The state Duma Committee supported the project on new fiscal rules

The state Duma Committee on budget and taxes recommended the lower chamber of the Parliament to adopt in the first reading the bill on the new design of fiscal rules introduced by the government of the Russian Federation.

For consideration by the Duma of the document will be submitted on 5 July.

According to the updated rule, the parameters of the Federal budget, primarily costs will be calculated based on the price of crude oil Urals at level of $ 40 per barrel, and oil and gas revenues received in excess of this bar cut-off will be directed to replenish reserves, explained earlier, Prime Minister Dmitry Medvedev.

The bill defines the limit to the expenditures of the Federal budget that does not exceed the amount of oil and gas revenues calculated on the basis of underlying oil prices, the base export prices for natural gas and a projected exchange rate of non-oil revenues, as well as maintenance costs gadelha. Meanwhile, the base price of oil is set at $ 40 per barrel of Urals oil prices in 2017 and is subject to annual indexation of 2% starting in 2018.

Given the decline in oil prices and the formation of structurally stable in the long term, oil prices corresponding to the underlying price implicit in the calculation of Federal budget revenues in 2017-2019, in accordance with the indicators of the forecast socially-economic development of the Russian Federation, it is also proposed to repeal provisions of the Budget code of the Russian Federation concerning the normative value of the Reserve Fund.

The use of the reserves

The bill defines the list of oil and gas revenues (additional uncollected) the Federal budget, and also establishes that the Reserve Fund additional oil and gas revenues of the Federal budget is determined in accordance with the government order. The level of utilization of the Reserve Fund may not exceed the value of lost oil and gas revenues.

The document establishes the possibility of using funds from the national welfare Fund, including a Reserve Fund to ensure operational management of the assets of these funds, including to Finance the Federal budget deficit.

The bill is designed to reduce the impact of market energy on macroeconomic parameters and the state of public finances, the establishment of quantitative restrictions on key budget performance and balance the Federal budget. Provided in the document the method of determining the maximum expenditure limit baseline level of borrowing costs as debt service. This will ensure the sustainable dynamics of public debt relative to GDP.