What does financial policy include? State financial policy: goal, objectives and main directions. Objectives of the state's financial policy

26.11.2023

Enterprises, being economic entities, have their own financial resources and have the right to determine their financial policies.

The financial policy of an enterprise is a set of methods for managing the financial resources of an enterprise aimed at the formation, rational and efficient use of financial resources.

Enterprises must actually become truly financially stable economic structures that effectively operate according to the laws of the market.

The purpose of developing an enterprise's financial policy is to build an effective financial management system aimed at achieving the strategic and tactical goals of the enterprise.

The strategic objectives in developing financial policy at the enterprise are:

optimization of the capital structure and ensuring the financial stability of the enterprise;

profit maximization;

achieving transparency (not secrecy) of financial and economic activities, ensuring the investment attractiveness of the enterprise;

¦ the enterprise’s use of market mechanisms to attract financial resources (commercial loans, budget loans on a repayable basis, issue of securities, etc.).

Tactical financial objectives are individual for each enterprise. They arise from strategic objectives, tax policy, opportunities to use enterprise profits for production development, etc.

To help enterprises develop financial policies, Methodological Recommendations were prepared at one time by the former Ministry of Economy of the Russian Federation1.

The main directions for developing an enterprise’s financial policy include2:

analysis of financial and economic status;

1 See: Reform of enterprises (organizations): Methodological recommendations. M.: Os89, 1998.

2 See: ibid.

development of accounting policies;

development of credit policy;

management of working capital, accounts payable and receivable;

cost management (expenses) and choice of depreciation policy;

dividend policy;

7) financial management. Let us characterize these directions in more detail.

1. Analysis of the financial and economic state is the basis on which the development of financial policy is built.

Attention is paid not only to the methods of financial analysis, but also to the study of the results obtained and the development of management decisions.

The main components of the financial and economic analysis of an enterprise's activities are the analysis of financial statements, including horizontal, vertical, trend analysis of the balance sheet, and calculation of financial ratios.

Analysis of financial statements is the study of the absolute indicators presented therein in order to determine the composition of property, the financial position of the enterprise, sources of formation of equity capital, the amount of borrowed funds, and assessment of the volume of revenue from sales of products (goods, works, services). Actual reporting indicators are compared with the indicators planned by the enterprise.

Horizontal analysis consists of comparing financial statements indicators at the end of the year with indicators at the beginning of the year and previous periods. Vertical analysis is carried out in order to identify the share of individual balance sheet items in the overall final indicator and subsequent comparison of the result with the data of the previous period. Trend analysis is based on the calculation of relative deviations of reporting indicators for a number of years from the level of the base year.

For analytical work when developing the financial policy of an enterprise, it is recommended to calculate:

a) liquidity indicators:

overall coverage ratio;

quick liquidity ratio;

liquidity ratio when raising funds;

b) financial stability indicators:

ratio of borrowed and equity funds;

equity ratio;

¦ coefficient of maneuverability of own working capital;

c) indicators of the intensity of resource use:

return on net assets based on net profit;

profitability of products sold;

d) business activity indicators:

working capital turnover ratio;

equity turnover ratio.

2. Development of an accounting policy as a system of methods and techniques for maintaining accounting records at an enterprise. The accounting policy for all enterprises must be carried out in accordance with the Accounting Regulations “Accounting Policy of the Organization” (PBU 1/98), approved by Order of the Ministry of Finance of the Russian Federation dated December 9, 1998 No. 60n.

Based on the results of the analysis of the financial and economic state of the enterprise, options for certain provisions of the accounting policy are calculated, since the number and amount of taxes transferred to the budget and extra-budgetary funds, the structure of the balance sheet, and the value of a number of key financial and economic indicators directly depend on the decisions made in this part. When determining the accounting policy, an enterprise has a choice of methods for writing off raw materials and supplies into production, options for writing off low-value and wear-and-tear items, methods for assessing work in progress, using accelerated depreciation, etc.

Development of credit policy for enterprises. For these purposes, the structure of the balance sheet liability is analyzed and the share of own and borrowed funds, their ratio is calculated, and the lack of own funds is determined. Based on the calculation, the need for borrowed funds is determined. Sometimes it is advisable for an enterprise to take out loans even if its own funds are sufficient, if the effect of attracting and using borrowed funds may be higher than the interest rate. The enterprise's credit policy provides for the choice of a credit institution, the interest rate, and loan repayment terms.

Management of working capital, receivables and payables. In developing financial policy, this is considered to be the main problem of financial management. The efficiency of using both own and borrowed funds depends on the correct solution to this problem. The most important factor in increasing the efficiency of using working capital, which is taken into account when developing the financial policy of an enterprise, is the turnover of working capital.

Cost (expense) management and choice of depreciation policy. To develop a section of financial policy devoted to the management of production costs (at industrial enterprises) and distribution costs (at enterprises in the sphere of circulation), financial analysis data on the level of costs and profitability are used. Based on the analysis, measures are developed to optimize costs (variable, fixed and mixed) and achieve break-even operation of the enterprise.

The choice of depreciation policy is of great importance in the financial policy of the enterprise. In accordance with current legislation, an enterprise has the right to use accelerated depreciation, i.e., quickly accumulate funds to replace equipment, while at the same time increasing costs (product costs). The enterprise also has the right to revaluate fixed assets and determine the method for calculating depreciation charges.

6. The dividend policy of an enterprise is developed in joint-stock companies, production cooperatives, and consumer societies. When choosing it, you must keep in mind the following circumstances:

¦ payment of dividends ensures the protection of the interests of members of joint-stock companies and cooperatives;

¦ high dividend payments reduce the share of profits allocated to the development of the organization.

When developing a financial policy, one should evaluate the advantages and disadvantages of dividends, find the optimal option for paying dividends, and take into account the costs of the long-term development of the enterprise.

7. Enterprise financial management. A modern enterprise financial management system is based on the territory of planning, standardization and regulation.

The most important element of ensuring the sustainability of production activities is the financial planning system, which consists of:

budget planning of the activities of structural divisions of the enterprise;

free (comprehensive) budget planning of enterprise activities1.

These processes include: the formation of budgets and their structure; responsibility for the formation and execution of budgets; coordination, approval and control over the execution of budgets.

Budget planning of the activities of structural divisions of an enterprise is necessary in order to strictly save financial resources, reduce unproductive expenses, as well as increase the accuracy of planned indicators (for tax and financial planning purposes), greater flexibility in management and control over product costs.

1 See: Reform of enterprises (organizations). Guidelines. P. 64.

The benefits of budget planning are as follows:

monthly planning of budgets of structural divisions provides more accurate indicators of the size and structure of costs and, accordingly, profits, which is important for tax planning (including payments to state trust funds);

within the framework of monthly budgets, structural units are given greater independence in spending the economy according to the wage fund budget, which increases the material interest of workers;

minimizing the number of control parameters of budgets allows you to reduce non-productive working hours of employees of the economic services of the enterprise;

Budget planning makes it possible to implement a mode of saving the financial resources of an enterprise, which is especially important for overcoming the financial crisis.

At enterprises, it is advisable to create the following end-to-end budget system:

wage fund budget;

budget of material costs;

energy consumption budget;

depreciation budget;

budget for other expenses;

budget for repayment of loans and borrowings;

tax budget.

The wage fund budget includes payments to state trust funds and part of tax deductions.

The depreciation budget largely determines the investment policy of the enterprise. In addition, in fact, depreciation charges accumulated in the depreciation fund, until they are spent for their intended purpose, can be used as working capital of the enterprise.

