Federal Budget in 2018: Growth of Oil and Gas Revenues, Budget Surplus

2019 ◽  
Author(s):  
Tatiana Tischenko
Keyword(s):  
Oil And Gas ◽  
Federal Budget ◽  
Budget Surplus

What Does Rent Give to Federal Budget (on the Russia's Budget Dependence upon "Oil Dollars")

2004 ◽  
pp. 51-69 ◽  
Author(s):  
E. Sharipova ◽  
I. Tcherkashin
Keyword(s):  
Oil And Gas ◽  
Strong Dependence ◽  
Oil Prices ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Tax Legislation ◽  
Russian Economy ◽  
The Government

Federal tax revenues from the main sectors of the Russian economy after the 1998 crisis are examined in the article. Authors present the structure of revenues from these sectors by main taxes for 1999-2003 and prospects for 2004. Emphasis is given to an increasing dependence of budget on revenues from oil and gas industries. The share of proceeds from these sectors has reached 1/3 of total federal revenues. To explain this fact world oil prices dynamics and changes in tax legislation in Russia are considered. Empirical results show strong dependence of budget revenues on oil prices. The analysis of changes in tax legislation in oil and gas industry shows that the government has managed to redistribute resource rent in favor of the state.

scholarly journals Budgetary-Tax Policy in 2019 and under Crisis in 2020

Federalism ◽  
2020 ◽  
pp. 132-145 ◽  
Author(s):  
I. S. Bukina
Keyword(s):  
Russian Federation ◽  
Oil And Gas ◽  
Federal Budget ◽  
Lower Sensitivity ◽  
Current Crisis ◽  
Slowing Down ◽  
Investment Demand ◽  
Gdp Growth Rate ◽  
The Russian Federation ◽  
Favorable Conditions

Favorable conditions for 2018 and 2019 allowed to create significant reserves due to oil and gas revenues. At the same time, the nature of fiscal policy turned from restriction to a stimulating one. The implementation of national projects and the growth of budget expenditures provided a significant contribution to the GDP growth rate while consumer and investment demand slowing down. In the conditions of the 2020 crisis, the accumulated reserves make it possible to compensate for the shortfall in federal budget revenues, but the consequences for the budgets of the constituent entities of the Russian Federation may be more serious, despite the lower sensitivity to shocks from oil prices. The increase in the sensitivity of revenue to GDP dynamics, noted in recent years, suggests that the consequences of the current crisis for the budget system of the Russian Federation may be significantly worse than in 2009.

scholarly journals A Year of a Pandemic: the State of the Russian Budget System

Federalism ◽  
2021 ◽  
pp. 149-168
Author(s):  
I. S. Bukina ◽  
L. N. Lykova
Keyword(s):  
Social Insurance ◽  
Oil And Gas ◽  
Federal Budget ◽  
Income Taxes ◽  
The State ◽  
Positive Trend ◽  
Active Growth ◽  
Positive Balance ◽  
Deficit Financing ◽  
Household Incomes

In the first quarter of 2021 against the background of a slight recovery in economic activity and a continuing downward trend in real household incomes the RF consolidated budget revenues grew not only in nominal terms, but also in real terms compared to last year. The most active growth in real terms was demonstrated by tax revenues and VAT. Income taxes and social insurance payments related to the income of the population are significantly behind the rate of inflation. The formed positive trend in world oil prices, however, does not yet provide access to the level of last year’s oil and gas revenues of the federal budget. At the same time, the outstripping growth of non-oil and gas revenues, even with the increase in the total volume of federal budget expenditures above the rate of inflation, ensured the final positive balance of both the federal budget and the consolidated budget. In the first quarter of the year, spending on the national economy grew at a faster pace. The growth rate of social policy expenditures remains high. Sub-federal budget revenues also showed a pronounced upward trend, mainly due to federal transfers. There is a certain shift in emphasis from their non-target types to their target ones. Although the expenditures of the sub-federal budgets increased in real terms, the balance of the consolidated budgets remained positive. Nevertheless, in a number of regions, there is a budget deficit with a significant amount of deficit financing of expenditures. The values of the state subfederal debt decreased slightly, while the total amount of the country’s state internal debt increased significantly. 

Improving the value added tax forecasting tools

2020 ◽  
Vol 18 (4) ◽  
pp. 9-18
Author(s):  
Egor S. Volna ◽  
Elena B. Mishina ◽  
Natalya L. Savchenko
Keyword(s):  
Oil And Gas ◽  
Value Added ◽  
Federal Budget ◽  
Forecasting Model ◽  
Value Added Tax ◽  
Domestic Consumption ◽  
Primary Model ◽  
Marginal Propensity ◽  
The Russian Federation ◽  
The Given

The value added tax (VAT) prediction is one of the essential tools to form the Russian Federation federal budget. Presently, there are various methods and tools to forecast taxes, including VAT. This research proposes to enhance the estimation of VAT inflow into the federal budget singling out certain formation factors in the GDP structure. The dynamics of the federal budget income in the period 2010-2019 has been examined. It has been stated that VAT refers to non-oil and gas revenues, while the structural analysis of this tax enables to single out domestic production VAT and import related VAT. This tax sum division has become a basis for building federal budget VAT income forecasting models. The primary model takes into account the GDP dynamics in the given period, as well as the GDP to federal budget incomes ratio and their main elements. To develop a more accurate VAT forecasting model the above mentioned tax has been divided into two components - imports VAT and domestic consumption VAT. The imports VAT evaluation is done via the share of projected imports, which in its turn is calculated by the marginal propensity to imports. The domestic consumption VAT is done via the GDP share previously stripped off the import value. During research the excellences and faults of each model have been highlighted. The conclusion about the expediency of models based on separating imports VAT and domestic consumption VAT application for VAT forecasting has been made.

