Financial journal № 6(34) November-December 2016
N. S. Milogolov, K. N. Tserenova
Tax Base Erosion in Russian Federation: Problems of Measuring, Scale and Effects
The article is focused on the review of economic analysis of base erosion and profit shifting (BEPS) and discusses some indirect BEPS existence indicators in Russia. The authors reveal main difficulties with data availability for BEPS analysis and also analyze best data availability practice, discuss methodological approaches for BEPS analysis and suggest own results and recommendations. Moreover, this article presents an identification of indirect signs of BEPS existence in the Russian Federation.
Keywords: base erosion, profit shifting, tax policy, OECD, multinational companies, foreign direct investments
JEL: H25, H26
N. A. Avxentyev, V. M. Baydin, O. A. Zarubina, N. N. Sisigina
Private Health Expenditures in Russian regions: Determinants and Consequences
Private health expenditures in Russia (38–48 % of total health expenditures, depending on the source) significantly exceed OECD countries level (27 %). High private spending, in turn, affects healthcare system performance. The paper analyzes determinants and consequences of private health spending in Russian regions. The authors use data on 80 Russian regions during 2006–2014 and apply panel data models to analyze determinants and consequences of private health expenditures. The authors found that private and public health expenditure are complimentary in Russia: 1 % increase in public health spending results in 0,17 % increase in private health expenditures. The latter also increase with wealth, income inequality and prevalence of healthy and active population. The optimal level of private health expenditures is 34–40 %, but it might be overestimated because the authors did not consider public health expenditures at the federal level.
Keywords: healthcare, private health expenditures, life expectancy, health spending efficiency
JEL: I13, I14
M. A. Bundin, E. M. Gutzait, A. M. Maryasin, I. A. Iykovlev
On Business Activity in the Audit Services Market
The article discusses the meaning of “business activity” and the specific features of business activity on the audit services market. It also demonstrates the use of the index method for measurement of business activity in this market and features of this method in relation to the audit services market. The authors built chain and basic business activity indexes of audit organizations and individual auditors in 2005–2016, analyze the dynamics of the main one (the base). The analysis shows, that its maximum was in 2008, after which it steadily decreased, but this decrease lately slowed down. There is also research on possibility of calculating more accurate values of these indices. The authors discuss various aspects of the use of the business activity index of audit organizations and individual auditors in the audit market regulation.
Keywords: audit firm, business activity, indices, the number of audited clients, volume of services, audit services market, comparable prices
JEL: C43, M42
A. L. Suslina, R. S. Leukhin
Shadow Economy Fight in Russia: Some Aspects of Common Problems
The size of Russian shadow economy is difficult to measure. Some indirect estimates show that its size is rather big. The purpose of this paper is to identify the causes of informal economic activity in Russia and to define the main directions of struggle against shadow economy.
Keywords: shadow economy, tax, tax evasion, tax collection, informal employment, economy formalization
JEL: E26, H26
O. V. Bogacheva, O. A. Feoktistova
State R&D Assignments: Approach to Determining their Budgets Based Normative Costs
In 2016 the authors conducted a trial test to verify the validity of a methodological approach to determining the normative costs of R&D based on labor costs. The purpose of the test was to provide evidence that would support the proposed methodological guidelines for federal and regional executive bodies performing the functions and exercising the authorities of founding agencies with respect to the research institutions on forming state R&D assignments based on normative R&D costs. The paper describes the trial-tested methodological approaches to determining the labor costs (workload) of R&D works, approaches to grouping costs and determining group normative costs.
Keywords: normative costs, group normative cost, state assignment for the delivery of works/services, R&D, labor costs (workload)
JEL: G28, H82, L32, O38
E. I. Andreeva, D. G. Bychkov
Introducing the Universal Minimum Income Support in Russia: The Cost of the Transition
The present paper discusses certain aspects of the proposed concept of introducing universal minimum income support. This paper also presents the estimated amount of funding which is required to close the income gap of all households whose incomes fall below the poverty line for a full transition to a Universal Minimum Income Support system. This amount is compared with the cost of the existing social benefits financed from the budget, including targeted ones.
Keywords: social support, social benefits, targeting principle, criteria of neediness, optimization of social support
JEL: I38, I39, H53, H75
Regional Road Funds: Should their Revenue Sources Be Determined at the Federal Level?
The paper describes the history of regional road funds and subnational spending on road maintenance in Russia. It also discusses the practice of determining of the regional road funds size at the federal level and the options regions used to reduce their road funds in times of revenue shortages. On the basis of the analysis the author recommends to lift the restrictions setting the minimal size of regional road funds.
Keywords: road fund, spending on road maintenance, excise taxes on petroleum products, transport tax, consolidated budget of the Russian Federation subject, regional budget
JEL: H76, R42, R53
I. N. Rykova, M. I. Kudelich, A. M. Shaikin
Foreign Insurance Companies’ Direct Branches in Russia: Regulatory Perspectives
The article formulates proposals on possible changes of the current legislation in connection with the forthcoming opening of foreign insurance companies’ direct branches in Russia in accordance with the obligations for World Trade Organization entry.
Keywords: WTO, legislation, foreign investments, insurance, Russian insurance market, foreign insurance companies, insurance market participants
JEL: G18, G22
Yu. T. Akhvlediany
Trends and Prospects of the Insurance Business Development in Russia
The article describes the current trends of the insurance business development, and particularly existing mechanisms of the Russian consumer protection practices of insurance services and legislative innovations in the market of insurance services. The author concludes that the insurance business development has tremendous growth prospects for major areas of activity.
Keywords: insurance business, insurance market, insurance services, insurance, financial market, consumers of insurance services
Yu. S. Evlakhova
Research of Network Interactions of Financial Institutions in the Russian Financial Market
The article is devoted to the research on financial institutions on the basis of institutional and network approaches complementarity. In the theoretical plan the author offers the concept of the research on financial institutions on the financial market including elements (financial institutions, financial institutions networks, financial market institutional and network structure), mechanisms (interaction, regulation, transformation), theoretical toolkit of the research (classification by groups of formal/informal and endogenous/exogenous financial institutions; theory of institutions survival; financial institutions network typology, financial networks metrics). In the implementation plan the author carries out the analysis of one of the offered concept mechanisms — interaction in the national network of financial institutions on the Russian financial market using the example of credit institutions, the insurance market and investment funds players. In the conclusion the author determines the need to form network restrictions of the financial institutions regulation on the Russian financial market.
Keywords: financial institutions, network, typology, interaction, regulation, banks, insurance company, investment funds, Russian financial market
JEL: G20, G10
L. I. Sergeyev, M. I. Moroz
Development of the Approaches to Calculation of Depreciation
The article summarizes the fundamental approaches to the forming of the depreciation policy of the enterprises with the allocation of various forms of wear and development of fixed assets exploitation accounting policy. The authors emphasize the necessity of renovation due to optimum periods of use and depreciation. The article is also focused on accelerating of the integration process of fixed assets, which generate products with innovative options. Moreover, it presents the analysis of the technological structure impact on the rationalization of the fixed assets recovery processes.
Keywords: depreciation, recovery, service life, profit, cost of a property, plant and equipment, obsolescence, physical deterioration, managerial accounting, repair
JEL: А12, М40, М41
V. V. Vagin
Proactive Budgeting: Development Strategy
The Second All-Russian conference for Proactive Budgeting
Keywords: proactive budgeting, support program for local initiatives, budgeting initiative projects, the citizens budget
JEL: H53, Н54, H76, R51