4% at present year. In addition, the budget provides for VAT reimbursement which exceeds slightly that in 2003 (251,5 bln rubles).

Table 14

Expenditures in Budget Laws and Administration of Federal Budget
in 1999, 2000, 2001, 2002, 2003 and 2004, in % GDP

1999

2000

2001

2002

2003

2004

Legislative budget*

Administration of budget

Legislative budget*

Administration of budget

Legislative budget*

Administration of budget

Legislative budget*

Administration of budget

Legislative budget*

Administration of budget

Legislative budget*

1

2

3

4

5

6

7

8

9

10

11

12

State administration and local self-government

0,34

0,31

0,48

0,34

0,53

0,46

0,52

0,52

0,51

0,50

0,50

Judical power

0,12

0,10

0,15

0,11

0,15

0,13

0,17

0,18

0,20

0,19

0,22

International activity

0,91

1,22

1,05

0,15

0,29

0,33

0,43

0,31

0,38

0,21

0,29

National defense

2,34

2,40

2,63

2,62

2,77

2,73

2,58

2,72

2,65

2,67

2,69

Law enforcement and national security

1,28

1,15

1,49

1,44

1,70

1,65

1,52

1,75

1,87

1,86

2,03

Basic research and development and technology promotion

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