The miscellaneous expenses budget allows you to save on the least important financial expenses.

The budget for repayment of loans and borrowings makes it possible to carry out operations to repay loans and borrowings in accordance with the payment plan.

The tax budget includes taxes and obligatory payments to the federal, regional and local budgets, as well as to state trust funds. It is planned for the entire enterprise.

An approximate system of enterprise budgets is given in Table. 4.2.

Note. The consolidated budget in terms of cost composition is equal to the consolidated budget (page "Total") plus credit and tax budgets.

The above budget system covers the entire phase of financial calculations of the enterprise. Budgets are developed for the enterprise as a whole and for structural divisions. In this case, it is recommended to be guided by the principle of decomposition, which is that each budget of a lower level is a detail of a budget of a higher level.

The consolidated budget is compiled on the basis of data from functional budgets and consists of revenue and expenditure parts. When forming a budget, priority areas of expenditure are determined, among which are: wages; costs for the purchase of materials, components, etc. necessary to complete the production program; payments to state trust funds, taxes.

Drawing up a consolidated budget for an enterprise, as well as forecasting the bank interest rate and the solvency of clients, makes it possible to determine the amount of profit necessary to ensure the solvency of the enterprise.

The enterprise's consolidated budget consists of revenue and expenditure parts; the main items of the consolidated budget are shown in table. 4.3.

The revenue side of the budget is planned based on the sales plan (sales) of products and financial receipts from other sources. In addition, the balances of funds in the company's accounts are taken into account.

The expenditure part of the consolidated budget is planned on the basis of: tax payment schedule; wage fund budget; schedule of payments to state trust funds, budget of material costs, schedule of loan repayments and other budget expenses.

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

at the course "Finance and Credit"

on the topic: “Financial policy”

The state, in the process of its functioning, carries out political activities in various spheres and public life. The object of this activity is the economy as a whole, as well as individual components: price, money circulation, finance, credit, currency relations, etc.

The set of government measures to use financial relations for the state to perform its functions represents financial policy.

1) development of a general concept of financial policy, determination of its main directions, goals, main tasks;

2) creation of an adequate financial mechanism;

3) management of the financial activities of the state and other economic entities.

The basis of financial policy is made up of strategic directions that determine the long-term and medium-term prospects for the use of finance and provide for the solution of main tasks arising from the peculiarities of the functioning of the economy and social sphere of the country. At the same time, the state selects current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and effective use of financial resources, regulation of economic and social processes and stimulation of advanced areas of development of productive forces, individual territories and sectors of the economy. All these activities are closely interrelated and interdependent.

Financial policy is an integral part of the economic policy of the state. It specifies the main directions of development of the national economy, determines the total volume of financial resources, their sources and areas of use, and develops a mechanism for regulating and stimulating socio-economic processes using financial methods.

At the same time, financial policy is a relatively independent sphere of state activity, the most important means of implementing state policy in any area of public activity.

When determining financial policy, one should proceed from the specific features of the historical development of society. It must take into account the specifics of the domestic and international situation, the real economic and financial capabilities of the country. Taking into account current features should be supplemented by studying the experience of using the economic and financial mechanism, new development trends, as well as world experience.

When carrying out financial policy, it is especially important to ensure its relationship with other components of economic policy - credit, price, monetary.

Evaluation of the results of the state's financial policy is based on its compliance with the interests of society and the majority of its social groups, as well as on the achieved results arising from the set goals and objectives.

Financial Policy Objectives. However, despite all the features of the formation of financial policy, two target directions for its implementation can be distinguished: fiscal and regulatory.

The search for additional income is especially difficult, because this leads to an increase in the tax burden of payers and has a contradictory effect on the entire totality of income received by the state. The mechanism of influence of the tax burden on the volume of incoming income is determined by Laffer’s law (Fig. 1).

The essence of the law is as follows. Initially, an increase in the tax burden leads to an increase in state revenues and gradually an optimum point is reached, which characterizes the best level of tax withdrawal, satisfying, on the one hand, payers, and on the other hand, the state receiving maximum income. With a further increase in the tax burden above the optimal level, the volume of income decreases and tends to zero at a 100% withdrawal level. This decrease in income occurs objectively due to a decrease in incentives for the development of economic activity and subjectively through concealment of objects of taxation and tax evasion.

Rice. 1. Laffer curve:

DB - budget revenues; DBmax -- maximum budget revenues;

optimal tax burden

This relationship between the tax burden and income manifests itself only in a market economy, when economic entities are free to choose their behavior. In a planned economy, Laffer's law does not apply due to the fact that all decisions on the use of financial resources are made by the state individually and the incentive for the manufacturer is not the amount of funds remaining with him, but the completeness of the implementation of the directive task.

The law represents objective relationships in the behavior of the state and economic entities, but it does not determine the specific level of withdrawal of funds. The optimal level depends on many factors characteristic of a particular country, among which are economic, social, political, specific historical, psychological, etc.

Balancing state income and expenses is also possible by reducing expenses, but this process is quite complicated because it can affect the interests of entrepreneurs and large social groups of the population, which leads to certain social costs. In addition, reducing expenses very often does not provide a quick fiscal effect, since it initially stimulates an increase in related costs.

In addition to fiscal goals, financial policy involves regulating economic processes. Regulation is carried out due to the fact that the state has certain instruments that influence the interests of economic entities. These include taxes, state credit, budget allocations, various rules and regulations by which financial relations are regulated. With the help of these instruments, the state influences the amount of money available to an economic entity, and thus influences various economic processes.

Such processes include economic growth, employment, inflation, the state of the exchange rate, and the development of individual territorial industries and enterprises. Regulation can be carried out by the state spontaneously or deliberately. If the state does not set itself special regulatory goals and the main objective of financial policy is fiscal, then in this case regulation is carried out spontaneously. However, the movement of financial resources always affects the interests of economic entities. The positive or negative result of such regulation is determined by random factors of coincidence of interests of the state and economic entities.

Currently, regulation is a mandatory element of the financial policy of any state and is deliberately used to achieve the goals of economic development.

The financial mechanism is divided into directive and regulatory.

The policy financial mechanism is usually developed for financial relations in which the state is directly involved. Its scope includes taxes, government credit, budget expenditures, budget financing, organization of the budget device and budget process, financial planning.

In this case, the state develops in detail the entire system of organizing financial relations, which is mandatory for all its participants. In some cases, the directive financial mechanism may extend to other types of financial relations in which the state is not directly involved. Such relations are either of great importance for the implementation of the entire financial policy (corporate securities market), or one of the parties to these relations is an agent of the state (finance of state-owned enterprises).

2. Types of financial policies

The development of the state is associated with changes in financial policy. The use of one or another type of financial policy is determined by the characteristics of the current stage of development of the economy and social sphere, the interests of ruling parties and social groups and the prevailing theoretical concepts that influence the economic and political course of the state. All this ensures the preservation and development of the existing system of social relations in a given state.

An analysis of the financial policy used by various states allows us to distinguish its three main types: classical, regulatory, planning-directive.

1. Until the end of the 20s of the last century, the main type of financial policy in most countries was classical. This financial policy was based on the works of the classics of political economy A. Smith (1723-1790) and D. Ricardo (1772-1823) and their followers. Its main direction is non-interference of the state in the economy, preservation of free competition, and the use of the market mechanism as the main regulator of economic processes. The consequence of this was the limitation of government spending and taxes, providing conditions for the formation and execution of an equilibrium (balanced) budget.

