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The peculiarities of rated-expense accounting under the terms of corporate-income tax regulation in the Customs Union of Belarus, Kazakhstan and Russia

Golodova Zh.G. Peoples' Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaia Iu.S. Peoples' Friendship University of Russia, Moscow, Russian Federation ( u.ranchinskaya@mail.ru )

Journal: International Accounting, #13, 2014

The article deals with the specific features of tax-base calculation of corporate income tax in the Customs Union - Belarus, Kazakhstan and Russia. These features are the ones caused by maintenance of the partly-deductible-expenses practice. On the basis of a corporate-tax reform analysis the authors illustrate the tax-rates harmonization policy, rated-expense reduction trend and low appeal rate of income taxation in the Russian Federation.


Analysis of harmonization of indirect taxes in CIS and the Customs union

Golodova Zh.G. Doctor of Economics, Associate Professor of "Finance and Credit", the Peoples' Friendship University of Russia ( golodova@yandex.ru )

Ranchinsky Yu.S. Assistant of department "Accounting, Audit and Statistics", the Peoples' Friendship University of Russia ( u.ranchinskaya@mail.ru )

Journal: International Accounting, #25, 2012

In the article it is noted that strengthening of integration processes between separate CIS countries within the Customs union is accompanied by rapprochement of economic policy of member states of alliance, in the field of the indirect taxation in many respects influencing volumes of foreign trade turnovers between the countries. In this context it is necessary an assessment of the reached results of harmonization of parameters of indirect taxes and definition of the directions of further development of this process.


Tax incentives of business activities: crisis measures of the developed countries

Golodova Zh.G. Peoples' Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaia Iu.S. Peoples' Friendship University of Russia, Moscow, Russian Federation ( u.ranchinskaya@mail.ru )

Journal: International Accounting, #15, 2014

The alliances of various countries harmonize their tax systems while the global processes' intensification keeps on going. Yet, it usually concerns the consumption taxes, i.e. value-added tax, excise tax and customs duty, due to the need of trade leveling and maintaining of competitiveness of the domestic goods and services. However, the parallel process of tax competition affects the direct taxes, mostly a corporate tax. In the terms of instability of the economic systems (recession and economic slowdown) the liberalization of corporate taxation can effectively stimulate the entrepreneurial activity of economic entities. So, a study of the developed countries' experience is undoubtedly interesting to Russia in this regard.


Aspects of monetary policy in the EEU countries: An analysis of the prerequisites for harmonization

Golodova Zh.G. Peoples' Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaya Yu.S. Peoples' Friendship University of Russia, Moscow, Russian Federation ( uranchinskaya@gmail.com )

Gorokhova E.Yu. Peoples' Friendship University of Russia, Moscow, Russian Federation ( elena150467@mail.ru )

Journal: National Interests: Priorities and Security, #7, 2016

Subject The article deals with the issues of harmonization and coordination of the monetary policies of the Member countries of the Eurasian Economic Union (EEU), taking into account their socio-economic development and interests, since financial stability is one of the main objectives of these countries.
Objectives The paper aims to identify common and specific development trends in the banking systems of the EEU Member countries at the present stage, that hamper the process of convergence of their monetary policies; assess the impact and ways to improve the policies.
Methods For the study, we used methods of statistical, financial, comparative, and systems analyses.
Results The paper reveals the relationship between the monetary parameters and GDP, shows the factors that create the basis for the harmonization of certain aspects of the monetary policies of the EEU Member countries. As well, it identifies the general and specific parameters and trends in development of the banking systems of the countries; proves the existence of agreed decisions of the banking regulators; assesses the effectiveness of monetary policies in 2007–2014, and it reads of the monetary policy improvement ways.
Conclusions We conclude that significant differences of quantitative and qualitative characteristics of the banking systems of the EEU Member countries still remain, despite the awareness of the need to strengthen the integration links and resolve similar economic problems.


Aspects of monetary policy in the EEU countries: An analysis of the prerequisites for harmonization

Golodova Zh.G. Peoples' Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaya Yu.S. Peoples' Friendship University of Russia, Moscow, Russian Federation ( uranchinskaya@gmail.com )

Gorokhova E.Yu. Peoples' Friendship University of Russia, Moscow, Russian Federation ( elena150467@mail.ru )

Journal: Digest Finance, #2, 2019

Subject The article deals with the issues of harmonization and coordination of the monetary policies of the Member countries of the Eurasian Economic Union (EEU), taking into account their socio-economic development and interests, since financial stability is one of the main objectives of these countries.
Objectives The paper aims to identify common and specific development trends in the banking systems of the EEU Member countries at the present stage, that hamper the process of convergence of their monetary policies; assess the impact and ways to improve the policies.
Methods For the study, we used methods of statistical, financial, comparative, and systems analyses.
Results The paper reveals the relationship between the monetary parameters and GDP, shows the factors that create the basis for the harmonization of certain aspects of the monetary policies of the EEU Member countries. As well, it identifies the general and specific parameters and trends in development of the banking systems of the countries; proves the existence of agreed decisions of the banking regulators; assesses the effectiveness of monetary policies in 2007–2014, and it reads of the monetary policy improvement ways.
Conclusions We conclude that significant differences of quantitative and qualitative characteristics of the banking systems of the EEU Member countries still remain, despite the awareness of the need to strengthen the integration links and resolve similar economic problems.


