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Finance and Credit
 

Foreign currency purchase tax: Financial and economic feasibility of its introduction in Russia

Vol. 23, Iss. 21, JUNE 2017

PDF  Article PDF Version

Received: 13 February 2017

Received in revised form: 1 April 2017

Received in final form: 11 April 2017

Accepted: 25 April 2017

Available online: 15 June 2017

Subject Heading: Financial system

JEL Classification: E62, Е64, F49, H12

Pages: 1232-1244

https://doi.org/10.24891/fc.23.21.1232

Madatova O.V. Academy of Marketing and Socio-Information Technology (IMSIT), Krasnodar, Russian Federation
mokb@bk.ru

Subject The article presents and underpins a financial and economic mechanism enabling to reduce the negative effect of a number of serious problems, like increased budget deficit, raw-materials export model of development, disinvestment, informal economy expansion, job cuts, etc.
Objectives The purpose is to provide a rationale for introducing the tax on foreign currency purchase in Russia, define financial, economic and political implications, and calculate the efficiency of the offered measure.
Methods In the study, I applied logical and statistical analysis and economic forecasting.
Results Certain elements of Russian economic policy addressing the problems faced by the society and the State require changes. Amendments to tax legislation, particularly, introduction of tax on foreign currency purchase may serve as a tool for improvement.
Conclusions At present, there is a need for in-depth theoretical study of the feasibility of foreign currency purchase tax introduction in the Russian Federation. It is important to empirically determine its basic elements and build an economic-mathematical prognostic model to analyze its implications.

Keywords: public finance, budget, tax, effect

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