The Financial Significance of the Oil and Gas Sector for the Russian Economy

2012 ◽  
pp. 76-91
Author(s):  
L. Eder ◽  
I. Filimonova
Keyword(s):  
Oil And Gas ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
International Markets ◽  
Balance Of Payments ◽  
Financial Indicators ◽  
Gas Industry ◽  
Russian Economy ◽  
Oil And Gas Companies ◽  
Oil And Gas Sector

The article describes the complex of economic and financial indicators reflecting the results of Russia’s oil and gas industry in 2011. Price environment of the major energy resources with regard to their realization at the domestic and international markets is analyzed. Main indicators of economic performance of the oil and gas industry (revenue, profit, profitability) are reviewed with differentiation by companies. The authors consider the tax burden for the oil and gas companies; show their role in forming federal budget revenues. The paper presents the analysis of specialized funds and reserves that are formed at the expense of oil and gas industry sources; examines Russia’s balance of payments as well as revenues generated by oil and gas exports. The stock market structure of Russia and the world is described with consideration of particular oil and gas companies.

scholarly journals MODERN STATE AND ROLE OF TAX RECEIPTS FROM OIL INDUSTRY IN FORMING OF PROFITABLE PART OF FEDERAL BUDGET OF RUSSIAN FEDERATION

2017 ◽  
Vol 13 (1-2) ◽  
pp. 102-105
Author(s):  
Elena N Gorbunova ◽  
Tatiana V Psuk
Keyword(s):  
Russian Federation ◽  
Oil And Gas ◽  
Federal Budget ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Long Period ◽  
Strategic Value ◽  
The Subject

Oil and gas industry has a strategic value for forming of profitable part of the budgetary system. Taxation of booty of oil in our country was and remains the subject of special discussion. During a long period the Russian legislation concerning taxation in oil industry was aimed to provide at any cost a due level of tax receipts in the budget of Russian Federation. In this connection, the article reveals the content of the tax system in oil industry and opens up estimation of consequences of its changes during the last years. The special attention is spared to the analysis of receipts of taxes from oil industry in the budget of Russian Federation. An author draws conclusion, that for providing continuous and stable stream of tax receipts in the budget of Russian Federation it is necessary to perfect the system of taxation in oil industry.

scholarly journals Canada’s Economy in 2021: Exiting the “Pandemic” Recession

2021 ◽  
pp. 0
Author(s):  
Lyudmila Nemova
Keyword(s):  
Budget Deficit ◽  
Oil And Gas ◽  
Federal Budget ◽  
Economic Activities ◽  
Emergency Plan ◽  
Fiscal Stimulus ◽  
Global Pandemic ◽  
Global Demand ◽  
Residential Capital ◽  
The Waves

The article analyses the dynamics of the Canadian economy in 2020-2021, during the unprecedented global “pandemic” recession. It is shown that like in many other countries, the economic ups and downs in Canada closely followed the waves of the COVID-19 infection spreading across the regions and the subsequent rounds of regulatory restrictions on “high-contact” economic activities, citizens’ travel inside and outside the country, international trade, and etc.  In the latter half of the 2020 several goods-producing industries showed signs of recovery which continued through the following year. However, it was only mass vaccination of Canadians in all provinces and territories that created conditions for sustained re-opening of businesses in most sectors of the national economy by the end 2021. The author looks at the internal and external drivers of recovery and continued growth.  It is shown that on the whole the federal emergency plan proved to be successful in providing income support for Canadians and preventing bankruptcies among small and medium-sized businesses. The 2021 Federal Budget includes more than $100 billion in new spending over three years. It is expected that massive fiscal stimulus coupled with pent-up demand will sustain strong consumer spending after the speedy vaccine rollout allows businesses to fully reopen. At the same time, non-residential capital expenditures by private sector companies will increase only moderately in most sectors after a sizable decline in 2020. This year Canada’s resource-based industries are benefiting from the growing global demand for oil and gas, base metals, forest and agricultural products. The concluding part of the article analyses the major risks which can slow the economic recovery: the global supply-chain bottlenecks, labour market imbalances, growing inflation pressures, and massive federal budget deficit.

Labour and productivity: exploring alternative solutions

2012 ◽  
Vol 52 (2) ◽  
pp. 651
Author(s):  
Allan Drake-Brockman ◽  
Daniel White
Keyword(s):  
Oil And Gas ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
Union Power ◽  
Gas Industry ◽  
Wage Rates ◽  
Skills Shortage ◽  
Increase In Productivity ◽  
Skills Shortages ◽  
Alternative Solutions

A serious skills shortage and increasing wage rates with no apparent increase in productivity is facing Australia’s oil and gas industry. The measures announced in the 2011–12 Federal Budget on 10 May do not appear to address the skills shortage crisis and may affect the viability of some projects.This extended abstract proposes some solutions to alleviate the existing skills shortages facing offshore resource projects. It also discusses some of the structural inefficiencies in the Fair Work Act 2009 (Cth) that is contributing to these issues.Under the Regional Sponsored Migration Scheme, the Federal Budget included an increase of skilled migration from 10,000–16,000 places in 2011–12. This is in contrast to the calls from Western Australia’s resources industry suggesting about 33,000 workers will be needed by the end of this year. The major changes to Australian labour laws brought by the FW Act is said to have resulted in uncertainty about some projects.Evidence of the shift to a collective (enterprise) bargaining framework based on delivering productivity increases is not yet available. An enhanced role for union officials seems to have resulted in an increase in union power and union influence in enterprise bargaining. This may be a reason for wage blow-outs in the oil and gas industry.

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