The financial mechanism was built on the basis of these financial policy goals. The state sought to reduce budget expenditures, which consisted mainly of expenditures for military purposes, payment of interest on the public debt and its repayment and management. The taxation system was supposed to create the necessary flow of funds to ensure a balanced state budget. Moreover, the tax system was built mainly on indirect and property taxes, which were quite simple and effective in terms of the mechanism for their collection. The financial management system was concentrated, as a rule, in one management body - the Ministry of Finance (Treasury).

2. The rapid development of productive forces confronted states back in the 19th century. the question of changing approaches to financial policy. The question of this became especially acute at the end of the 20s of the last century, when the whole range of economic, political and social problems of most states worsened. During this period, industrialized countries underwent a transition to regulatory financial policies. It was initially based on the economic theory of the English economist J.M. Keynes (1883-1946) and his followers. They proceeded from the need for intervention in the economy and regulation by the state; its traditional tasks began to pursue the goal of using the financial mechanism to regulate the economy and social relations in order to ensure full employment of the population. The main instruments of intervention in the economy are government spending, through which additional demand is generated. Therefore, government spending ensures the growth of business activity, increases national income and helps eliminate unemployment by financing the creation of new jobs.

The tax system in the context of regulatory financial policy is changing dramatically. The main regulatory mechanism is income tax, using progressive rates. This tax ensures the withdrawal of income from economic entities, used in the form of savings, which helps ensure the balance of the state budget at a high level of spending. Much attention in the financial mechanism is paid to the system of public credit, on the basis of which the policy of deficit financing is pursued. The state is actively developing the use of long-term and medium-term loans. The loan capital market becomes the second most important source of budget revenue, and the budget deficit is used to regulate the economy.

The financial management system is changing. Instead of a single governing body, several independent specialized bodies emerge. There are separate services involved in budget planning and budget expenditures, their financing, control over tax receipts, and public debt management.

Keynesian regulatory financial policy has shown comparative effectiveness in industrialized countries. It ensured stable economic growth, high levels of employment and an effective system of financing social needs in most of these countries in the 30-60s of the last century.

In the 1970s, financial policy was based on a neoconservative strategy associated with the neoclassical direction of economic theory. This type of financial policy does not involve deregulation as its goal, but limits government intervention in the economy and social sphere. Economic regulation is becoming multi-purpose.

The financial mechanism in these conditions is based on the need to reduce the volume of redistribution of national income through the financial system, reduce the budget deficit, and stimulate the growth of savings as a source of industrial investment. Taxes play an important role. The goal is to reduce them and reduce the degree of progressiveness of taxation.

It should be noted that various types of regulatory financial policies are closely interrelated. Therefore, the same or similar instruments of the financial mechanism are used in different countries using both Keynesian and neoconservative regulatory systems, which leads to their convergence.

3. Planned-directive financial policy was used in countries that used an administrative-command system of economic management. Based on state ownership of the means of production, the planned management system allowed for direct directive management of all spheres of the economy and social life, including finance. The goal of financial policy in these conditions is to ensure maximum concentration of financial resources from the state (primarily from the central authorities and management) for their subsequent redistribution in accordance with the main directions of the state plan.

In the USSR, the financial mechanism was built in accordance with the goals of financial policy. The main task of the financial mechanism was to create Instruments with the help of which all financial resources not used in accordance with the state plan are withdrawn. Funds were withdrawn from state-owned enterprises, the population and local authorities.

For state-owned enterprises, a two-channel net income withdrawal mechanism was created (with subsequent minor changes). The net income of state enterprises was initially withdrawn to the budget with the help of a turnover tax in industries where, due to prices set by the state, increased income was created (light industry, food industry). Then, with the help of individual deductions from profits (contributions of the free balance of profits), all surplus profits, which, in the opinion of the state, could not be used within the enterprises, were transferred to the budget. At the same time, the maximum amount of all expenses of the enterprise at the expense of profit was determined, i.e. the state completely regulated the entire financial mechanism of state-owned enterprises. In some years, up to 80% of their net income was seized from state-owned enterprises.

The use of cash income of the population was regulated through income tax. In addition, part of the funds was withdrawn by placing virtually forced government loans. Free funds of the population placed in the system of savings banks were also sent to the budget in the form of a special non-bonded loan. Approximately the same mechanism for withdrawing income was used for cooperative enterprises.

The withdrawal of funds from local authorities was ensured by limiting local budgets’ own sources of income. The system of such local revenues included small-scale revenues, the share of which in the budget did not exceed 10-15% of the total revenue. In this regard, the level of income of local budgets was completely dependent on the amount of funds allocated to them from higher budgets in the manner of budget regulation.

Budget expenditures were determined based on the priorities established by the state plan. Funds were allocated for costs, as a rule, without linking them with the possible effect obtained. In this regard, significant resources were used unproductively: to finance the defense sectors of the national economy, long-term construction, military expenditures, etc. At the same time, covering expenses for social needs was carried out using the residual method according to minimum standards, which had a negative impact on the development of sectors of the social sphere.

Financial management was carried out from a single center - the Ministry of Finance, which dealt with all issues of using the financial mechanism in the national economy. There were no other state management bodies in the field of finance.

Planned-directive financial policy was carried out in almost all former socialist countries. It showed its rather high efficiency in the years when the maximum concentration of financial resources was required to ensure emergency state expenditures (during the Second World War, restoration of the national economy, etc.). At the same time, the use of such a financial policy in conditions of normal functioning of the economy led to negative consequences: a decrease in production efficiency, a slowdown in the development of the social sphere of society, and a sharp deterioration in the financial situation of the state.

3. Financial floorITICS in the Russian Federation on p.modern

stage

The creation of market relations is unthinkable without the implementation of a fundamentally new financial policy. The implementation of such a policy requires, first of all, fundamental theoretical developments, analysis and consideration of current practice when carrying out reforms in order to promptly make appropriate adjustments.

In connection with the transition to market relations and the privatization of state property in our country, the financial mechanism has changed.

This was expressed primarily in the transfer of relations between the state and privatized enterprises to a tax basis.

Interbudgetary relations have changed. Territorial budgets (regional, local) have gained greater independence, primarily in the area of spending funds. Territorial authorities began to independently determine the directions for using budget resources.

Changes were made to the formation of territorial budgets. Financial assistance funds were created in higher budgets (federal, regional), from which transfers began to flow into lower budgets, the size of which was determined using a unified methodology that takes into account the tax potential and population of the territories.

With the organization of the stock market, the procedure for the redistribution of funds by business entities has changed. This became possible through the issue of corporate securities and their sale and purchase on stock exchanges.

With the creation of private insurance companies, the insurance market and private insurance funds began to function in the country.

Social insurance funds were withdrawn from the state budget and state social extra-budgetary funds (pension, employment, health insurance, social insurance) were created.

The process of transformation in our country continues. In the medium term, conditions must be created for increasing the well-being of citizens, reducing poverty, maintaining consistently high rates of economic growth based on improving the quality of human capital, developing competition and increasing the efficiency of public administration.

The main socio-economic reforms will be aimed at increasing:

Quality of life for citizens through educational and healthcare reforms, as well as providing the population with affordable housing;

The competitiveness of Russian companies, including by creating an environment for fair competition, technical regulation and the development of financial markets;

* efficiency of public administration through administrative reform, improvement of state property management, budget reform.

