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0,0%



39852,1

0,6%


1.14. Other domestic borrowing

-34099,0

-0,5%

12030,1

0,2%



-22068,9

-0,3%


1.15. Credits and loans to extra-budgetary funds

0,0

0,0%



-933,1

0,0%

-933,1

0,0%


TOTAL DOMESTIC FINANCING

-2447,2

0,0%

-5295,8

-0,1%

-139619,4

-2,0%

-143067,1

-2,1%


2.External financing










2.1.Loans from international financial institutions

-74396,5

-1,1%

-1570,4

0,0%



-75966,9

-1,1%


2.2.Foreign government loans to RF

-38381,4

-0,6%

0,0

0,0%



-38381,4

-0,6%


2.3.Loans from foreign commercial banks and companies toRF

-9045,9

-0,1%

-2981,7

0,0%



-12027,6

-0,2%


2.4.Other foreign financing

-31847,3

-0,5%

-23015,0

-0,3%



-54862,2

-0,8%


2.5.Change in bank account balances of budget funds, in foreignexchange

-18238,0

-0,3%

-351,3

0,0%



-18589,3

-0,3%


Difference in exchange rates

890,2

0,0%

-722,1

0,0%



168,1

0,0%


TOTAL FOREIGN FINANCING

-171018,9

-2,5%

-28640,6

-0,4%

0,0

0,0%

-199659,5

-2,9%


TOTALFINANCING

-173466,1

-2,5%

-33936,4

-0,5%

-139619,4

-2,0%

-342726,6

-4,9%

Budgetary process in year2001

Federal law УOn the Federal Budget for Year2001Ф was approved at the fourth reading on December 14, on December 20 it wasapproved by the Council of Federation, and singed by the President on December27, 2000.

Budgetary revenues are balanced againstexpenditures and set at Rub. 1193 billion (15.4 per cent of GDP). The share oftax revenues in the total revenues is at 93 per cent.

The 2001 federal budget envisages an increasein expenditures (by 1.7 percentage points of GDP) and a decrease in revenues(by 0.8 percentage points) as compared to the budget for year 2000.

The budget for year 2001 sets the level oftax revenues at 3 per cent over and the level of total revenues at 5 per centbelow the actual administration of the 2000 federal budget as measured incomparable prices. The expenditures shall by 12 per cent exceed theadministration of the budget for year 2000.

An increase in indirect taxes (excises andVAT shall by 30 per cent exceed the administration of the budget for year 2000as measured in comparable prices) and a sharp decrease in income tax accountfor the noticeable changes in the structure of tax revenues. The changes in VATare explained by the fact that in year 2001 all VAT-generated revenues shall beentered to the federal budget, the increase in excises is attributed to theimposition of excise taxes on diesel fuels and higher taxation rates foralcohol beverages and gasoline, and the decrease in income tax revenuesresulted from the redistribution of these revenues in favor of territorialbudgets.

Table 1.11

Law УOn the Federal Budget for Year 2000Ф (Rub.mil.)

Law on amendments and additions to law УOn theFederal Budget for Year 2000Ф introduced in connection with extra revenues(Rub. mil.)

Administration of the 2000 federal budget (Rub.mil.)

Rub. mil.

% GDP

Rub. mil.

% GDP

Rub. mil.

% GDP

Profit tax

172647

2,2%

171009

2,5%

178603

2,6%

Personal income tax

1903

0,0%

27543

0,4%

27321

0,4%

Value Added Tax

516436

6,7%

366751

5,3%

371812

5,4%

Excises

188040

2,4%

131534

1,9%

131039

1,9%

Fees for use of naturalresources

37184

0,5%

17841

0,3%

18635

0,3%

Taxes on foreign trade and foreigneconomic operations

192315

2,5%

226842

3,3%

229256

3,3%

Other taxes, fees andduties

6802

0,1%

2271

0,0%

8817

0,1%

Tax revenues

1115328

14,4%

949913

13,7%

965482

13,9%

Revenue from government property oractivity

26833

0,3%

24732

0,4%

28552

0,4%

Revenue from foreign economicoperations

31498,8

0,4%

34387

0,5%

36403

0,5%

Other non-tax revenues

5929,5

0,1%

4671

0,1%

4952

0,1%

Non-tax revenues

64261,3

0,8%

63789

0,9%

69906

1,0%

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