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FACTORS INFLUENCING THE REPLENISHMENT OF THE REVENUE SIDE OF THE REGIONAL BUDGETS OF THE FAR EASTERN FEDERAL DISTRICT
IN MODERN CONDITIONS
Petrovna Krysina Olesya
post graduate
Far Eastern Law Institute of the Ministry of Internal Affairs of Russia,
Khabarovsk
ANNOTATION
The article analyzes the factors affecting the execution of the revenue part of the regional budgets of the regions of the Far Eastern Federal District and current trends in the regulation of regional budget revenues in general.
Key words: budget potential, regional budget, budget revenues, tax revenues
In modern conditions, the impact of COVID-19 on the economy still remains significant, despite the apparent overcoming of certain negative trends. Current trends in the development of the economy and business determine the main aspects of replenishing the revenue side of regional budgets. In modern conditions, it is important to identify the most risky factors affecting now and able to influence the replenishment of the revenue side of regional budgets in the future.
The development of the budgetary and financial system in the Russian Federation is defined in the National Security Strategy as one of the most important priorities for achieving national security proper [1]. The Economic Security Strategy also states the need to reform the Russian economy to a new technological way. Thus, the issues of ensuring budget management and the growth of the budget potential of territories within the framework of revenue execution are particularly relevant at the present stage.
Achieving the goals of sustainable budgetary development and efficient use of resources presuppose
the existence of an effective revenue base of the budgets of the constituent entities of the Russian Federation. As part of the current reforms, the role of the territories of the constituent entities of the Russian Federation as elements of the country's economy is increasing, their importance in achieving federal goals.
The budget system is one of those elements of the economy that are influenced by many economic and social factors, this is especially true for the revenue side of the budgets of the subjects of the Russian Federation. The vulnerability of the revenue part of the budgets of the subjects of the Russian Federation is associated with the influence of many different factors. The Far Eastern Federal District includes 11 subjects of the Russian Federation. The budget system of the macroregion and the structure of the revenue part of budgets are influenced, among other things, by the sectoral structure and specialization of the economy. Figure 1 shows the structure of production in the Far Eastern Federal District by industry.
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Figure 1 - Sectoral structure of the economy of the Far Eastern Federal District regions, % [According to the Federal State Statistics Service of the Russian Federation]. [8]
The regions of the Far Eastern Federal District are characterized by huge territories, the mining segment dominates in the structure of the economy, in particular, this industry accounts for 29% of the GRP of the Far Eastern Federal District regions, transport and storage, logistics account for 11% of GRP, public administration 8%, construction 7%, real estate transactions 6%, agriculture and forestry 5%,
manufacturing 5%, other 20%. Actually, such a structure also determines the features of the revenue structure of the regional budgets of the Far Eastern Federal District - this is the dynamics of MET receipts in the revenue part of budgets. Figure 2 shows the dynamics of own revenues as part of the revenue part of the budgets of the subjects of the Far Eastern Federal District. date of application:
Figure 2 - Dynamics of the share of own income in the revenue structure of the revenue part of the budgets of the Far Eastern Federal District (according to the Federal Treasury of the Russian Federation, ACRA calculations)
[8]
Among the factors affecting the revenue side of the budgets of the budget system of the Far Eastern Federal District regions, one can also distinguish indicators of unemployment, economically active population, average wages, real disposable incomes of the population. In particular, all social and labor indicators that form labor remuneration assume a certain impact on budget revenues through the system of social deductions and taxes. In addition, real expenses and consumption depend on the level of wages, i.e. the level of VAT receipts into the budget system.
Taxes are the basis for the formation of regional budgets [7], the rates of regional taxes and the limits of their regulation are reflected in the Tax Code of the Russian Federation [3]. Moreover, property taxes play an important role in the revenue budget base of the Far
Eastern Federal District regions, which are a more stable source of budget revenues, regardless of many external factors (the property complex has a certain stability) [4]. To ensure the growth of tax revenues, regions need to improve the quality of tax administration, stimulate the economy, including the SME sector [5].
Non-tax income in the form of income from property management is also an important direction for increasing the level of profitability of regional budgets [6].