One of the priority areas of activity to improve the standard of living of the population will be to ensure access to high-quality housing for the general public, for which it is planned to create an effectively functioning housing market based on mortgage lending and other forms of financing of housing construction, to ensure the comprehensiveness of development, including engineering, communal and social infrastructure .

In order to modernize the Russian education system, it is planned to introduce new state educational standards, specialized training in high school, and a transition to a two-level system of higher professional education. It is necessary to create a system for monitoring and forecasting the needs of the labor market for specialists. An important task is the development of systems of continuous and additional professional education, training and retraining of military personnel, including on the basis of civilian universities.

To ensure accessibility and improve the quality of medical care for the population, strengthen the financial base of healthcare and strengthen state control over the targeted and rational use of funds, it is necessary to develop and implement a system of standards for medical services, as well as a unified methodology for setting tariffs for medical, including preventive, services.

In the area of development of financial markets, it is necessary to improve the legislation of the Russian Federation, ensuring the protection of the rights of investors, further development of the internal corporate governance system, and the use of international financial reporting standards. The priority tasks in this area are to increase the stability and investment attractiveness of Russian banks, increase the level of trust of depositors, and strengthen the protection of their interests.

Important directions in the development of small businesses will be the restructuring of the current system of state support for small businesses, improvement of the tax legislation of the Russian Federation regarding the taxation of small businesses.

The main direction in the field of supporting territorial development will be the development and strengthening of the institution of local self-government and the implementation of the principles of fiscal federalism.

This task will be implemented through a clear distribution of federal budget funds allocated to stimulate socio-economic reforms at the territorial level in the total volume of financial support for territories, and the development of mechanisms for monitoring territorial development.

Administrative reform is aimed at reducing the administrative intervention of the state in the economy, delimiting the functions and powers of the executive branch, and increasing the transparency of the public administration system. As part of the administrative reform, standard regulations will be adopted that establish the procedure for interaction between federal ministries and the federal services and federal agencies under their jurisdiction, as well as administrative regulations of federal executive authorities that determine the procedure for the exercise of their powers.

Improving the state property management system involves a gradual reduction of its excess part that does not ensure the performance of state functions. Federal property will mainly remain property prohibited from privatization, as well as strategic enterprises and joint-stock companies that produce strategic products to ensure national security.

The condition for solving these problems is economic growth.

Acceleration of economic growth rates will occur on the basis of a balanced macroeconomic policy based on the following principles:

Consistent decrease in inflation rate;

Carrying out a balanced monetary policy that ensures the transition to full convertibility of the ruble without its excessive strengthening;

Helping to increase the competitiveness of Russian companies, strengthening their positions in the domestic and foreign markets;

Maintaining a balanced federal budget while further reducing the tax burden on the economy and significantly increasing the efficiency of its spending.

Fiscal policy. The most important element of the state's economic policy is budget policy. It reflects all his financial relationships with legal entities and individuals. When planning budget policy, the state must proceed from the need to ensure economic and social stability.

The main task of budget policy for the medium term remains to ensure overall macroeconomic balance. The implementation of budget policy should be based on the following principles:

Guaranteed fulfillment of budgeted obligations;

Tying up excess cash liquidity;

Consistently reducing the cost of servicing public debt;

The transition from managing budget costs to managing budget results.

The main directions in the field of tax policy will be focused on:

Increasing the efficiency of tax administration, including reducing the single rate of value added tax (VAT);

Completion of reform of the property tax system;

Solving the problem of taxation of production and export of raw materials;

Streamlining tax reporting procedures.

The fiscal burden should be redistributed from the processing sectors to the extractive ones, which will make it possible, while stimulating growth in the processing industry, to bring closer the conditions of competition between the resource and non-resource sectors. In this regard, since 2006, with high oil prices, tax exemptions from the oil industry have been increased, the base rate of the mineral extraction tax on oil has been increased, the formulas for calculating the average tax rate have been changed, and export duties on oil have also been increased.

An important direction of tax policy remains the provision of an equal tax regime for all types of business activities, creating the same competitive conditions for economic activity. This is achieved by reducing the value added tax rate, improving the mechanism for its reimbursement for exporters (in particular, eliminating the taxation of advance payments when exporting goods), and deducting VAT amounts paid on capital investments as they are paid.

It is planned to complete the reform of property taxes, reduce the maximum tax rate for personal property tax, and also change the approach to determining the tax base, keeping in mind an approach to the real value of real estate.

It is proposed to make fundamental changes to the regime for collecting land tax, determine its tax base based on the cadastral value of land plots, differentiate tax rates depending on categories of land, set a maximum rate of 0.3% for agricultural land, and for other lands - 1.5%. At the same time, local authorities will be given the right to reduce the specified tax rates for land tax.

The main directions of reforming the budget process will be a gradual transition from managing budget costs to budgeting based on results, reforming the budget classification of the Russian Federation and budget accounting, improving medium-term financial planning, and streamlining procedures for drawing up and reviewing the budget.

In order to reform the network of state and municipal institutions and expand forms of financing social services, it is necessary to optimize the management of the existing network of recipients of budget funds, as well as to restructure the sector of state and municipal institutions.

The inflation rate should decrease from 12% in 2003 to 5 - 6.5% in 2007. Achieving the target inflation level will be ensured mainly by limiting the rise in prices and tariffs of natural monopolies and reducing the growth rate of money supply due to a reduction in growth reserves of the Bank of Russia, subject to maintaining a moderate rate of depreciation of the normal ruble exchange rate.

The policy in the field of external debt, determined by the Government of the Russian Federation for the period until 2007, will be aimed at a gradual reduction in the amount of external borrowing while at the same time the Russian Federation adheres to the established schedule of payments on external debt.

4. Public financial management

Financial management-- This a system of forms, methods and techniques with the help of which cash flow and financial resources are managed.

In the process of financial management, management bodies perform the following functions:

Financial planning;

Operational financial management;

Financial control.

1. Financial planning involves drawing up medium-term and current plans for education and use of financial resources. In public finance management, the preparation of consolidated financial balances, long-term financial plans, draft budgets, estimates of income and expenses of budgetary organizations is carried out.

2. Operational financial management includes a set of actions to fulfill plan targets related to the formation of financial resources and financial support for activities provided for in plan documents.

3. Financial control involves checking the legality, correctness of the formation of funds, their effective and intended use.

Financial management is in close connection with the state's fiscal policy and the existing financial mechanism.

Public finance management bodies in the Russian Federation. At the federal level, direct financial management is carried out by the Ministry of Finance of the Russian Federation, institutions included in the system of the Ministry of Finance of the Russian Federation: the Federal Service for Financial Monitoring, the Federal Tax Service, the Federal Service for Financial and Budgetary Supervision of the Russian Federation, the Federal Service for Insurance Supervision, and functional and sectoral divisions of executive bodies.

In accordance with the Regulations on the Ministry of Finance of the Russian Federation, approved by Decree of the Government of the Russian Federation No. 237 of March 6, 1998, the Ministry of Finance of the Russian Federation is entrusted with the following main functions.

Preparation of proposals and implementation of measures to improve the budget system of the Russian Federation, development of fiscal federalism and the mechanism of interbudgetary relations with the constituent entities of the Russian Federation.

Development of federal budget projects and forecasts of the consolidated budget of the Russian Federation.

Execution of the federal budget within its competence, preparation of a report on the execution of the federal budget and the consolidated budget of the Russian Federation.

Monitoring the targeted use of federal budget funds.

