31 May 2004 12:43
MINFIN TO SUBMIT BUDGET OUTLINE BY JUNE 5
The ministry had planned to submit the draft on June 3 but asked
for more time. It only received the Economic Development and Trade
MOSCOW. May 31 (Interfax) - The Russian Finance Ministry will submit the main parameters of the 2005 federal budget
to the government in June 5, Finance Minister Alexei Kudrin told reporters on Saturday.
Ministry's adjusted macroeconomic forecast for 2004 and the next three years on Thursday.
The government planned on Saturday to introduce a bill to the State
Duma on exchanging goods and services that certain categories of
citizens receive free of charge for hard cash to be added on to
Kudrin said the budget would reflect he delegation of powers between various levels of government and must
accommodate amendments to the Tax and Budget codes where these concern inter-budgetary relations. "The MinFin
submitted these amendments to the government [on Thursday]," Kudrin said.
Also by June 5 the Finance Ministry will make its forecast for this year's budget performance available.
"High oil prices present grounds to adjust the forecast for this year," Kudrin said.
The ministry will also decide by June 5 whether Russia is to make any sovereign Eurobond issues this year.
But economic growth achieved partly by a reduction in taxes will
bolster the Pension Fund's income in the years to come. "A lower tax
pensions. Kudrin said the 2005 federal budget would contain 170 billion rubles for this and that the cash amounts
would be adjusted for inflation and economic growth every year, like pensions.
The budget will increase subsidies to the Pension Fund, Compulsory Social Insurance Fund and Compulsory Medical
Insurance Fund for some of the 280 billion rubles these are set to lose through the reduction in unified social tax.
"These subsidies will be at least 160 billion rubles in 2005 and we will plug the deficit to some extent,"
Kudrin said.
rate will bring more into the funds," Kudrin said.
"Then, in three or four years, we will not only plug the deficit but the funds will start to grow faster than
now," Kudrin said.
[Interfax] |
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