Print for the budget balance and a new 3-year budget, taxes and oil prices, said in an interview with Russian Finance Minister Anton Siluanov said at an economic forum in Sochi.
the Finance Ministry is not planning to revise the price of oil assumed in the three-year budget, because of the decision of OPEC to revise quotas. This in an exclusive interview told the head of Department Anton Siluanov.
- Mr Siluanov, one of the current topics discussed at the forum, is the imbalance of the Russian budget. How are you going to solve this problem given the fact that the new budget should be presented in the new State Duma 01 November?
- Yes, indeed, the government is already finalizing the project budget, defined the main parameters of the three-year period. They are that every year we will reduce the unbalance that has occurred as a result of lower oil prices, and the share of oil revenues have accounted for more than 40% of all budget revenues. Because the budget must be given in accordance with the opportunities that are there. This is the first.
To do this, we are reducing the budget deficit each year. Provided for reduction of the imbalance by 1% to bring the budget balance to the 19th year at a level of about 1%. This is a perfectly acceptable size. In this regard, we do not envisage major changes of the amount of expenditures that have developed in the 16th year. And all decisions which are necessary to stimulate the economy, all the decisions that are necessary to support our disadvantaged population, all the measures that we will need to implement will be to put in those limits that are there. For what it is, in order to reduce the deficit, in order to take less resources from the economy, and distribute them through the budget.
Thus leave more funds for economic development. This is absolutely the right policy, we are not going to raise taxes, which is very important. Because there were various conversations about it, but once again, the government decided it to take the decision to increase the tax burden for the next three years. It is fundamentally important to the business.
- How conservative this budget?
the Budget assumes oil prices of $ 40 per barrel. We believe that this is indeed a solution, and today the price went slightly up, including on the basis of freezing in OPEC oil production. Let’s see how things will develop.
- Based on the OPEC decision the Finance Ministry will revise the forecast of oil prices?
Forecasting the price of oil has been, and still is, $ 40 per barrel. If we see large indicators, oil prices, and accordingly, more resources can attract, then we will reduce expenditure reserves, reserve funds, or to talk about the change in the volume of borrowings in domestic and foreign markets.
- According to your forecasts, how long will this continue in the oil market?
- Look, it will all depend on hard intentions of fulfilling the decisions taken by OPEC, it is time. And second, everything will depend on how you will feel projects shale oil production over already high levels in oil prices. If the price rises to 40 – 50, respectively, it will provide a possibility to get considering the profitability of shale oil, namely shale of the recent period has resulted in additional volumes of oil began to reach the market, and the price of oil began to go down. This is the first consideration for oil.
Second, of course it all depends on the world economy. As far as the dynamics of the global economy, and yet we see the pace of its decline, as global demand for oil will affect the price, demand in this part. So many factors, but we when the budget is not necessary to consider only conservative and balanced approach, not relying on something that will suddenly improve the external environment and suddenly there will be additional income. This may not happen, so our policy should be moderately conservative.
- Once I started talking about oil, your plans for the taxation of the oil and gas industry?
” You know, a lot of really discussed around this issue, there were many proposals. We agreed that the level of taxation of the oil industry will remain approximately in the amount of the current year, as this year the level of about 150 billion rubles of additional funds companies pay compared to what it was in previous years. Approximately, in real terms, it will remain at those levels in the gas sector, we also offer some adjustments to our taxation the core of our company – Gazprom. Preserving the level of withdrawals from the gas sector is slightly higher this year. It is in any case should not affect the results of the company, on the one hand. On the other hand, we expect more efficient use of those resources that is, as gas companies and oil companies. As you can see, there is the opportunity to improve the efficiency of investrashodov, the best use of the financial resources accumulated by the company.
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