Vladimir Putin signed a law aimed at improving the budget process

29 December 2017, Friday

Russian President Vladimir Putin signed a Federal law amending the Budget code (BC) and is aimed at improving the budget process, the corresponding document published on the official portal of legal information.

The document provides for the approval by the Russian government limiting the level of co-financing of expenditure obligations of a subject of the Russian Federation from the Federal budget to regions in order to establish common approaches to the provision of subsidies. In respect of individual subsidies other limit level is not allowed, except in three cases.

First, if subsidies, source of financial support which are the means of reserve funds of the President and the government of the Russian Federation. Secondly, when subsidies are provided for co-financing of capital investments in objects of capital construction or purchase of real estate when implemented in some regions, in compliance with acts of the President or of the Cabinet, events of national importance. Third, if subsidies for co-financing the preparation and conduct of international events, the decision to conduct which are taken by the President or the government.

The law also requires not a one-time inclusion in the volume of public debt of the Russian Federation the entire amount of guarantees and consistent, as the actual appearance they provide of the obligations and is recognized in the consolidated debt of the Russian Federation of obligations under state guarantees in the amount equal to the actual existing principals of obligations secured by guarantees.

In addition, provides for distribution in equal proportions (50% to 50%) of the proceeds of excise duty on middle distillates between the Federal and regional budgets. Previously, all revenues from this excise tax were to the budgets of subjects of the Russian Federation, and the change in proportions is due to the fact that earlier it was adopted the law on the extension of the concept of middle distillates.

In addition, the provisions of article 133 BC, concerning provide regions of subventions from the Federal budget, now will not be applied to the subvention that will be provided in 2018 in accordance with the law «On monthly payments to families with children.» The distribution of subventions between regions will adopt the Russian government.

 

 

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