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1700

1713,8

2050

2183

3077

4099

10234

Monthly stock marketturnover on RTS (USD mn:

804,0

948,74

1575,16

1600

1398

2693

926

1240

2.6. Budgetary Policy

2.6.1. Budget execution

Budget revenues.1997 was characterised by further development of the fiscal crisis (Tables 4and 5). The first quarter of 1997 was characterised by record low volumes oftax receipts even taking into consideration seasonal drop in revenues. Forexample, in January the tax receipts into the Federal budget amounted to 5.7per cent of GDP. That is about one per cent of GDP less than a correspondingindicator for 1996. On the whole, by the end of the quarter, tax receipts intothe Federal budget reached the level which was equal to its 1996 level (7.5 percent of GDP). Such drop in the tax payments at the beginning of the year, to agreat extent, is explained by objective economic and not subjective reasons.Among them are: inability of the government formed in August 1996 to takedecisive measures toward cutting budget arrears, lack of any measures designedto fight the arrears growth, pushing forward the tax reform.

In the second quarter, after the governmentreshuffle which indicated transition towards a stringent tax policy, the levelof tax receipts had noticeably increased and even reached the level of 9.2 percent of GDP for the first five months and the volume of the total revenues forthe first time surpassed the level of 10 per cent of GDP. Nevertheless, despitesome growth in the revenue collection, the original target of budget receiptswithout the sequestration was executed in the first quarter only at 64 percent.

Since summer 1997, there was a gradualdestabilisation of the political situation in Russia when the influence of the"young reformers" on the formation of the economic policy was diminishing. Oneof the last serious achievements in the financial area in 1997, one canconsider the adoption in June of the Budget Code and 2, 3 and 4 parts of theTax Code in the first reading. (With respect to the Tax Code, the State Dumalater revoked its decision. On 19 November 1997 Duma decided to return todiscuss the Tax Code in the first reading and by doing that annulled allachieved negotiated parameters).

In the first half of 1997, there were nosignificant improvements in the budget outlook due to those event. The secondhalf-year was characterised by a relative stability of tax receipts whosevolume was somewhat lower (except tax receipts growth in December) than inMay-July. During the whole of 1997, tax revenues into the Federal budgetconstituted 9.1 per cent of GDP, and of the consolidated budget--21.4 per centof GDP.

Table 4

Execution of the 1997 consolidated budget(per cent of GDP)


1996

I

II

III

IV

V

VI

VII

VIII

IX

X

XI

XII

REVENUES













1.Income tax, profittax

6,8

4,1

4,4

4,9

5,6

6,0

6,0

6,1

6,15

6,14

6,2

6,2

6,67

1.1.Profit tax

4,3

2,0

2,2

2,7

3,3

3,6

3,5

3,5

3,55

3,54

3,5

3,6

3,82

1.2. Personal incometax

2,51

2,1

1,9

2,23

2,34

2,38

2,47

2,58

2,59

2,58

2,6

2,6

2,81

2. Payrolls tax

0,3

0,2

0,2

0,3

0,3

0,3

0,3

0,3

0,32

0,32

0,3

0,3

0,34

3. Goods and servicestax

9,2

6,2

6,6

7,6

8,6

9,0

8,7

8,6

8,34

8,21

8,3

8,2

9,16

4. Property tax

1,6

0,6

0,6

0,8

1,2

1,5

1,5

1,5

1,61

1,58

1,6

1,6

1,78

5. Payments for the use of naturalresources

0,9

0,7

0,8

0,9

0,9

1,0

1,0

1,0

0,98

1,17

1,2

1,2

1,33

6.Export and importduties

1,0

0,6

0,7

0,8

0,9

0,9

0,9

0,9

0,92

0,91

0,9

1,0

1,04

7. Other taxes, levies and payments

1,0

0,6

0,9

0,7

0,9

1,0

1,0

1,0

1,02

1,00

1,0

1,0

1,08

TOTAL: TAXES ANDPAYMENTS

21,0

13,0

14,1

16,1

18,4

19,7

19,4

19,4

19,34

19,33

19,5

19,6

21,40

NON-TAX REVENUES


0,0

1.Revenues from public property andactivity

0,4

0,3

0,6

0,5

0,4

0,5

0,4

0,4

0,41

0,45

0,5

0,4

0,43

2. Proceeds from the sale of thepublic property

0,1

0,8

0,6

0,4

0,3

0,3

0,3

0,4

0,65

0,59

0,7

0,7

0,87

3. Proceeds from the sale of thegovernment inventories

0,8

0,0

0,4

0,2

0,2

0,1

0,2

0,2

0,20

0,18

0,2

0,2

0,20

4. Proceeds from the foreigneconomic activity

0,7

0,2

0,2

0,4

0,4

0,3

0,3

0,0

0,01

0,01

0,0

0,2

0,32

5. Other non-taxrevenues

0,4

0,4

0,3

0,3

0,3

0,4

0,4

0,7

0,8

0,8

0,7

0,5

0,45

TOTAL: NON-TAX REVENUES

2,6

1,8

2,1

2,0

1,7

1,7

1,7

1,8

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