Russia Budget
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Russia Budget summarises the estimated expenditure for a given period and draws up an outline of Russia’s financial and operational goals. Russia Budget estimates and allocates the total sum of money to implement specific aims.
At the time of adjudging 2005-06 budget, the Russian Finance Minister brought in increased excise duties on mass consumption of goods in place of canceling different kinds of duties and collections.
The officials of Russian Finance ministry also think that by 2006, spending of Russian federal budget may surpass the income by 400 billion rubles and by 2007 it will touch 600 billion rubles.
The Government of Russia also projects to double the average pensions and wages for employees by 2008 . The deficit of the Pension Fund in 2006 is expected to cross deficit of Pension Fund 2005. The figure may cross 74.67 billion rubles.
Russian Finance Ministry also have an idea to raise the limit for oil prices, which may facilitate the Stabilization Fund. The Russian ministry has also developed a bill to amend the Tax Code of the Russian Federation.
Russia Budget 2006
Russia Budget 2007 estimates a high revenue earnings from hydrocarbon sales. In the Budget 2007, the share of non-oil and gas revenues is expected to rise 54%. The Russian ministry also predicts that in 2007, revenues will touch 6,965 billion rubles mark and the expenditures are expected to reach 5,463 billion rubles. The 2006 Russia Budget also project the budget surplus at 1,104 billion rubles. Russian Budget also predicts that by 2007, GDP (Gross Domestic Product) will also reach 31,220 billion rubles, which will be 106% of the 2006 figure.
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