Preparation of proposals and implementation of measures aimed at improving the structure of government spending.

Improving methods of budget planning and the procedure for budget financing, providing methodological guidance in this area, as well as in the area of drawing up and executing the federal budget.

Development and implementation of a unified policy for forming the structure of government borrowing; carrying out, in accordance with the established procedure, the issue of government securities.

Licensing the activities of insurance organizations and supervising their activities; maintaining a unified state register of insurers and associations of insurers, as well as a register of insurance brokers.

Implementation of the necessary measures to fulfill the obligations of the Russian Federation under loan agreements with foreign states and international financial organizations.

Establishing the procedure for maintaining accounting records and drawing up reports on the execution of the federal budget, cost estimates of budgetary organizations, forms of accounting and reporting on the cash execution of the federal budget, budgets of the constituent entities of the Russian Federation.

The Ministry of Finance of the Russian Federation takes part in:

Development of forecasts for the socio-economic development of the Russian Federation for the long, medium and short term;

Development and implementation of measures for financial recovery and structural restructuring of the economy, support and protection of the interests of domestic producers of goods, performers of work and services;

Preparation of proposals on the main directions of credit and monetary policy of the Russian Federation, improving the state of settlements and payments in the economy;

Preparation of federal target programs, ensuring their financing from the federal budget in the prescribed manner;

Development and financing of federal investment programs;

Development of proposals to improve the system of federal executive authorities and their structure;

Development of proposals to establish the size of customs tariff rates and the procedure for collecting customs duties;

Developing a procedure and exercising control over the receipt of income from property in federal ownership;

Development of proposals for the development of the securities market in the Russian Federation;

Preparation of draft intergovernmental and interstate agreements in the field of financial, credit and currency relations.

The main tasks of the Ministry of Finance of the Russian Federation are:

Development and implementation of strategic directions of a unified state financial policy;

Drafting and execution of the federal budget;

Ensuring the sustainability of public finances and their active impact on the socio-economic development of the country, economic efficiency, as well as the implementation of measures to develop the financial market;

Concentration of financial resources in priority areas of socio-economic development of the Russian Federation and its regions, targeted financing of national needs;

Development of proposals for attracting foreign credit resources to the country’s economy and sources of their repayment;

Improving methods of financial and budget planning, financing and reporting;

Exercising financial control over the rational and targeted expenditure of budget funds and state extra-budgetary funds.

The Ministry of Finance of the Russian Federation has the following structure:

1) Central office of the Ministry of Finance of the Russian Federation;

2) Federal Service for Financial Monitoring;

3) Federal Tax Service;

4) Federal Service for Financial and Budgetary Supervision;

5) Federal Insurance Supervision Service;

6) Federal Treasury.

The Central Office of the Ministry of Finance of the Russian Federation includes the following departments and divisions.

1. Budget Policy Department, which includes the following departments:

1) department of budget legislation;-

2) budget planning department;

3) department of interstate finance;

4) department for organizing the execution of the federal budget;

5) consolidated department of income analysis and forecasting;

6) department for analysis and forecasting of income from direct taxes and other payments;

7) department for analysis and forecasting of income from indirect taxes and resource payments;

8) reserve funds department;

9) department of budget policy in the field of civil service;

10) department of financial support of the judicial system;

11) department of regulatory legal support of the civil service;

12) department of remuneration of civil servants and analysis of administrative expenses;

13) department of budget accounting methodology, budget reporting and budget classification;

14) department of methodology for the formation of expenditure obligations and budget execution.

2. Department of Budget Policy in Economic Sectors, including the following departments:

1) consolidated department;

2) department of budgetary policy in the field of transport, road facilities and communications;

3) department of budget policy in the field of land use, subsoil use and ecology;

4) department of budget policy in the field of civil industry and energy;

5) department of budgetary policy in the field of agriculture and fisheries;

6) department of budget policy in the field of formation of federal target programs, regional development programs;

7) department of budgetary policy in the field of housing subsidies and methodology for financing budgetary capital expenditures.

3. Department of Budget Policy in the Social Sphere and Science, which consists of the following departments:

1) consolidated department;

2) department of budgetary policy in the field of education;

3) department of budget policy in the field of health care and physical culture;

4) department of budget policy in the field of scientific and scientific-technical activities and civil purposes;

5) department of budget policy in the field of social security and public employment programs;

6) department of compulsory social insurance and state extra-budgetary funds;

7) department of budget policy in the field of culture and media.

4. Department of budget policy in the field of state military and law enforcement service and state defense order, including departments:

1) department of consolidated analysis in the field of national defense, state security and law enforcement;

2) department of regulatory support in the field of state military and law enforcement service;

3) department of budgetary policy in the field of national defense;

4) department of budget policy in the field of state security and law enforcement;

5) department of budgetary policy in the field of justice, prevention and liquidation of consequences of emergency situations;

6) department of budgetary policy in the field of military-technical cooperation;

7) department of budget policy in the field of state defense orders, mobilization preparation of the economy and material reserves.

5. Department of Interbudgetary Relations, which includes departments:

1) consolidated department;

2) department for organizing the budget process in the constituent entities of the Russian Federation;

3) department of monitoring and relations with the budgets of the constituent entities of the Russian Federation;

4) department of municipalities;

5) department of housing and communal services reform;

6) department of methodology of interbudgetary relations.

6. Department of international financial relations, public debt and public financial assets, including departments:

1) department of international cooperation;

2) department of relations with international banks;

3) external debt department;

4) department of external assets;

5) department of state internal assets;

6) internal debt department;

7) department of methodology and debt regulation of constituent entities of the Russian Federation and municipalities;

8) department of accounting, analysis and reporting;

9) department for managing funds of the Stabilization Fund.

7. Department of Tax and Customs Tariff Policy, which includes the following departments:

1) department for coordination and control of the activities of the Federal Tax Service, analysis and general issues;

2) department for the application of general rules of legislation on taxes and fees;

3) department of taxation of profit (income) of organizations;

4) department of taxation of citizens’ income and unified social tax;

5) department of property and other taxes;

6) department of taxes and revenues from the use of natural resources;

7) indirect taxes department;

8) international taxation department;

9) customs payments department;

10) department of regulatory regulation for determining customs value.

8. Department for regulation of state financial control, auditing, accounting and reporting, which has departments:

1) department for regulation of financial and budgetary supervision and financial monitoring;

2) department of accounting and reporting methodology;

3) department of legal regulation of auditing activities;

4) department for regulating certification, licensing and advanced training of auditors, coordinating control in the field of mandatory audit and the activities of professional audit associations.

9. Financial Policy Department, which includes the following departments:

1) pension reform department;

2) department of financial markets and property relations;

3) department for regulation of lottery activities and production of security printing products;

4) insurance regulation department;

5) department for organizing complex payments;

6) banking department;

7) monetary policy department.

10. Legal department, including departments:

1) department of legal support of state debt policy, defense complex and law enforcement agencies, financial market and interbudgetary relations;

2) department of legal support for budget policy, activities of subordinate organizations and systematization of regulations;

3) department of legal support for tax and customs tariff policy, control and supervision, audit, accounting and reporting;

4) judicial protection department.

Functions and tasks of territorial financial bodies of the Ministry of Finance of the Russian Federation. Territorial financial bodies are functional divisions of territorial administrations, but at the same time they are part of the system of the Ministry of Finance of the Russian Federation. This ensures the unity of the budget base, the monetary system, the forms of budget documentation, the principles of the budget process, the unity of the procedure for generating revenues, financing expenses of budgets of all levels, and maintaining accounting records of funds at all levels of the budget system.

