152 measures of perspective: the first step on the path to economic growth

152 measures of perspective: the first step on the path to economic growth

Sunday, February 8, the new plan of support of economy to 2016 was submitted to the government, and on Tuesday the Deputy Minister of economic development of Russia Oleg Fomichev told reporters about its features. In the new version of the support plan has over 150 actions in all fields, said the Deputy Minister.

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Urgent measures to support the Russian economy will require 827,7 billion

According to him, the key measures have not changed and remained in the same form and approximately the same amount as in 2015. However, the new plan supplemented by the Federal authorities.

Fomichev pointed out that the new measures are of a structural nature aimed at stimulating economic growth in the long term. The Agency has reviewed the document. About the main measures of the government to stabilize the situation in the economy, is planned for 2016 – in a special material.

According to the document, urgent measures aimed at stabilizing the situation, may require 827,7 billion. For their implementation 207,4 billion rubles can be directed from the anti-crisis Fund, 446,87 billion roubles will be allocated from the Federal budget of 39.8 billion roubles – funds of the national welfare Fund (NWF). Sources for 133,65 billion rubles will be determined by the government in the execution of the budget in 2016.

Measures of social support

Authorities have assured that the government will not reduce its social obligations, despite the difficult economic situation. The new plan also includes measures aimed at maintaining stability in the social sphere. In particular:

  • The document provides for monthly payment of 5 thousand rubles from a prisoner to needy families
  • The Russian government plans to allocate over 50 billion rubles for provision of free medicines to the citizens in 2016
  • Re-indexation of pensions in 2016 was not included in the draft plan to support the economy. The measure involves deindexation of pensions for a further 8.6 per cent in addition to those already held indexation of 4% from 1 February. When indexing from April 1, would have required 285,6 billion rubles, from August 1 159.4 billion rubles

Support non-oil exports

The document submitted to the Cabinet suggests that a range of measures to support non-oil exports in the face of low oil prices and weak ruble exchange rate.

  • In General, the development of non-commodity exports is planned to 25.3 billion rubles
  • In support of high-tech exports will be allocated 13 billion rubles to subsidize interest rates to VEB for loans issued in support of high-tech exports. Eximbank of Russia for the same purposes will be provided 8,4 billion roubles. In addition, the VEB will allocate 900 million roubles in the form of asset contribution to improve conditions, support non-oil exports
  • The document provides for allocation of extrabudgetary resources 10 billion roubles to provide accelerated development of the sector of information and communication technologies. In particular, support the development and promotion of Russian software

Support industry

The draft plan also identifies priority sectors of the industrial complex, to support in 2016 is planned to implement a number of measures.

  • It is planned to allocate up to 10 billion roubles on support of export of transport engineering
  • Also, the project provides for the allocation of 10.5 billion rubles to support agricultural engineering
  • Subsidies to industrial enterprises for partial reimbursement of expenses for paying interests on loans can provides for 2,2 billion rubles
  • To develop the mechanism of support of Scientific-research and experimental-design works on creation of new products – up to 21 billion rubles

To support the automotive industry

However, the programme of support for Russian automakers was included in the draft plan to support the economy in full.

  • So, in the project document on the implementation of programs to support the automotive industry it is proposed to issue 88,59 billion rubles from the Russian budget and 49.1 billion rubles from anti-recessionary Fund
  • The program provides systematic support measures in the automotive enterprises and the support measures of demand, such as the renewal of its fleet through a concessional car lending, leasing, trade-in, as well as subsidies of a number of state and municipal procurement

Small business support

Under the new action plan on economic stabilization measures to support small and medium businesses, whose share in Russia’s GDP, according to the plans of the authorities, is expected to grow twice by 2030.

  • To support small and medium-sized businesses is planned to allocate 45,43 billion
  • Also, it is envisaged that 10 billion roubles will be directed on creation of new small and medium-sized enterprises and jobs
  • Another 10 billion rubles will be provided in the form of asset contribution to “the Federal Corporation for development of small and medium enterprises” to improve the conditions of equipment leasing
  • In addition, the state guarantee will be provided on 18 billion roubles “SME Corporation” for collateral for Bank guarantees issued to small and medium businesses in implementing their investment projects
  • In the framework of support of small innovative enterprises can be directed to 4.43 billion rubles from the Federal budget and 3 billion rubles from anti-recessionary Fund
  • The document also provides for the extension of the single tax on imputed income after 2018
  • The project plan to support the economy involves “the introduction of tax deductions for small and medium enterprises, reduce the cost of compliance with mandatory requirements for recording data on volumes of production, trafficking and retail sale of goods in automated information systems (AIS)”

Changes in the oil industry

In the draft plan also contains proposals on taxation in the oil industry and measures to involve in the development of new oil deposits

  • The document provides for the introduction in the second quarter changes to the Tax code of the Russian Federation concerning the application of the system of taxation of oil production on the basis of the financial result (NFR) to stimulate the development of deposits (for pilot projects)
  • Also, according to the project, the regular payment for subsoil users, which on its own initiative, extend covered by the license terms of exploration, can be increased in multiples
  • However, for companies that are ahead of the timing of geological studies, will provide multiple size reduction regular payment
  • According to the project document, to the fourth quarter of 2016 it is necessary to draft a law that will provide stimulation of exploration and speed up the return of subsoil for re-licensing

The transport sector

A number of measures in the draft plan aim to support the transport industry, including rail transportation

  • Envisages zero VAT on domestic rail services. Falling revenues from this benefit will amount to 11 billion rubles
  • According to the document, RZD can get to 39.8 billion rubles from the NWF for the purchase of locomotives in 2016
  • The draft plan to support the economy provides for the postponement of the increase of tolls 12-tinnikov on Federal highways
  • It is also expected reduce the tax burden for owners of vehicles with permissible maximum mass exceeding 12 tonnes, in terms of the transport tax

Subsidizing mortgages

The extension of the program of subsidizing mortgages also included in the project plan to support the economy by 2016.

  • Funding for the program defined a new plan – of 16.5 billion rubles for the Period of the beginning of the implementation marked the second quarter of 2016, in March of 2016 ending the current phase of the program of subsidizing mortgage rates

Support utilities

The Ministry of construction of Russia has made as a proposal in the draft plan support the expansion of the economy to promote the upgrading of municipal infrastructure by increasing the volume of state support at the expense of means of Fund of assistance to reforming of housing and communal services.

  • Volume of financing of state support proposed by the Ministry, is 3 billion rubles, specified in the document
  • Also, the Ministry has made in the draft plan paragraph on the promotion of preferential crediting of capital repairs of common property in apartment buildings, by subsidizing interest rates

The development of the tourism cluster

The document also assumes the implementation of measures aimed at promoting domestic tourism market

  • On completion of works and commissioning of 28 tourist cluster it is planned to allocate almost 7 billion. It is assumed that the budget for this project will be allocated 750 million roubles. Planned additional funding of up to $ 6 billion. However, the exact amount and source of additional funding will be determined during the execution of the budget