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…

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