Territorial financial authorities ensure the development and implementation of a unified financial policy of the territorial administration, the preparation and execution of the territorial budget, and executive and administrative functions in the field of financial management of the territory. In accordance with this, they perform the following functions.

1. In the field of formation of a unified financial policy:

Improve the financial management system of the region, district, city, settlement;

Improve the system of accumulation of financial resources;

Determine the procedure for the formation and use of target budget funds;

Form territorial budget policy;

Determine the procedure for mobilizing revenues and financing expenses;

Concentrate financial resources on priority areas of socio-economic activities for the development of the territory;

Prepare proposals for financial support of territorial programs and orders.

2. In the field of solving problems of financial impact on optimizing the development of the economy and social sphere of the territory:

Carry out the development of financial, tax and credit mechanisms for financial and economic measures to develop market relations, improve the efficiency of the territory’s economy;

Participate in forecasting the financial base of socio-economic development for the financial year, medium and long term.

3. In the field of budget process management:

They formulate draft budgets, ensure their execution, adjust budget assignments taking into account price dynamics and budget revenues, exercise control over budget execution, targeted and rational use of funds allocated from the budget to complexes, enterprises, institutions and organizations;

They are improving the structure of budget expenditures, taking into account the ongoing transformations in the economy and the need for selective support for certain sectors of the national economy and the development of the socio-cultural sphere.

4. In the field of ensuring budget revenues, proposals are being prepared to improve territorial tax legislation.

5. In the field of ensuring effective interaction between parts of the unified financial system:

Provide methodological guidance to the activities of administrative bodies in the field of financial and budget planning, financing of production and socio-cultural spheres;

They are preparing proposals to strengthen territorial finances; coordination of the activities of financial bodies and territorial administration bodies.

6. In the field of development and regulation of the financial market:

Participate in the development of policies for the formation, functioning and development of the securities market;

Participate in regulating the securities market, analyzing the financial aspects of the development of the stock market and developing proposals for its improvement.

Territorial financial authorities determine the sources of formation of territorial target budget funds, and also provide methodological guidance to the accounting and reporting of budgetary organizations and institutions, provide methodological assistance to enterprises, organizations and institutions financed from the budget in bringing their accounting and reporting systems into compliance with the requirements legislation.

To carry out their tasks and functions, territorial financial authorities have the necessary powers. They have the right:

Receive from territorial executive authorities, tax authorities, enterprises and institutions financed from the territorial budget, information and materials necessary for drawing up a draft budget and a report on its implementation;

Receive from the managers of loans for extra-budgetary funds materials on the expenditure of these funds, plans and reports;

Receive from organizations and institutions, including banking, information and materials necessary to monitor the rational and targeted expenditure of funds allocated from the budget.

The tasks and functions of the structural divisions of territorial financial authorities can be illustrated using the example of budget and tax departments (departments).

The most important structural division of the territorial financial authority is the budget department (department).

Its main tasks are:

Preparation of proposals for improving the budget system and budget relations, including inter-budgetary relations in the relevant territory;

Participation in the development and implementation of a unified financial and budget policy;

Drawing up draft territorial budgets and forming a budget message from the heads of territorial administrations for the corresponding financial year;

Consideration of questions about the feasibility and extent of providing financial assistance from the budget to various sectors of the economy and municipalities;

Participation in the implementation of financial control over the rational and targeted expenditure of budget funds allocated from the budget.

In accordance with the tasks assigned to the budget management, it performs the following main functions:

1) prepares proposals and implements measures to improve the budget system, develop and improve budget relations in a specific territory;

2) develops draft territorial laws and forms a budget message for the next financial year;

3) prepares draft regulations on the issues of budgeting and forecasting for the next financial year;

4) draws up a list of budget expenditures;

5) together with the relevant executive bodies, develops proposals to determine sources of financing expenses related to the provision of benefits and state guarantees in terms of social protection of certain categories of citizens;

6) participates in the preparation of proposals aimed at improving the structure of budget expenditures, improving the state of settlements and payments;

7) carries out short-term planning for cash execution of the budget for the next month;

8) together with the Treasury Department, participates in determining the limits of budget obligations for recipients of budget funds;

9) draws up a long-term financial plan;

10) participates in monitoring the targeted and rational use of budget funds;

11) participates in the preparation of proposals on the state of receivables and payables in sectors of the national economy and the budgetary sector;

12) participates in the preparation of opinions on proposals to provide loans from the budget;

13) participates in the preparation of proposals for the allocation of funds from the reserve fund of the territorial administration for unforeseen expenses;

14) participates in the preparation of proposals to improve the mechanism of interbudgetary relations with municipalities;

15) develops draft standards for deductions from federal taxes to the budgets of municipalities;

16) develops proposals on the forms and volumes of financial assistance to municipalities;

17) compiles analytical materials, calculation and reporting data on the budgets of municipalities for the implementation of financial and budgetary planning and financing of expenses;

18) analyzes the progress of execution of municipal budgets, reviews reports on the execution of their budgets, develops data on expected execution of income and expenses, prepares proposals for the execution of municipal budgets.

Equally important is the revenue department. Its main tasks are:

1) development of a forecast of budget revenues, drawing up forecast calculations for territorial budget revenues based on data on the socio-economic development of the territory and assessment of expected revenue receipts in the current year using price indices for goods (works, services) of material production and the consumer market, development of a revenue project budget;

2) analysis of the implementation of the income plan and participation in the development of measures to ensure its implementation;

3) systematization of regulations on taxation issues;

4) implementation of tax policy in the territory.

The Revenue Department, in accordance with the tasks assigned to it, performs the following functions:

1) plans the receipt of tax and non-tax revenues;

2) analyzes the economic indicators necessary to forecast revenue receipts;

3) draws up draft plans for revenue receipts;

4) during the year, in accordance with the established procedure, introduces clarifications into the revenue side of the regional budget;

5) participates in drawing up a long-term financial plan for income;

6) analyzes the reporting of territorial bodies of the Federal Tax Service in comparison with the data of the monthly report on the execution of the territorial budget;

7) analyzes data on arrears and deferred payments to the territorial budget based on the reporting of the Federal Tax Service;

8) takes part in the development of tax rates, which, in accordance with the current tax legislation, are established by the constituent entities of the Russian Federation;

Financial policy

A modern economic dictionary will give the following definition of financial policy: “Financial policy is the policy of the state, government regarding the use of public financial resources, regulation of income and expenses, formation and execution of the state budget, tax regulation, monetary management, impact on the exchange rate of the national currency.”

Financial policy is an integral part of the socio-economic policy of the state, an instrument for the implementation of its functions.

That's why financial policy- this is a set of measures taken by the state to use financial relations to perform its functions.

Such events include:

(1) development of a general concept of financial policy, determination of its main directions, goals, objectives;
(2) the formation of a financial mechanism that meets modern economic needs;
(3) management of public finances, finances of business entities and the population.

Financial policy includes a set of methodological principles, practical forms of organization and methods of using finance. Its most important goal is to increase the volume of financial resources, their rational distribution and effective use.

The main methodological principles of financial policy are:

o dependence on the final goal;
o correspondence with the interests of the main social strata of society;
o ensuring macroeconomic balance of all sectors of the economy;
o compliance with the requirements of economic laws;
o taking into account internal and external economic conditions and real opportunities.

