Scientific periodical

ISSN 2658-5332

Financial Journal № 2(24) March-April 2015

T. Saakyan, S. Khabaev, P. Kradinov
Standardization of Public Procurement as a Tool for their Integration with the Budget Process
The article analyzes the legal regulation of the procurement and budgetary process by the example of procurement standardization and reviews the implementation of public procurement standardization as well as its integration with the budgetary process. Definitions of the procurement standardization and standard costs are given by the author. The article presents recommendations to State authorities at the Federal level for preparation of their own acts and examples of standard costs calculation.
Key words: public procurement, budgetary process, contract system, justification of budget appropriations, planning in the procurement, standardization, standard costs, standards

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K. Tumanyants
Fiscal Effect of Reduced Taxes for Small Businesses in Russia
The article is dedicated to comparison analysis of the changes in taxation that occurred between 2007 and 2012 in some Russian regions, which either reduced fiscal burden for small businesses or kept it at the same level. Authors came to conclusion that decreased tax rate has a stimulating effect on the legal business activity in Russia. In most cases the following rise in tax revenues outweighs the budget's loss caused by fiscal preferences.
Key words: small business, fiscal preference, tax rate, region budget

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N. Malis
Tax Revenues to Regional Budgets: Growth Reserves
The article considers the questions connected with the need of regional and local budgets to eliminate the budget deficit using their own profitable sources. The author analyses the problems of the budget shortfall in income related to the number of unjustified tax privileges and offers the definition of the term "unjustified tax benefit". Moreover, the article provides recommendations for strengthening the revenue base of regional and local budgets with the help of several tax reform mechanisms in order to increase their efficiency, as well as the introduction of commercial and resort fees.
Key words: budget deficit, the regional budget, tax relief, bonus depreciation, loss-making organization, budget loan, commercial loan, merchant fees, excise taxes, consolidated group of taxpayers

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T. Loginova
The ways of Tax Optimization of Holding Companies
At present time governments of many countries have intensified the work of complex instruments, that will prevent national companies from application of the tax optimization schemes, which help companies to minimize their tax liabilities on legal bases and in some cases to avoid tax payments at all. Some schemes of tax optimization, which are realized by foreign companies, as well as by companies working on the territory of Russian Federation, are presented in this article.
Key words: tax optimization, hybrid financial instrument (loan), tax planning, base erosion and profit shifting

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R. Musaev, D. Kleshko
Development of Refinancing System of the Russian Banking Sector
Privileged access of commercial banks to refinancing system of the Central bank leads to structural liquidity deficit in banking sector, forcing small-sized banks to use the interbank lending market, which have specific limitations and disadvantages. The article deals with the existing system of banks refinancing. In addition, the authors have developed a set of measures to enhance the efficiency of refinancing system as mechanism of borrowing price formation in the economy.
Key words: refinancing system, key rate, interbank lending market, liquidity, unified pool of collateral, unsecured loan

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A. Mikhaylov
Russian Oil and Gas Budget Revenues in 2015: Estimation and Risk
The article analyzes the impact of changes at the markets of oil and gas in comparison to oil and gas revenues of the Russian federal budget in 2015. The most significant risk of fiscal policy in the terms of anti-Russian sanctions is the high sensitivity of revenues to the external volatility. About a third of all revenues of the budget system and about half of federal budget revenues comprise revenues from oil and gas sector. They are dependent on unpredictable fluctuations of the stock commodity quotations, which affect the rates of the oil and gas taxes (and duties). The article presents the model and the calculations, which predict the maximum reduction in oil and gas revenues in 2015 in the volume of 874 billion rubles.
Key words: devaluation of national currency, oil prices, simulation of budget revenues, risks of budget policy

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P. Zhukov
Finding an Optimal Capital Structure under Default Risk
The article offers a practical way to introduce default risk in the Modigliani-Miller theory and deduces the theorem of optimal capital structure, which is similar to the Modigliani-Miller last theorem, but taking into account default risk. Separately the author provides the amendments of default risk to required income on debt and equity. The major outcome is that the classical Modigliani-Miller theory is true, but only when the debt does not exceed safe level, while the interest demanded by creditors does not change and the optimum structure of the capital probably is reached at the size of a debt equal to maximum safe level.
Key words: Modigliani-Miller theory, default risk, discounting rate, probability of default, required income on the debt, required income on equity, weighted average price of the capital, optimum capital structure

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E. Gutzait, I. Yakovlev
Some Issues of Audit Statistics Improvements
The article analyses the methods of fragmentary and system improvement of audit statistics, as well as possible intermediate stages. In accordance with the professional judgement of the authors a set of main indicators of audit services market is formed, allowing to carry out an overall analysis of its state and its global regulation. Special attention is paid to finding average prices (fees) for audit services in various sectors of the market.
Key words: audit, audit organization, audit statistics, indicator, the market of audit services

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V. Gromov
Administration of Social Security Contributions Abroad: Tendencies and Assessment of Application in Russia
Since the unified social tax was cancelled, the question of an order of administration of social security contributions, which succeeded this tax, had become especially relevant. The article concerns current trends and summarizes features of social payments administration abroad in relation to the order of collecting these payments and control of their payment operating in Russia. On the basis of an objective assessment of foreign experience, justification for the return of functions of the social off-budget funds income administrator to the Federal Tax Service is given.
Key words: social security contributions, unified social tax, administration, foreign experience, tax authorities, off-budget funds

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E. Kuklina
Resource Taxes in the Economy of Modern China
The article examines the tax system for using natural resources in China and discusses in detail the resource tax for using minerals. The author defines the differences between the resource tax in China and the mining tax in Russia. The article contains some proposals aimed to improving the taxation of using natural resources in both countries.
Key words: natural resources, minerals, subsoil use, the tax system, the resource tax

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A. Semenyuk
Reverse Mortgage as Instrument for Public-private Partnerships in Support of Persons of Retirement Age
Based on the analysis of economic and demographic statistics the author of the article justifies the use of reverse mortgage as a private form of commercial support services to seniors. The advantages and risks of using the mechanism of reverse mortgages for Russian pensioners in comparison with the contract rent are described in the article. The brief recommendations for the implementation of this institution in the Russian economy and society on the basis of public-private partnerships are provided.
Key words: social support for pensioners, social protection, reverse mortgages, poverty, pension, public-private partnerships

 

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Scientific periodical

ISSN 2658-5332