The paper describes the specifics of planning federal budget allocations for budgetary investments in 2019–2021.The relevance of the paper is due to the fact that Presidential Decree No. 204 of May 07.2018 sets the goal for Russia to break into the top five world economies and ensure economic growth rates exceeding the world rates while maintaining the macroeconomic stability. The subject of the research is federal budget allocations for budgetary investments. The purpose of the research was to assess the volume, dynamics, structure and legal support of budgetary investments to ensure their compliance with the objectives of the socio-economic development of Russia. Based on a dynamic structural analysis of the federal budget investments as well as a comparative analysis of fixed investments in Russia and developed countries, it is concluded that there is a need to enhance the fixed asset investments by increasing budgetary investment amounts along with encouraging private investing by the population and businesses. Apart from increasing capital investments from the federal budget, it is also important to update the budgetary investment structure with a focus on the main socioeconomic development targets. The analysis of the legal regulation in the field of budgetary investments showed the necessity to refine the existing legal framework to improve the quality of the budgetary investment planning. Following the analysis of factors hindering the growth of private investing, proposals were made on to how to improve the investment climate in the Russian Federation.
The subject of the research is the assessment of the quality of financial management of budget investment in Russia. The purpose of the research was to analyze the current legal framework for assessing the quality of financial management of budget investment expenditures and make proposals concerning its development. Based on the comparative analysis of the key methodologies for assessing the quality of financial management of budget investment, it has been concluded that it is necessary to clarify the conceptual framework, expand the system of indicators for assessing the quality of financial management of budget expenditures, including budgetary investment, restructuring the system of indicators for assessing the quality of financial management of budget investment, improving the regulatory framework for assessing the quality of financial budget investment management in Russia. The relevance of the paper, as compared with other publications on this subject, stems from the need to take account of the specifics of capital budget investment in the procedure for assessing the quality of financial management of budget investment. The specifics involve a significant amount of budget investment, a long-term nature of investment projects, their high cost, and lack of ongoing results. At the same time, budget investment can have a potential multiplier effect on the volume of the country’s GDP and GRP in the future. Nowadays, the methodology for assessing the quality of financial management of budget expenditures is unified and does not take into account the indicated specified features of budget investment. Incomplete accounting of the budget investment specifics makes it difficult to establish their effectiveness, which in turn reduces the priority of this type of budget expenditures.
One of the most important goals of the state is to increase the country’s economic growth rate, including achieving high economic growth indicators such as the level of inflation and unemployment. The current situation in the Russian Federation requires a comprehensive approach from the authorities: within the country to increase the level of welfare of citizens, outside its borders-to preserve and increase competitiveness. This paper presents a retrospective analysis of economic growth rates from 1992 to 2019. Having studied the Russian experience of applying measures and tools of budget policy, the authors identified the most effective tax and budget tools. Best practices have shown the most significant effectiveness in such tax instruments as moderately progressive taxation of personal income, reducing the basic tax rate for indirect taxes, and expanding the practice of applying the simplified tax system. Among the budgetary instruments, the following have shown high efficiency: an increase in expenditures of the budget system budgets for basic and applied scientific research, an increase in budget investments in the industry that contribute to subsequent multiplicative growth, and an increase in expenditures of the budget system budgets for vocational training, retraining and advanced training of the working population.
The authors present the results of the evaluation of the main provisions of the draft Federal budget regarding their compliance with the requirements of the budget legislation, and the documents of strategic planning of socio-economic development of Russia. At the same time, we concluded that the transition to a balanced budget and active accumulation of funds in the National Welfare Fund, along with a decrease in the dependence of the Federal budget on fluctuations in oil prices in world markets, will contribute to macroeconomic stability. However, the transition to a balanced budget is also due to the rejection of tax and budget incentives for the economy. We identified systemic problems and risks of the Federal budget for the medium and long-term. The authors also assessed the problems of implementation of the main provisions of the Decree of the President of the Russian Federation on May 7, 2018, No. 204 in the framework of the presented budget concept and budget policy.
Currently, the Russian economy is facing a number of exogenous and endogenous challenges that hinder economic growth and development. The budget policy of the state can, through the use of fiscal instruments, support declining business activity, which, on the one hand, requires an increase in public spending, including investment, and, on the other hand, a reduction in the tax burden. The paper presents an analysis of the most successful examples of using fiscal tools in modern Russia. The purpose of the article is to analyze the domestic experience of using fiscal instruments and identify the most effective tools for stimulating economic growth. Statistical methods, a systematic approach, and integral analysis were used as the methodological basis of the study. Having studied the best practices of applying fiscal instruments in Russia, the authors identified the most effective tax and budget instruments. Conclusions are drawn about the greatest effectiveness of the application of proportional taxation of personal income and reduction of indirect tax rates. Among the budget instruments, spending on R & D financing, increasing budget investment in infrastructure projects, and human capital are of particular importance. Based on the results of the study, theoretical and practical proposals for adjusting the current budget policy of Russia are formulated.
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