The central banks of the countries of the Customs Union: evaluation and directions to improve transparency

Golodova Zh.G. People's Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaya Yu.S. People's Friendship University of Russia, Moscow, Russian Federation ( u.ranchinskaya@mail.ru )

Journal: National Interests: Priorities and Security, #40, 2014

Importance The global financial and economic crisis of 2007-2010 has outlined the need for measures to increase the responsibility of central banks for the results of their monetary policy, as well as public confidence in central banks and the financial and banking sector of the country as a whole. On the one hand, central banks are interested in adequate perception of their policy, and, on the other hand, in the provision of information that could influence decisions made by economic actors. To achieve this, first of all, it is necessary to introduce the measures to increase the transparency of central banks and their policies, what is especially important in countries with emerging economies, the financial and banking systems increasingly suffer from the emerging internal and external shocks and threats.
     Objectives We conduct a comparative analysis of the transparency of central banks of the integration grouping and its dynamic changes. As well, we are characterizing the measures which shall allow ensuring the enhancement of the transparency of the central banks of the countries of the Customs Union of Belarus, Kazakhstan and the Russian Federation.
     Methods In our paper, on the basis of the internationally accepted Eijffinger-Geraats index (EG-index), we are analyzing the transparency of the central banks of the countries of the Customs Union, and identifying the causes of the changes.
     Results Our study shows that the level of transparency of the activities of the central banks of Belarus, Kazakhstan and Russia are far lower than of the ones of developed countries, especially, in such transparency types as the operating and procedural transparency.
     Conclusions and Relevance We came to a conclusion of the need for the consistent and continuous work to improve transparency, which shall contribute to the financial-banking and economic stabilization of the country.


Central banks of the Customs Union countries: criteria and approaches to assessment of independence

Golodova Zh.G. People's Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Journal: National Interests: Priorities and Security, #41, 2014

Importance In today's environment of the global financial and economic crisis, the debate about the relationship between the degree of central bank independence and effectiveness of ongoing monetary policy has intensified. Though, the principle of independence is defined de jure as the basic one in the central banks' operations of the majority of the States, de facto, that principle is not like that. Very often, it leads to the economic situation destabilization. This problem is of particular importance for developing countries, which banking legislation and the central banks' activities need for further improvement. It fully applies to the countries of the Customs Union: Belarus, Kazakhstan and Russia. The level of independence of their central banks does not match the similar parameters of the developed countries' central banks; it also slightly decreased during the period of market transformations.
     Objectives The strengthening of integration processes within the framework of the Customs Union of Belarus, Kazakhstan and Russia, and the transition to coordination of the main elements of monetary policy brought the necessity to identify the areas to ensure the central banks' independence, carrying out comparative analysis of the degree of their independence, as well as to identify the areas of its improvement.
     Methods On the basis of the two most common methods (GMT-index and CWN-index), I have assessed the index of independence of the central banks of the Customs Union in development. I came to a conclusion that it is preferable to use the CWN-index that takes into account a greater variance of characteristics and nonequivalence of independence criteria.
     Results I showed the evolution of approaches to the definition of central bank independence, described its characterizing criteria and made an assessment of the degree of central bank's independence. I defined the reasons of the changes that took place during the period of market transformations and identified factors affecting the degree of central bank's independence, including those, which defy formalization.
     Conclusions and Relevance Banking legislation of the Customs Union countries, set up in the early 1990s, was consistent with international practice in general, and it contains the basic provisions to ensure their central banks' independence. However, starting from the early 2000s, a downward trend in independence of the central banks of Russia and Belarus began to show up, that was due to the emergence of the requirement of compulsory participation of the Government in the formulation of monetary policy, an increase of its impact on the central banks' activities, and the expansion of the motives for the dismissal of the head of central bank and other issues.


