Training on modelling fundamentals December 17–18

Corporate sector to drive surpluses of regional budgets, and federal center to save overleveraged regions

2017 regional budgets execution overview

  • Growing regional revenues resulted in more surplus budgets. 45 regions finished the year of 2017 with a surplus. Corporate income tax contributed one third of budget revenue growth.
  • Capped losses carried forward have driven up corporate income tax. Corporate income tax revenues grew irrespective of a change in corporate income tax distribution shares between federal and regional budgets. The reason is a temporary restriction on the ability of taxpayers to reduce their tax bases by the amount of previous losses, which will remain effective until 2020.
  • Total debt of the Russian regions has decreased for the first time ever recording a 2% decline year-on-year, or RUB 37.8 bln. Its structure has also changed: the amount of bank loans contracted by RUB 141.6 bln, or 18% with concurrent bond offerings being in full swing (a 20% gain, or plus RUB 91 bln). The total bond debt of the regions reached RUB 547 bln representing an all-time record, while many first-time issuers tapped the…

The full version of this document is only available after a payment.

To clarify the cost and terms of payment, please contact Artem Mayorov

phone: +7 (495) 139 04 80, доб. 147, email: artem.mayorov@acra-ratings.ru

Log in

Forgot password

Sign up

Reset password

Reset password

Termsofuse

Полное использование материалов сайта разрешается только с письменного согласия правообладателя, АКРА (АО). Частичное использование материалов сайта (не более 30% текста статьи) разрешается только при условии указания гиперссылки на непосредственный адрес материала на сайте www.acra-ratings.ru . Гиперссылка должна быть размещена в подзаголовке или в первом абзаце материала. Размер шрифта гиперссылки не должен быть меньше шрифта текста используемого материала.