MOSCOW, February 14. The Minister of economic development Alexei Ulyukayev admitted the possibility of cuts, if the economic situation does not improve by may 2016. This statement he made on the air of “First channel”.
“Now isn’t brought the limits of budget allocations in the amount of 400 billion rubles. If by may we will see that the situation is not improved, apparently, these funds through the budget law will be cut,” said the speaker.
“This is more or less uniform cutting of various costs, with the exception of some social programmes,” the Minister added.
Earlier, the Minister of Finance of the Russian Federation Anton Siluanov reported that the reduction of budget expenditures by 10% with the exception of the so-called protected articles will give you the opportunity to save some 512 billion. Siluanov explained that the ministries and agencies receiving appropriations in 2016, will determine the priorities of the appropriation, and will make decisions about choosing a major most effective spending and trim inefficient spending.
About oil prices
The speaker considers a realistic scenario of development of economy in 2016, coming from oil prices at $40 per barrel.
New risk scenario the Central Bank may assume oil prices at $25 per barrel in 2016
“We have a stressful scenario at $25 per barrel. We believe that we should be prepared for short-term tests of this kind, but we do not anticipate that in the course of the year on average will this price hold on”, he said.
Last month the price of oil hovered around $30 per barrel, continued the Minister. “I consider this extremely low value,” he said.
“We have a scenario from my point of view, much more realistic $40 per barrel. I believe that now we all focus on about this figure,” concluded the speaker.
Earlier, Ulyukayev said that under the scenario forecast with the price of $25 per barrel and the dollar 80 rubles, the budget deficit could rise to 7-7. 5% GDP in 2016.
The enacted budget for 2016 laid out with revenues of $ 13,738 trillion (17.5 percent of GDP) and expenditure 16,099 trillion rubles (20.5% of GDP). The budget deficit will reach 2.36 trillion, or 3% of GDP.
The budget is based on the inflation rate not exceeding 6.4 per cent (December 2016 to December 2015) and the average annual price of Brent crude oil to $50 a barrel. From the beginning of 2016, the price of Brent fell by 21.3%.
On regulation of the alcohol market
The regulation of the alcohol market in terms of customs and tax charges will result in additional revenues to the budget, said Alexei Ulyukayev.
“There are provisions by which you can improve collection rates in part of the alcohol market, to ensure its transparency, and in part of customs duties, and tax administration, to oust the illegal sellers”, – said the speaker.
According to Rosalkogolregulirovanija, the results of the 2015 alcohol producers underpaid in the budget of 20 billion roubles of the excise.
In 2016 it is planned to collect up to 338,6 billion rubles of excise duties. This forecast is contained in the Russian government approved the road map to stabilize the situation in the alcoholic market.
State-owned companies will increase the budget by 50% of the profits through dividends
Ulyukayev considers it necessary to raise the level of dividend payouts of state companies to 50% of the profits to get additional revenue in the budget of 2016.
“Temporarily this year we want to increase the dividends that state companies pay to the budget. Now you have to pay 25%, and we want you to pay 50%,” said Minister in the air of “First channel”.
Previously, the Agency had proposed increasing the normal dividend payments of all companies to 50% of the profits to increase revenues. Assessment of the Agency, the increase in dividend payouts can give the budget an additional 110 billion rubles.
Increasing the level of payments from 25% to 50% of the profits means that companies will have less funds to achieve their investment programs.
The company can Finance the investment with funds released as a result of a reduction in transaction costs was suggested by the Prime Minister of the Russian Federation Dmitry Medvedev during the meeting about the effectiveness of budget spending. In addition, in his opinion, cost-effective projects of state-owned companies can be funded using borrowed funds or through the sale of assets. He believes that this decision should lead to the rejection of inefficient projects.
The Russian banks have reserves to buy government bonds
Russian banks have the necessary reserves to buy government bonds, said the head of Ministry of economic development.
“Our banks now have huge amount of liquidity is due to the fact that both the population and save the company a lot. And so to give them an additional source of investment funds in the form of government securities is a normal opportunity for them to get a good balance of assets and liabilities, and us to Finance our obligations,” the Minister said.
Ulyukayev also said that the Ministry of economic development supports relief for small business property tax. “We will support. There is such an opportunity for the subjects of the Russian Federation. But we write separately the opportunity, say, at a rent deducted from the amount that is taxed (tax – ed.) up to 500 square meters. If you are a small business and you have, say, 800 square meters, 500 square meters you will. You will have a taxable rate to the remaining 300 square meters”, – he said.
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