The growth of economic labor potential and real disposable income, thus, determines the revenues of the budgets of the macroregion. The higher the productivity, the more products the Far Eastern Federal District organizations will also be able to produce, the higher the revenue and the level of income tax and other
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taxes of commercial organizations will be. In the Far Eastern Federal District, "the vast majority of regional budgets were adopted with a deficit of 245 million to
20.2 billion rubles, but they are called socially oriented by the authorities" [9]. Figure 2 shows the execution of the budgets of the Far Eastern Federal District regions.
Figure 2 - Execution of the budgets of the Far Eastern Federal District regions according to the Federal
Treasury of the Russian Federation [8].
As can be seen from the figure, in fact, the budgets of the subjects of the Far Eastern Federal District are executed with a deficit in 2020. At the same time, the level of gratuitous receipts is growing. The share of gratuitous receipts is growing in the structure of budget revenues. "The share of gratuitous receipts in the income structure of the Far Eastern Federal District regions increased from 30% in 2016 to 44% in 2020, with the exception of the Sakhalin Region, where the share of transfers in 2016-2020 was below the national average," experts note [8]. In general, due to the large territories and low population density, the level of spending per capita in the Far Eastern Federal District is higher than the national average. At the same time, the level of income decreases. In general, most of the Far Eastern Federal District regions executed the budget in 2020 with a significant deficit, not to mention that the deficit is planned for the coming years, moreover, pessimistic forecasts suggest the possibility of increasing the deficit. As the analysis shows, the execution of budgets in the regions of the Far Eastern Federal District had a positive balance and was executed with a surplus only in 2018 and 2019. In recent years, the maximum deficit in the macro-region has been recorded in the Kamchatka Territory, the Republic of Buryatia, the Khabarovsk Territory, the Sakhalin Region and the Jewish Autonomous Region.
As a result of the execution of the revenue part of budgets with a deficit, it became necessary to raise funds to finance expenditures. As a result, a significant increase in the level of debt burden was recorded in 2020. The leaders in regional public debt in 2020 are the Jewish Autonomous Region, Khabarovsk and Trans-Baikal Territory. In other regions of the Far Eastern Federal District, the level of debt burden does not exceed 50% of total tax and non-tax revenues. The Primorsky Territory has the lowest level of government borrowing, as well as in the Sakhalin region.
In general, the level of liquidity of the budgets of the budget system of the Far Eastern Federal District regions in some cases makes it possible to provide
additional investment income, so, in the Sakhalin Region, free funds are placed on deposits annually, which provided the regional budget with additional revenues in the amount of 12.3 billion rubles. Primorsky Krai also used this practice to attract additional income in 2019-2020.
The decline in the number of economically active population, migration processes also have an impact on the budget revenues of the Far Eastern Federal District regions. Against the background of aging, the general working capacity of the population decreases. However, it is important to note that in comparison with the unemployment rate of 2019, positive dynamics is observed in the regions of the Far Eastern Federal District in 2020. However, the experience of 2009 may be repeated, when, within the framework of "stagnant unemployment", the outflow of funding from the federal budget rolled back all efforts to maintain the necessary level of employment of the population. The increase in the level of wages in the region to 57.4% in the last nine years determines the trend of reduction of the shadow sector of the economy and the growth of revenues of the budget systems of the Far Eastern Federal District regions.
At the same time, statistical indicators show a decrease in business income, which reflects a decrease in business activity, especially in 2019. Measures to stimulate business in the regions gave different results in terms of their level, however, it is obvious that in 2020 there was an economic recovery in the entire macroregion. However, there is an increase in the tax burden on the SME sector and a corresponding decrease in the efficiency of this sector over the analyzed period.
In 2021, one of the preferential tax regimes is canceled - the UTII, which allowed the SME sector to reduce the tax base by 6-7 times. In 2021, the population's dependence on social benefits also increased - from 13% to 21%. All this significantly reduces the budget potential of the revenue side of the budgets of the Far Eastern Federal District regions.
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Income tax is an unconditional element of the revenue side of the budgets of the Far Eastern Federal District regions, one of the most significant indicators. This is, in fact, the most important factor in the formation of the revenue side of the budgets of the subjects of the Far Eastern Federal District, since the basis for calculating is the profit of organizations, i.e. GRP. Consequently, the overall economic development of the region is the most important factor affecting the filling of the budgets of the macroregion. At the same time, the GRP indicator is also influenced by quite a lot of factors, among which it is necessary to highlight the following:
- investments in fixed assets in the region;
- retail trade turnover;
- the volume of the balanced financial result of organizations;
- export;
- R&D expenses;
- state support for business, SMEs.
