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M.R. Pinskaya, Yu.A. Steshenko
Efficiency of Application of Tax on Additional Income from Hydrocarbon Raw Materials, p. 8-24
Abstract
Despite an increase in the share of non-oil and gas revenues in the federal budget of the Russian Federation, the Russian economy is still largely dependent on oil and gas revenues. As a result of the tax reform in the oil and gas sector, the role of revenues from the tax on additional income from hydrocarbons (hereinafter referred to as the TAI regime) has significantly increased, as well asthe quantity of mineral resources extracted in subsoil areas where TAI is applied. The TAI regime is preferential, since it implies the availability of tax incentives and a significant amount of tax expenses arising from their application. However, ineffective tax benefits that result in tax expenditures may significantly limit the growth and development of the oil sector in Russia. It should also be noted that the negative impact on the environment and carbon footprint is increasing due to the growth of production volumes. That is why the topic of this study is relevant. The purpose of the study is to identify the key features of taxation of subsoil areas where the TAI regime is applied and to assess the effectiveness of the comprehensive tax incentive. The hypothesis of the study is that the amount of tax expenditures resulting from the application of the TAI regime is lower than the volume of investments and the amount of tax expenditures in subsoil areas where the TAI regime is applied. As a methodological basis, a system analysis of the provisions of legislation in the field of taxation of natural resources was used. The effectiveness of the TAI regime was assessed using the methods of statistical data analysis. The study creates a methodological tool for assessing the effectiveness of investment-oriented tax incentives, which includes the TAI regime, thereby contributing to the growth of knowledge in the area of taxation theory. From an applied point of view, the results are useful for the development and justification of decisions on improving and (or) expanding the TAI regime in Russia.
Keywords: tax on additional income from hydrocarbon extraction, tax on mineral extraction, investment, comprehensive benefit, tax expenditures, oil and gas revenues, tax incentives, carbon footprint
JEL: H21, H22, H23
For citation: Pinskaya M.R., Steshenko Yu.A. (2025). Efficiency of Application of Tax on Additional Income from Hydrocarbon Production. Financial Journal, 17 (3), 8-24 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-8-24.
© Pinskaya M.R., Steshenko Yu.A., 2025
I.Yu. Arlashkin
Improving the Assessment of Regional Tax Capacity by Selected Types of Taxes, p. 25-38
Abstract
Sub-federal authorities have the power to administer transportation tax, gambling tax, local taxes and taxes on total income, including setting rates, providing benefits or determining the tax base, which makes these taxes an important instrument of sub-national revenue policy. Together with the state duty, they make up about 10% of sub-federal tax revenues and are generally referred to as other types of taxes when assessing tax capacity in calculating fiscal equalization grants to regions. Given the increasing role of other types of taxes, the task of correct assessment of tax potential for them is becoming more and more urgent. The article examines the relationship between a region’s share in actual revenues from other types of taxes, a region’s share in the total labor force and a region’s shares in actual revenues from individual taxes using a sample of 85 regions for 2019–2023. The panel regression model employs individual fixed effects, which allows us to account for the impact of region-specific factors, including the level of regional tax competition, such as reduced tax rates and additional tax benefits. The assessment results show that the tax capacity for other types of taxes is proportional to the region’s share in the total labor force and the region’s share in the tax potential for personal income tax. These results allow us to refine the formula for assessing tax capacity for other types of taxes. Since the Russian tax system is currently undergoing significant changes, including those related to profit tax and tax levied in connection with the application of the simplified tax system, the obtained estimates can be subsequently refined using new data.
Keywords: tax capacity, fiscal capacity, equalization grants, fiscal equalization, regional budgets
JEL: H73, H77
Funding: The article was written on the basis of the RANEPA state assignment research programme.
For citation: Arlashkin I.Yu. (2025). Improving the Assessment of Regional Tax Capacity by Selected Types of Taxes. Financial Journal, 17 (3), 25–38 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-25-38.
© Arlashkin I.Yu., 2025
A.V. Tikhonova, M.V. Pyanova
Tax Mechanism to Counteract Business Fragmentation in Agriculture, p. 39-53
Abstract
The subject of this study is tax risks of agricultural producers associated with business fragmentation. The purpose of the study is to develop proposals for improving taxation and tax control in agriculture, contributing to the reduction of business fragmentation risks. The specific features of taxation in agriculture is conditioned by the mandatory compliance with the share of qualifying revenue from the sale of agricultural products and products of their primary and subsequent processing. This leads to the risk of business fragmentation for dishonest taxpayers. The authors analyze general approaches to identifying business fragmentation schemes and identify the criteria for artificial business fragmentation on the basis of arbitration practice materials and clarifications of the Federal Tax Service. А typical splitting scheme in agriculture is presented and disclosed. It is derived from tax incentives and preferences in agriculture, systematized in tabular form. The existing concept of risk-based approach of tax authorities does not contain special industry criteria. The study proposes a three-element mechanism for preventing splitting risks in agriculture and develops criteria for identifying illegal tax optimization schemes in the industry. The proposed mechanism includes simplification of the procedure for the application of tax incentives; establishment of indicators of “voluntary” use of benefits in agriculture; strengthening of tax control over transactions involving business splitting. The proposals contribute to a more effective implementation of the following classical and modern principles of taxation: fairness, equal competition, plurality of taxation in the sectoral context. The scientific novelty of the research lies in the comprehensive development of a new methodological approach to the formation of a mechanism for preventing the risks of business fragmentation in agriculture, taking into account the current capabilities of tax authorities and sectoral features of the economy. The practical significance of the study lies in the possibility of using the authors’ proposals by the Ministry of Agriculture and the Federal Tax Service of Russia when elaborating measures for the development of agriculture and sectoral tax control.