Analysis of the measures and results of monetary policies in the Customs Union countries in crisis and post-crisis periods

Golodova Zh.G. People's Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaya Yu.S. People's Friendship University of Russia, Moscow, Russian Federation ( u.ranchinskaya@mail.ru )

Journal: National Interests: Priorities and Security, #42, 2014

Importance In the context of continued instability of financial and banking systems, the requirements to the central banks in part of the development and implementation of monetary policy increase. On the one hand, those requirements should facilitate inflation reduction and, on the other hand, promote the saturation of the economy with the required monetary funds. This approach necessitates the maintaining of a balance between the measures that are aimed at providing additional liquidity, or its withdrawal, stimulation of entrepreneurial activity, maintaining the stability of the financial and banking sectors. The measures of monetary policy were applied by the countries of the Customs Union de facto taking into account the ongoing integration processes between them. We underline the interest to the analysis of the applied measures and the results of their application.
     Objectives The purpose of our paper is to identify general and specific trends in the development of monetary spheres of an integration group, analyzing the relationship of parameters of the money market and the GDP, and also the results of the conducting the monetary policy in these countries.
     Methods In the process of the research, on the basis of statistical and financial analyses, we have identified the relationship between money and GDP parameters, and also through comparative and system analyses, we have disclosed the specifics of applicable regulatory measures.
     Results We are describing the measures of the central banks' monetary policy of the countries of the Customs Union, applied in the crisis and post-crisis periods, and also analyze the relationship between supplies of money, monetization to GDP ratio. We have also carried out a comparison of forecast and actual parameters of monetary programs of regulators, and described the "side effects" that arise in the course of monetary regulation.
     Conclusions and Relevance We underline that the monetary policy, which shares similar trends in the countries of the Customs Union, as a whole, has ensured achieving the main goal, i.e., inflation rate reduction. However, devaluation of national currencies, the external debt increase of the monetary regulation authorities, loss of budgetary funds, and compression of the credit market have resulted in the "cost" dislocation in the form of money supply imbalance, a low level of monetization and money multiplier ratio. All these issues are subject primarily to the lack of harmonization of monetary, banking and fiscal policies as well as its weak orientation toward the achievement of macroeconomic indicators, namely, the GDP growth, enhancing of the employment level, and other issues.


Taxation of real estate of citizens: experience of the CIS countries

Golodova Zh.G. People's Friendship University of Russia, Moscow, Russian Federation ( golodova@yandex.ru )

Ranchinskaya Yu.S. People's Friendship University of Russia, Moscow, Russian Federation ( u.ranchinskaya@mail.ru )

Journal: International Accounting, #37, 2014

Subject Under the conditions of continuing economic instability, many emerging markets experience budget deficit. All the levels of the budget system suffer due to decreased tax revenues; however, the impact on local budgets is the most critical, since one of the main sources of their tax revenues is personal property tax, generally. Although the role of property taxes in the revenue part of budget systems of the CIS countries is insignificant, the authorities try to increase revenues to local budgets by reforming personal property tax. The authors consider buildings and constructions as taxation aspects. Nevertheless, if some countries only changed the procedure for determining a tax base, increased tax rates or canceled tax benefits, other countries radically modernized the personal property tax. Trying to develop an optimal mechanism of personal property taxation (Azerbaijan and Russia declared planned changes), the CIS governments usually appeal to the experience of developed countries, without taking into account the experience of States with a similar structure, level of economic development, mentality and so on.
     Objectives The purpose of this paper is to identify positive experience of reforming one of the most important local taxes in the CIS countries (personal property tax) and its possible use in the Russian practice in the context of expected introduction of a real property tax.
     Methods Using the methods of comparative and system analysis, the authors are describing the specifics of tax elements of personal property tax.
     Results The article shows the role of property tax in the budget system of the CIS countries, defines the features and problems that arise during property taxation, describes the existing approaches to personal property taxation, and identifies possible areas of reforming the tax.
     Conclusions The study has revealed that the CIS countries still have a low share of property taxes in the revenue side of the budget system due to both the poor elaboration of taxation mechanism and the lack of a complete cadastral register of properties and their owners. The method of assessing tax base in most countries is not clear and entails non-payment of the tax. In addition, some countries (the Russian Federation) still have a number of unjustified tax benefits, but other countries (Ukraine) do not respect the tax equity principle, as the tax assessment bases on the floor space of property, excluding differences in its quality, location, etc. Currently, Kazakhstan applies the most transparent and clear method of calculating a real property tax, which ensures observance of the tax equity principle. Other CIS countries can use this method for the tax reforming.


Estimation of the budged & tax potential of a region under the conditions of inter-budget relations system reformation

Golodova Zh.G. PhD, associate professor of the Finance and Credit Department Russian University of Peoples’ Friendship

Journal: Finance and Credit, #5, 2009

From the beginning of the after-reform stage the regional policy of the state has been amorphous, which resulted in the enhancement of regions differentiation with regards to the level of socio-economic development. Resolution of this problem, in the opinion of the author of the article, in many respects depends on whether it will be possible to optimize the flows of financial support to the regions, the distribution of which should be performed taking into consideration the level of tax potential of a region in question.


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