How to use oil revenues

Late last year the government managed to convince MPs to vote for the establishment of the Stabilization Fund of the Russian Federation. Do make the creation of this fund any fundamental innovations in the procedures for the allocation and use of proceeds of oil monopolies? As similar problems are being addressed in other countries?

«Formed calculated ...»
The main source of fund, as you can tell from the text of the document (Decision of the State Duma on 28 November 2003 № 4584-III «On the Federal Law« On Amendments to the Budget Code in the creation of the Stabilization Fund of the Russian Federation »), must be income from ultra-high hydrocarbon prices. They are supported by those in the past few years, and we all hope not to fall sharply in the future.

The question, «if» share with the people of the oil oligarchs, had Nabiel oskominu during the debate last year. Maybe the problem for so long and desperately discussed, simply стравить accumulated tension in the society?

Finding a window in the election battles, the last State Duma deputies, at the last moment of its legislative activity had to amend the Budget Code. This allows the beginning of this year, to begin forming the Stabilization Fund of the Russian Federation. In the fund it is to accumulate as a fund balance the federal budget at the beginning of the financial year, and part of the budget of the country, formed from the excess crude oil prices of some basic values. This was adopted as the basic price of crude oil grade Urals at 20 $ / bbl ($ 146 per tonne).

There is nothing to impose any new taxes or an increase in fees with the old oil, transporting or refining companies. The taxation system should not be subjected to any amount of taxes or пo their value. This is - extra income, «formed by design ...» (as in the new Budget Code, Article 96.2). Further, as a matter of fact, they are not. Just a means of coming to the budget of the «neftyanki», will now play even one more basket, called the Stabilization Fund. Redistribution of budget funds will be subjected to the fund, formed from the export customs duty on crude oil, as well as from the tax on extraction of mineral resources (in this case - oil).

Uncertain until many
Unfortunately, at the level of the Budget Code does not set any goal and objectives of the Stabilization Fund, or the principles of the use of its funds. Secured only two restrictions: to finance the federal budget deficit of the Fund's resources may be used only if oil prices decline below the base (20 $ / barrel), and for other purposes - if the accumulated amount will exceed 500 billion rubles (the current rate - approximately $ 17 billion, or about $ 115 for a Russian). In addition, determined that the use of the fund will be governed by the law on the budget, the project made by the Government.

It is unclear what financial resources will be able to operate effectively fund. Plans for the Russian leadership on this issue of open-source can not find out. One can only recall that the very idea of the accumulation of certain financial «surplus» is not in the accounts of the Ministry of Finance, as it did before, but in a more or less independent structure - a special fund - beginning in the form of specific decisions sometime in the summer of last year. At that time, the fund estimated to amount surplus budget, projected at the beginning of 2004 in the amount of 180 billion rubles. Sam fund is established, in fact, as the government, because it is the government of Russia will determine the order of calculation and transfer of appropriate funds to build the operational rules management (technically fund will be managed by the Ministry of Finance, the appropriate means - reflect on the individual accounts of the federal Treasury to the Bank of Russia, taking into account -- conducted in the manner provided for the federal budget). In addition, the performance of the fund is «public» control. It will be similar, or in conjunction with the monitoring of budget execution, that is certainly a step forward compared with existing arrangements, the creation and use of some government reserves.

Despite some lack of transparency and unclear provisions of deterministic, it is necessary to say that the fund can and should play a positive role as a mechanism for reducing the risks associated with poor predictability of world market of oil products. In addition, the retirement of «surplus» of money due to huge trade surpluses, allowing to contain inflation. Creating a fund to bring the government to more actively participate in the direct anti-inflationary actions (with CBR), may put additional constraints or even the constraints for the implementation of populist ideas and aspirations of lobby groups or individuals.

Tax «neftyanki» a hit season
Of course, such a fund needs. However, we can not mention the other side of the problem. During the debate, people were encouraged that it will be possible «poschipat» Exporting native natural resources, which will increase the flow of tax revenues, primarily from the «neftyanki». The vast majority of Russians are not only outside the Euro, but do not even reach the modest domestic regulations «simple reproduction of life». In the run who are not exploited this issue! However, apart from populist rhetoric, a number of positions has been argued, backed by the feasibility study. Some race for deputy mandates offered, for example, a specific project, which could greatly increase federal budget revenues. Advocated a set of activities on their accounts, could significantly increase the rental income from the exploitation of natural resources in the budget for 2004. According to the authors of the project, by introducing a tax on additional income from the extraction of hydrocarbons, the proportional volume of mining rents generated in specific fields, raise the budget would be 145 billion rubles.

In addition, it was proposed to establish a differential tax on the reference prices of mining regions and apply different rates depending on the geological conditions of mining operations and the degree of depletion, that would be additional revenue to the treasury 30 billion rubles.

The project will bring tariffs on the export of energy raw materials - especially metals and chemical industry products - in line with the rates of duty on the export of energy that would increase the budget revenues at 85.3 billion rubles. Only the listed activities to increase the revenue side of the country's budget by more than 250 billion rubles.

Otbushevali election passions, and what remains in the «dry balance»? In one of the first interviews in 2004-known deputy, Mikhail Zadornov spoke well about the expectations of the electorate on the redistribution of «oil revenues»: «Of course, during an election issue additional tax oil and raw materials industry in general has become a hit season. However, most likely, the debate did not affect the taxation system of the country ». Well, perhaps it is because we have and will happen. In any case, the current year's budget to-pursued tax reform was not intended to replace the conceptual approaches to this issue. While, on the other hand, as one of the priorities of the country's development is often called the fight against poverty, and this task by some means must be addressed. And how these problems can be solved in other oil-exporting countries? For example, in our northern and southern neighbors - Norway and Kazakhstan.