19 October 2012, Friday, 16:42

The budget deficit of Bashkiria will annually decrease

author: Alfiya Sharafutdinova

The three-year budget of Bashkortostan for 2013-2015 is developed with deficit, but the deficit volume will reduce year by year.

“If this year we predicted deficit of 15 billion roubles, then for 2013 the sum of 12,5 billion roubles is planned with decrease to 10 billion by 2015,” the Minister of Finance RB Ruzaliya Hismatullina said at the press conference on October 19. “Sources of deficit repayment are available: about 40 percent will be covered at the expense of loans, and 60 percent will be provided by the reserves saved up in the republic and the clear balance remaining on the budget account as of January 1.

Besides, the Minister informed that Bashkortostan submitted an offer to the federal centre to leave in the republican budget the tax revenues from mineral extraction regarding the oil recovery tax. Ruzaliya Hismatullina reminded that in connection with respective amendments to tax laws the mineral extraction tax ceased to arrive into the republican budget three years ago and in this connection the region lost annually about 1,5 billion roubles.

Ruzaliya Hismatullina reminded also that since 2013 Russia for the first time introduced a formation of the three-year budget. According to the Minister, the intermediate term prospect has a number of advantages against the budget planning for one year.

The main thing, in her opinion, is that it will increase transparency of the funds flow.

As to the budget structure it, according to the head of the Ministry of Finance, remained practically the same. Thus, the main sources of revenues are company income taxes and individual income taxes — together they give almost 60 percent of tax and non-tax revenues into the republican budget. And a social component still prevails in the expenditure budget.