The development of the budget potential and the level of revenues of the budgets of the Far Eastern Federal District regions, therefore, depend on investment activity, dynamics and structure of investments in the economy, state support of the SME sector, tax burden and debt policy. Investments, as the ranking of the regions of the Far Eastern Federal District shows, determine the level of financial stability and liquidity of the budgets of the budget system of the subjects of the Russian Federation included in the Far Eastern Federal District, so, the most liquid and profitable are the budgets of those regions that implement an active investment policy.
A steady flow of investments determines the conditions for supporting the existing level and further growth of the socio-economic situation of the regions. Some regions of the Far Eastern Federal District, in particular, the Republic of Sakha, Kamchatka Krai, Magadan Region are characterized by low income and budget sustainability, and it is in these regions that a low level of investment in the economy is recorded. The transition from stagnation to growth in these regions will obviously be possible only within the conditions of achieving investment activity and increasing investment attractiveness. In general, it is also important for the regions to ensure the development of socio-economic infrastructure.
Another factor affecting the revenue side of the budgets of the subjects of the Far Eastern Federal District is intermunicipal and interregional socioeconomic differentiation, which is associated with the need to provide gratuitous support to lower budgets. As it was established, the growth of external revenues to 40% of all revenues was recorded in 2020. In fact, 40% of the budget potential is not used by the regions. At the same time, even efficient regions are forced to pull up less economically successful regions to a certain average overall level. This reduces the overall budget potential of the Far Eastern Federal District.
Thus, based on the results of the analysis, the need for an objective transformation of the regulatory framework for regulating the system of budget revenues of the regions included in the Far Eastern Federal District was established. In particular, it is necessary to revise the budget policy of public borrowing and reduce the public debt, ensure a reduction in the tax burden (tax burden) on the SME sector, eliminate the asymmetry of socio-economic development and ensure a greater level of independence of the budgets of the budget system of the Far Eastern Federal District. It is also important to ensure the development of the regulatory framework, market institutions, and support for SMEs. In general, the conducted research indicates that the economic and legal basis for the development of the profitability of the budgets of the budget system of the Far Eastern Federal District regions obviously does not fully meet the current needs. In particular, it is important to ensure the development of a legal framework for the development of investment attractiveness and investment activity in the macroregion.
References and references
1. Decree of the President of the Russian Federation dated 02.07.2021 N 400 "On the National Security Strategy of the Russian Federation»
2. The Budget Code of the Russian Federation of 31.07.1998 N 145-FZ (as amended on 01.07.2021, with amendments. from 15.07.2021) (with amendments and additions, intro. effective from 12.07.2021)
3. The Tax Code of the Russian Federation (Part Two) of 05.08.2000 N 117-FZ (ed. of 02.07.2021) (with amendments and additions, intro. effective from 01.10.2021)
4. Batashev R.V., Kurbanov S.A., Ayubova Zh.M. Investigation of the state of property taxation as a source of income for regional budgets // tVestnik Akademii znaniye. 2020. No. 4 (39). pp. 402-406.
5. Lukyanova Z.A., Shestakova A.E. Efficiency of tax revenues of the regional budget // Topical issues of the modern economy. 2020. No. 4. pp. 406-411.
6. Starkova O.Ya. Revenues of regional budgets: problems of execution // Znanstvena Misel. 2020. No. 38-1 (38). pp. 38-40.
7. Chapaeva N.D., Musaeva H.M. Regional taxes and their role in the formation of budget revenues of the subjects of the Russian Federation // Economics and Business: theory and practice. 2020. No. 4-3 (62). pp. 153-155.
8. ACRA Ranking of the regions of the Far Eastern Federal District by the level of financial stability [Electronic resource] // Access mode: https://www.acraratings.ru/upload/iblock/e13/dcjruittd p0s9o8s2d2tdv08w2s9t1ax.pdf (date of application:30.09.2021)
9. TASS, the Regions of the Far East have adopted deficit budgets for 2021 [Electronic resource] // Access mode: https://tass.ru/ekonomika/10364609 (date of application:30.09.2021)
