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On transparency Index of the Russian Budget
05 february 2013
On January 23 Budget Partnership, Washington, has published its regular, the fourth one since 2006 report with a review of the budget 2012 transparency. The review presents already traditional transparency index of the state budgets with the relevant rating (for 100 countries this time), three new indices that reflect public participation in the budget process, budget authority of legislative bodies and Accounts Chambers.
It is Hardly Possible to Create a Separate Budget of Development
30 january 2013
The Ministry of Economic Development of the Russian Federation has submitted to the Government of the Russian Federation a proposal on transformation of the Investment Fund in order to solve the issue of financing of infrastructure projects, said Andrei Belousov, Minister of Economic Development of the Russian Federation.
Higher Excise Duties on Alcohol Pushed the Inflation Rate Upwards
28 january 2013
In January 2013, the inflation rate kept growing: on the basis of the results of the three weeks of the month the consumer price index amounted to 0.6%, having exceeded the January 2012 index value (+0.5%).
The World Bank: World Economy Remains Unstable
25 january 2013
In the Report of the World Bank: “The Global Economic Prospects” published in January 2013, it is said that four years after the beginning of the global financial crisis the world economy is still unstable.
Integration Will Badly Affect Russia’s Dairy Producers
23 january 2013
The integration processes taking place in the framework of the Common Economic Space create some serious competition challenges for Russia’s dairy producers. Russian agricultural producers are experiencing a strong pressure from Belarus, whose current priority is to increase its production and exports of agricultural products.
A Few Words on the Issue of Tax Harmonization in the Customs Union
16 january 2013
From 1 January 2012, the Common Economic Space came into existence. In our brief commentary, we are going to look at the way this new legal environment created by the member countries of the Customs Union is organized, and how it is being accommodated to by our business community and is reflected in Russia’s budget.
Data Revision by the RF Central Bank Helps Capital Outflows fr om Russia Stay within the Official Forecast Level
15 january 2013
The RF Central Bank announced that, in 2012, capital outflows from Russia amounted to $ 56.8bn, including $ 9.4bn in Q4.
The Excise Policy Forces Russians to Choose Vodka
15 january 2013
The “lack of system” in Russia’s excise policy with regard to the alcohol industry can by no means be regarded as a factor that will make the consumers give up spirits. The current difference in the excise loads on beer and strong liquors, in terms of per liter of pure alcohol consumption, is only 25%.
The USA can Effectively Lift the Debt Ceiling to Infinity
27 december 2012
On 27 December, U.S. Treasury Secretary Timothy Geithner announced that, as early as 31 December, the US government would officially hit its current authorized borrowing limit - also known as the debt ceiling - of $ 16,394 trillion, as a result of which Washington would be forced to default on its financial liabilities.
A Slowdown in the Growth Rate of Crediting
25 december 2012
In the final months of 2012, Russia's financial sector registered a slowdown in the growth rate of credit granted to businesses and individuals.
Russia’s Government Approves the State Program for the Development of the North Caucasus Until 2025
24 december 2012
A few days ago the RF Government gave its approval to the State Program for the Development of the North Caucasus Until the Year 2025, which will cost around Rb 2.5 trillion. 10% of funding for the Program will be allocated from the state budget, while the remaining 90% is expected to come in the form of equity investment by private investors. In order to attract banking sector financing for the Program, the latter envisages the granting of considerable state guarantees for credits.
A Few Words about the Recently Published Laws on the Federal Budget
21 december 2012
On 7 December, the RF Ministry of Finance published on its web site Federal Law, of 3 December 2012, No 216-FZ ‘On the Federal Budget for 2013 and the 2014-2015 Planning Period’. On 11 December, another law was posted on the same web site – Federal Law, of 3 December 2012, No 247-FZ ‘On the Introduction of Alterations into the Federal Law ‘On the Federal Budget for 2012 and the 2013-2014 Planning Period’’.
The Collection of Excise Duties and Mineral Resources Extraction Tax Increases by More Than 20%
20 december 2012
A few days ago the RF Federal Tax Service published data on the tax-generated revenues of the RF consolidated budget in the period from January through November 2012. The total volume of tax-generated revenues amounted to Rb 9,911.8bn, which was 12.8% more than in the corresponding period of 2011.
The State Duma has passed the "Anti-Smoking Law" in the First Reading
17 december 2012
The State Duma has passed in the first reading the government bill "On Protection of Public Health from Exposure to Tobacco Smoke and Smoking Effects", which became even somewhat notorious as the "Antismoking Law". 429 deputies have supported the document, 2 voted against it, there were abstentions.
The Figure of 25 Million Jobs is not Accidental
12 december 2012
On December 12, the Russian President Vladimir Putin in a message to the Federal Assembly set a target to create and upgrade 25 million jobs by 2020.
Investments in Fixed capital Grow Faster than GDP, but their Efficiency is Downgrading
11 december 2012
In October 2012 Russian Statistics Service has published the updated indicators of volumes and dynamics of investments in fixed assets. Adjustments were made to the indicators for the period from April to September 2012.