The set of types, forms and methods of organizing financial relations established by the state forms a financial mechanism.

There are directive financial mechanisms and regulatory ones.

A regulatory financial mechanism is usually developed for financial relations in which the state is one of the interested parties. These are taxes, duties, income and expenses of the budget and extra-budgetary funds, state credit, finances of unitary enterprises, etc.

The directive financial mechanism may also apply to other types of financial relations in which the state is not a direct participant. For example, the directive mechanism is widely used in regulating banking activities, the foreign exchange market and the corporate securities market, insurance activities, etc., i.e. These are areas of activity that are system-forming for the national economy and social policy.

The regulatory financial mechanism implements financial relations that arise within or between business entities. For example, the general procedure for the formation of cash funds from the net profit of the organization, the forms and procedure for drawing up accounting and tax reporting, etc.

The goals of financial policy, its priorities, and methods of achievement are determined by many factors, including the characteristics and level of historical, socio-economic, political, and cultural development of society.

Financial science distinguishes three main types of financial policy: classical, regulatory and planning-directive.

Classical financial policy was based on the works of the classics of political economy L. Smith (1723-1790) and D. Ricardo (1772-1823) and their followers. Its main direction is non-interference of the state in the economy, preservation of free competition, and the use of the market mechanism as the main regulator of economic processes.

In the 19th century About 5% of national income was redistributed through the state budget of Western countries. By the beginning of the 20th century. this figure increased to 10%, but still indicated minimal government participation in distribution processes and its insignificant impact on the economy. A distinctive characteristic of the budgets formed during this period is the equality of income and expenses carried out by the state.

The aggravation of socio-economic and political problems in the late 20s of the last century forced most states to change their approach to financial policy and strengthen the role of the state in regulating economic and social relations. The general economic crisis in Western Europe and the United States led to mass unemployment and impoverishment of the population, which predetermined the need to use new forms and methods of regulating national economies.

It was during this period that a new economic theory and a new financial policy were required. During this period, Western countries made a transition to regulatory financial policies. It was based on the economic theory of the English economist J. Keynes (1883-1946) and his followers. They proceeded from the need for government intervention and regulation of the cyclical development of the economy. The main instruments of intervention in the economy are government spending, mainly of an investment nature, through which additional demand is generated, the growth of entrepreneurial activity is ensured, an increase in national income, the creation of new jobs, and a significant reduction in the unemployment rate. The faster growth rates of government spending compared to revenues lead to the formation of a budget deficit, which, in fact, becomes a tool for regulating the economy.

Keynesian regulatory financial policy has shown its high efficiency and has ensured stable economic growth, high levels of employment and an effective system of financing social needs in most countries of Western Europe and the United States.

In the 70s of the XX century. financial policy is being developed, based on a neoconservative strategy associated with the neoclassical direction of economic theory. This type of financial policy is based on simultaneously limiting state intervention in the socio-economic sphere and expanding the areas of economic regulation. State regulation applies to monetary circulation, exchange rates, structural restructuring of the economy, and social factors of the economy. Economic regulation is becoming multi-purpose.

The financial mechanism in these conditions is based on the need to reduce the volume of redistribution of national income through the financial system, reduce the budget deficit, and stimulate the growth of savings as a source of real investment. An important role is given to taxes, their reduction and reducing the degree of progressiveness of taxation.

To date, the redistribution of national income through the state budgets of Western countries has reached and even exceeded 50%, which indicates the active role of the state in regulating the economy and social sphere.

Planned-directive financial policy is typical for countries with an administrative-command system of economic management; it was carried out in all former socialist countries and was based on state ownership of the means of production and a planned management system.

The purpose of the planned-directive financial policy is to ensure maximum concentration of financial resources from the state for their subsequent redistribution in accordance with the main directions of the state plan. Based on state ownership of the means of production, the planned management system allowed for direct directive management of all spheres of the economy and social life, including finance.

The practice of implementing planned-directive financial policy indicates its fairly high efficiency in extreme situations, when the maximum concentration of public financial resources is necessary to finance emergency expenses, for example, during the Second World War, the post-war years of national economic restoration, etc.

However, in conditions when the economy is emerging from a crisis, qualitatively new approaches to the formation of financial policies and financial mechanisms, and the development of various forms of ownership are required. Otherwise, this leads to negative consequences:

o reduction in production efficiency;
o slowdown in the development of the social sphere;
o deterioration of the financial situation of the state.

In conditions of free enterprise, i.e. market economy, regulating financial policy is effective, as proven by world experience.

The basis of modern financial policy in Russia is:

o freedom of market entrepreneurship;
o various forms of management;
o privatization of state property;
o transition to a mixed economy, based on a combination of private (in various forms - individual, group, cooperative, collective) and state economic entities.

When developing financial policy, a reasonable state, represented by the relevant authorities and management, is guided by the peculiarities of the historical development of society, takes into account the domestic and international situation, the real economic and financial capabilities of the country, experience in using the economic and financial mechanism, new development trends, world experience, the requirements of objective economic laws .

Evaluation of the results of the state's financial policy is based on its compliance with the interests of the entire society and the majority of its social groups, as well as on the results achieved in achieving the set goals and objectives.

Priority in the development of financial policy belongs to the President of the Russian Federation, who annually sends a Budget Message to the Federal Assembly of the Russian Federation, which determines the main directions of financial policy for the current year and for the near future.

All branches and all levels of government - from the Federal Assembly of the Russian Federation to local governments - are obliged to act in accordance with the Budget Message of the President of the Russian Federation.

Currently, it is generally accepted in Russian society that financial policy in Russia in 1992-1998. was not scientifically based and pursued one main goal - to change the socio-economic system of society. This goal has been largely achieved. The planned and directive system of the economy has been destroyed, and irreversible changes have occurred in the socio-economic system. A return to the command system is no longer possible. But Russian society paid for all this at an excessively high price - an economic recession unprecedented in world history (the volume of GDP in 1998 decreased by half compared to pre-reform 1990, by 51%); massive impoverishment of the population (even today the income of 25% of the population is below the subsistence level); a sharp stratification of society into rich and poor (the income of the 10% of the most affluent citizens, according to statistics, is 15 times, and according to the Institute of Economics of the Russian Academy of Sciences, 26 times higher than the income of the 10% of the least affluent citizens); hyperinflation (which amounted to 2600% in 1992, 450% in 1993, and 18,000% for the period from 1990 to 1998).

Since 2000, in the financial policy of Russia, as well as in all socio-economic policies, positive trends and directions of development began to appear and gain strength, namely:

o revival of domestic industrial and agricultural production and gradual restoration of their pre-reform volume (GDP volume began to increase steadily and in 2005 reached 96% of the 1990 level);
o reducing the level of inflation (in recent years its level has been decreasing, although it remains still high - in 2005 it amounted to 11.5%);
o reforming the banking system with its focus on servicing business entities, providing them with loans on acceptable terms (currently the refinancing rate of the Bank of Russia, on which the interest rate for a bank loan depends, is 11% per annum against 210% in 1994. However, the current the rate is still high (for comparison: in developed market countries it ranges from 1 to 4.5%);
o increasing the financial resources of the state and concentrating them in the main monetary fund of the country - the budget;
o strengthening the social orientation of the budget, increasing allocations for social needs, gradually increasing pensions, benefits, scholarships, as well as increasing wages in the public sector;
o streamlining and simplification of the tax system, reducing the tax burden on business entities, increasing tax collection and the amount of tax revenues to budgets of all levels;
o improving inter-budgetary relations, gradually leveling out the minimum budgetary provision throughout the Russian Federation. And although there are still many acute problems in this area (the vast majority of territorial and local budgets are still in deficit), efforts to improve interbudgetary relations are increasing every year. This is the goal of significant changes and additions to the Budget Code of the Russian Federation, which were introduced by the Federal Law of August 20, 2004 “On Amendments and Additions to the Budget Code of the Russian Federation in terms of improving interbudgetary relations.”