Keywords: tax benefits, zero rate, agricultural stimulation, qualifying revenue, Unified Agricultural Tax
JEL: H26, E62
Funding: The article was prepared based on the results of research carried out at the expense of budgetary funds under the state assignment of the Financial University.
For citation: Tikhonova A.V., Pyanova M.V. (2025). Tax Mechanism to Counteract Business Fragmentation in Agriculture. Financial Journal, 17 (3), 39–53 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-39-53.
© Tikhonova A.V., Pyanova M.V., 2025
A.I. Pogorletskiy
Tax Evasion in the Modern World: Institutional Aspects, p. 54-71
Abstract
The purpose of the article is to systematize the institutional characteristics of tax evasion in the system of international economic relations. The role of institutional structures in preventing individuals and legal entities from failing to fulfill their tax obligations is characterized. The object of the research is the institutional environment that constitutes the mechanisms of tax evasion at the national and global levels. The research methodology includes graphical and comparative methods, as well as system and functional approaches to the characterization of institutions and socio-economic phenomena in the context of tax evasion. Historical and logical analysis of institutional aspects of this phenomenon in the global economic environment is carried out. The information base consists of fundamental works on the identification of the causes and consequences of tax evasion, published by leading theorists of financial and tax science, as well as authoritative classic and modern works in the fields of social sciences. In order to assess the scale and impact of tax evasion on the modern system of global economic relations, reports and studies of international organizations (OECD, UN, IMF, etc.) and a number of research centers were used. The hypothesis of the study was that institutional factors are significant both for explaining the causes of tax evasion and for choosing appropriate mechanisms to counteract this phenomenon. The research resulted in a typology of institutional preconditions and consequences of tax evasion, previously absent in existing publications and first proposed by the author, designed to help regulators to have more meaningful impact on this process in the contemporary world economy. The main findings suggest that institutional factors significantly affect tax evasion. Formal rules of taxation established by the state, as well as tacit moral and ethical norms of behavior based on culture and religion, determine the behavior of individuals and business entities, the influence on which by interstate institutional structures of tax regulation seems necessary.
Keywords: global tax regulation, institutes of tax behavior, institutes of tax regulation, institutes of taxation, offshore activities, tax evasion, tax optimization
JEL: B52, F55, H26
Funding: The article is based on the results of the research carried out at the expense of budgetary funds within the framework of the state assignment of the Financial University under the Government of the Russian Federation.
For citation: Pogorletskiy A.I. (2025). Tax Evasion in the Modern World: Institutional Aspects. Financial Journal, 17 (3), 54–71 (in Russ.).
https://doi.org/10.31107/2075-1990-2025-3-54-71.
© Pogorletskiy A.I., 2025
N.E. Barbashova, O.V. Suchkova
Application of Financial Management Tools to Ensure Budget Balance and Debt Sustainability in Russian Regions, p. 72-89
Abstract
One of the priority task of the budget policy of the Russian Federation is to ensure long-term balance and debt sustainability at all levels of the budget system. To solve this task, the subjects of the Russian Federation implement programs and sets of measures of improving the quality of financial management. The purpose of this article is to identify the tools of regional finance management, the use of which is most effective for ensuring medium- and long-term balance and debt sustainability of the budgets of Russian regions. The article analyzes theoretical approaches to the use of regional financial management tools. The inventory of programs and sets of measures aimed at improving the efficiency and quality of financial management used by the subjects of the Russian Federation in the period from 2000 to the present is carried out. By means of econometric analysis, the authors identify the directions of regional financial management programs, the implementation of which has a positive impact on the balance and debt sustainability of regional budgets. These areas include limiting the regional budget deficit, limiting the amounts of regional and municipal debt, setting a debt repayment schedule, stimulating income growth and reducing inefficient expenditures. A list of the most effective measures to limit the deficit and debt was compiled, based on the analysis of the practice of the subjects of the Russian Federation which demonstrated a significant improvement in the parameters of the budget balance and public debt in 2014–2023.
Keywords: regional financial management tools, budget balance, debt sustainability
JEL: H61, H62, H63
Funding: The article was prepared within the framework of the RANEPA state assignment research program.
