Review Of Taxation Regulatory Documents Issued In The Period Of June-July 2014

The Main Trends of the Budget Policy for 2015 and the Planning Period of 2016 and 2017 deserves a particular emphasis in reviewing the above period. This is the fi rst detailed analytical document concerning the current situation and development prospects of the Russian economy facing economic sanctions. The following short-run trends of Russia’s economic policy are refl ected in the document: the Russian Government intends to complete funding of a great deal of federal target programs, focusing eff orts on those federal target programs which the Government considers relevant against sanctions aimed at increasing political and economic isolation of Russia, as well as due to the FIFA World Football Cup 2018 to be held in Russia; following a long period of fi nancial stability, clear signs of impending problems caused by having to honor the obligations announced the Presidential Decrees issued in May 2014 have emerged against the backdrop of weakening fi nancial potential, which results in reallocation of fi nancial resources in the society for the benefi t of the largest fi nancial monopolies, namely banks established by the Russian Federation or the Central Bank of Russia (in particular, Vnesheconombank, Sberbank or Russia); the share of state debt as percentage of GDP is growing; fi nancial support policies even more look like a hidden money issue; a few of the policies proposed in The Main Trends of the Budget Policy can be qualifi ed as hidden and express hardening of the tax burden upon manufacturers and individuals in face of promises to keep the taxation rules intact until 2018; besides, wages of civil servants will see outstripping growth rates, which is quite a natural solution for an authoritarian mode of governance, with a view to ensuring loyalty and surveillance of government employees in a volatile economic environment 1.