Financial policy- this is a set of actions and activities carried out by the state within the limits of the functions and powers granted to it.

Financial policy reflects the subjective side of the functioning of finance. Financial policy finds its concrete expression in the current system of mobilizing financial resources and using them to meet the needs of the state, business structures and the population.

The legal basis and specific directions for the implementation of financial policy in a democratic state are financial legislation. It must precisely define the competence of all subjects of the economic system regarding powers and responsibilities in the financial sector. Based on current legislation, executive authorities issue regulations for the successful implementation of financial policy.

Finance and the financial system are objective phenomena, but the mechanism of functioning of finance, the organization of financial relations and the movement of cash flows do not work on their own. They are organized by specific subjects who are guided by many factors (political, economic, humanitarian), while combining both public and their own interests.

The subject of financial policy development is the state represented by the highest authorities and management and the main financial bodies.

The components of financial policy are:

 Monetary (money) policy, which is a set of actions and means in the money market;

 Fiscal policy, which characterizes the actions of the state to centralize that part of the value of GDP, will be distributed through the budget system and its public use.

 Tax policy characterizes the actions of the state in the field of taxation. It covers the establishment of types and ratios of taxes, determination of payers, establishment of tax rates, provision of tax benefits, and the like. It reflects both the state’s needs for funds and the impact of taxes on the activities of enterprises and citizens.

 Budget policy is the activity of forming the state budget, balancing it, distributing budget funds, depending on the structure of budget expenditures, this policy can have a social, economic or other direction.

They also determine financial policy in the areas of stock and insurance markets, international finance, and the state's debt policy.

The financial policy of the state depends on many both external and internal factors. External are the factors of the state's dependence on economic relations with other states for the supply of raw materials, materials, other resources, exchange of technologies, export capabilities of the state itself, its integration into world economic systems, and the like.

Internal factors that significantly influence financial policy are the form of ownership of the main means of production, the structure of the economy, the social composition of the population, the level of well-being of the people, the intellectual level of the population, the state of economic development and the organization of monetary circulation, the stability of the monetary unit, the development of forms of lending and etc. . The financial policy of the state is also influenced by other factors dictated by the economic conditions that have developed at this stage of economic development. Taking this into account, financial policy is a dynamic process that changes and is adjusted taking into account practical needs.

At the same time, there are general principles of financial policy for states with a market economy and developed democratic principles of public life. In these conditions, financial policy should be aimed at creating favorable financial conditions for the development of production in those sectors of the economy that are critical to meeting the needs of the population. This can only be achieved by seeking additional funds from the business structures themselves, and by creating favorable financial opportunities for foreign investors - providing tax breaks, free export of profits, guarantees of property safety and protection of foreign investors.

Stimulating investment to expand production at the expense of business structures should be carried out taking into account the form of ownership, industry, natural conditions, territorial location and other factors. A differentiated approach is needed here, since the slogan about creating equal opportunities for everyone is nothing more than simplifying the problem to such a level that it loses its meaning and practical purpose. Of course, tax benefits, guarantees of free pricing, and favorable forms of lending should also be provided.

The main objectives and principles of financial policy are:

Improving public welfare. But for this, financial policy must also promote increased production efficiency and, above all, increased labor productivity, the introduction of material and resource-saving technologies, the construction of a rational economic structure, and the like. Therefore, the first principle of financial policy is to steadily promote the development of production, maintain entrepreneurial activity and employment levels.

Mobilization and use of financial resources to ensure social guarantees. Such social guarantees include education, defense, healthcare, culture, public administration, unified energy and communication systems, and the like. No less important for society are social insurance, assistance to the poor and other types of assistance.

Rational use of natural resources, prohibition of technologies that threaten human health. And for this, the state, on the one hand, seeks from production structures, or they bear the costs of compensation and restoration of the environment, and on the other hand, the state, using financial instruments - taxes, fines and other sanctions - seeks the closure of hazardous industries and the introduction of advanced resource-saving technologies.

Financial policy depending on the duration of the period for which it is designed and the nature of the tasks being solved, including financial strategy and tactics.

Financial strategy- this is a policy designed for the long term and solving global problems of socio-economic development. The direction of the financial strategy is determined by the specific objectives of the development of society at a certain historical stage of development. In conditions of economic crisis, the main task is to provide financial support for macroeconomic stabilization; in conditions of economic development, it is to achieve optimal rates of GDP growth. At the same time, under any conditions, the basis of the financial strategy is the reliable provision of the needs of the economy with financial resources and the creation of sufficient incentives for the effective activities of business entities. Financial strategy is focused on a certain model of financial relations in society.

Financial tactics are current policies aimed at solving specific problems of the corresponding period and influence the developed financial strategy. It is carried out through the reorientation of financial resources and changes in the organization of financial activities. Financial tactics are more mobile, since they consist of a modern response to economic problems and imbalances. Its main task is to achieve strategic development goals.

Financial policy is implemented in two directions:

1) regulation of financial relations in society;

2) carrying out current financial activities.

Regulation of financial relations characterizes the strategy of financial policy, and current activities characterize its tactics.

Regulation of financial relations is carried out through legislative regulation, which puts financial activities on a stable legal basis and administrative regulation, which provides for the granting of rights to regulate financial relations to government bodies.

Depending on the degree of legislative or administrative regulation of financial relations, which is characterized by the share of income distributed and consumed in accordance with current laws or administrative decisions, three types of financial policies are distinguished:

Strict regulation provides that most financial relations are regulated by the state; it is characterized by a fairly high level of budgetary centralization of GDP. This policy is carried out in an administrative economy or in conditions of limited financial resources. Such a policy is ineffective, since it undermines incentives for productive activity, because the financial product of activity - income - is controlled more by the state than by its owners - legal entities and individuals.

Moderate regulation is carried out in legislative form and covers a limited part of financial relations. It aims to balance the interests of the state and society, the interests of individual legal entities and individuals, provide sufficient incentives for productive activities and at the same time allow the state to influence the socio-economic development of society.

The policy of minimum restrictions is aimed at creating maximum interest of business entities and citizens in effective management. In this case, basically only relationships with the state are regulated, which are also reduced to a minimum.

The current financial activity of the state reflects the tactics of implementing financial policy; its main instrument is the budget. Its structuring according to sources of income generation and areas of expenditure characterizes a particular financial policy. For example, depending on the objectives that financial policy is aimed at solving, it is divided into the following types:

 stabilization policy;

 economic growth policy;

 policy of restraining business activity.

The viability of financial policy depends on the effectiveness of the state at each stage and the correctness of the decisions made. Its formation begins with a clear definition of goals and setting reasonable objectives. Based on this, the type of financial policy is selected - strict or moderate regulation, or a policy of minimal restrictions; discretionary or built-in stabilizers. On this basis, directions for implementation are selected (it is decided which tasks are achieved through monetary and which fiscal policy) and implementation tools and methods for ensuring the coordination of their actions.

What does financial policy include? State financial policy: goal, objectives and main directions. Objectives of the state's financial policy

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