Putin signed a law on the use of balances in 2018

© RIA Novosti / Vladimir Traveloperator in fotoracconti Russia. Archival photoPutin signed a law on the use of balances in 2018© RIA Novosti / Vladimir Traveloperator the image Bank

Russian President Vladimir Putin signed the law on peculiarities of usage in 2018, resulting in the current year balances of the Federal budget, a document published on the official portal of legal information.

Details

The document extends for a year the legal basis for the possibility of sending the balances of the Federal budget at the beginning of 2018 for the implementation of the decisions of the President and government in the field of national defense and security, law enforcement, development of the defense industry.

Residues can be used for payment of government contracts, calculations which in 2017 was performed using Treasury security obligations, and increase the government’s reserve Fund due to the transfer of «non» budget balances in 2017. The law will allow in 2018 to be used for increasing the reserve Fund of the Cabinet of the funds from return of budgetary and Autonomous institutions balance of subsidies received for the execution of the given assignment (in case of failure of its indicators) and for other purposes.

For a year shall be extended an additional basis on which to allocate funds to a single purpose without amending the law on the Federal budget. This possibility is provided when granting subsidies to the RF subjects on a high-tech medical care, with the redistribution of budgetary allocations on the implementation of the state program of socio-economic development of Crimea and Sevastopol.

The law extends for one year (until 2021) the effect of rules on the direction of the income from managing the Fund for financing of budget expenditures. Otherwise, in 2020, these revenues would be channelled into the formation of the national welfare Fund. The list of assets in which to place its funds, supplemented with units of investment funds, asset management which is the management company of RDIF.

Excise

In addition, between the Federal and regional budgets redistributed income from excise taxes on gasoline, diesel fuel and motor oils produced in Russia. In 2018 42.9% of the funds will go to the Federal budget, 57,1% — in budgets of subjects of the Russian Federation (according to the current legislation of 42.6% and 57.4%) and in 2019 — 41.9% of the Federal budget and 58,1% — in regional budgets (of 39.8% and 60.2%). In 2020, the Federal budget will be sent to 41.8% of such revenues to regional budgets is 58.2%.

Source

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