For citation: Barbashova N.E., Suchkova O.V. (2025). Application of Financial Management Tools to Ensure Budget Balance and Debt Sustainability in Russian Regions. Financial Journal, 17 (3), 72–89 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-72-89.
© Barbashova N.E., Suchkova O.V., 2025
A.I. Lukashov
Theoretical and Applied Aspects of Treasury Financial Control in the Context of Improving Financial Discipline, p. 90-107
Abstract
The article considers the key aspects of introduction and prospects of development of certain types of treasury services, treasury support and budget (treasury) monitoring. These mechanisms, based on the current form of control, allow to minimize various violations, which helps to increase the financial discipline of participants and non-participants of the budget process. A new term — "treasury financial control" — is introduced into scientific discourse. The methodology for determining the effectiveness and efficiency of treasury services and treasury support is proposed, the use of which will contribute, on the one hand, to the expansion of the theoretical basis for the study of the treasury system, on the other hand, to obtaining an objective assessment of the application of these mechanisms.
Keywords: Treasury of Russia, treasury financial control, treasury services, treasury support, budget monitoring
JEL: Е62, E63, Н61, Н72, G28, P35
For citation: Lukashov A.I. (2025). Theoretical and Applied Aspects of Treasury Financial Control in the Context of Improving Financial Discipline. Financial Journal, 17 (3), X90–107 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-90-107.
© Lukashov A.I., 2025
E.P. Dobronravova
The Impact of Monetary Policy on Loan and Deposit Rates in the Context of Limited Capital Mobility in Russia, p. 108-125
Abstract
According to the macroeconomic theory, capital controls should improve the transmission of interest rates from the monetary policy rate to market-based short- and long-term rates, as the latter are less affected by global financial conditions. We test this hypothesis using the case of the Russian economy, which faces massive domestic and external restrictions on capital flows in 2022–2024. During this period, the pass-through of interest rates could be reduced: for long-term deposits — by the high level of uncertainty in the Russian economy, for credit rates — by broad preferential lending programs: mortgages, SME lending, agricultural lending, etc. The study was conducted using the error correction model, which is commonly used in modeling the pass-through of interest rates in the credit and deposit markets. Such a model allows us to estimate the short- and long-run effects of a change in the monetary policy rate, as well as the speed of adjustment to a new long-run equilibrium. Proxy variables for capital restrictions and preferential lending were included in the model as a change in the slope to the monetary policy rate. The results of the analysis show that both short- and long-run pass-throughs in the retail deposit market have intensified since March 2022. Moreover, when we add a control variable reflecting the extent of preferential lending, we are able to confirm our hypothesis for long-term interest rates on individual credits and short-term interest rates on credits to non-financial organizations. The expansion of preferential lending in most model specifications had a negative impact on the effectiveness of passthrough lending.
Keywords: monetary policy, capital controls, interest rate pass through, deposit rates, lending rates, preferential lending, econometric analysis
JEL: C22, E43, E52, E58
Funding: The article was prepared within the framework of the RANEPA state assignment research program.
For citation: Dobronravova E.P. (2025). The Impact of Monetary Policy on Loan and Deposit Rates in the Context of Limited Capital Mobility in Russia. Financial Journal, 17 (3), 108–125 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-108-125.
© Dobronravova E.P., 2025
E.M. Pastukhov, S.V. Grishunin
Assessing the Impact of the Digital Ruble on Commercial Bank Deposits in Russia, p. 126-140
Abstract
The purpose of this article is to present a model for assessing the impact of the implementation of the digital ruble project on commercial banks’ deposits in the Russian financial market. The relevance of this research is due to the rapid growth of market capitalization of central banks’ digital currencies in both international and Russian financial markets, as more and more countries are preparing to launch their own national digital currencies. However, there is a lack of information in both academic and practical literature regarding the potential impact of central bank digital currencies, including the digital ruble, on the stability of commercial banks, particularly concerning deposits. We propose a model to estimate the impact of the digital ruble on the size of deposits of commercial banks in Russia. The data used for the study included official statistics and analytics of the Bank of Russia and commercial banks. Based on the results of the analysis, we conclude that the effects of the digital ruble implementation are heterogeneous and do not differ much between categories of banks in terms of capital and investments in government securities, but are significantly differentiated depending on the size of assets and level of overdue debt. Furthermore, we suggest that the effect of the digital ruble will diminish over time. Future research could focus on quantifying the wide range of risks associated with the introduction of digital financial assets, as well as modeling the supply and demand for these assets, including potential practical adaptations by banks to changes in market conditions.
Keywords: CBDC, digital ruble, digital assets, digital financial assets, digital finance
JEL: G21
Funding: The research was supported by RSF (project No. 23-18-00756).
For citation: Pastukhov E.M., Grishunin S.V. (2025). Assessing the Impact of the Digital Ruble on Commercial Bank Deposits in Russia. Financial Journal, 17 (3), 126–140 (in Russ.). https://doi.org/10.31107/2075-1990-2025-3-126-140.
© Pastukhov E.M., Grishunin S.V., 2025
