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

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

Journal: Finance and Credit, #21, 2017

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.


Formation of State financial and economic mechanisms for import substitution of agricultural producers' goods

Madatova O.V. Academy of Marketing and Social Information Technologies, Krasnodar, Russian Federation ( mokb@bk.ru )

Journal: Finance and Credit, #28, 2015

Subject The article examines some aspects of building a State financial and economic mechanism for import substitution of agricultural producers' goods. To provide the population with food products to the extent required, it is necessary to create a system of agricultural goods cultivation and processing, which is impossible without adequate funding. The basis of the funding should be other than foreign capital or investments of foreign individuals and companies. The study includes the analysis of the geographical position of the Krasnodar region and the potential for using the reserves to increase the crop area and intensify the farming.
     Objectives The aim of the study is a comprehensive consideration of foodstuffs import substitution during the strongest overall impact of adverse foreign policy and foreign economic environment.
     Methods I employed econometric techniques to review the building of State financial and economic mechanisms for import substitution of agricultural producers' goods. The introduction of the mechanism will provide basic food products for the population.
     Results I have devised a State financial and economic mechanism of import substitution of agricultural producers' goods that rests on a science-based calculation of basic food requirements, the advanced technologies for their production, and allocation of repayable funding for the necessary material and technical base creation.
     Conclusions The formation of the State financial and economic mechanism will help solve the problem of import substitution of agricultural products and provide the population of Russia with the required volume of foodstuffs.


Conceptual framework for pension system financing

Madatova O.V. Academy of Marketing and Social Information Technologies – IMSIT, Krasnodar, Russian Federation ( mokb@bk.ru )

Belukhin V.V. Academy of Marketing and Social Information Technologies – IMSIT, Krasnodar, Russian Federation ( alenbi@rambler.ru )

Journal: Finance and Credit, #1, 2020

Subject The transition to market relations necessitated changes to the pension system of the country. However, we do not have a unified conceptual approach to building a new system either in theory or in practice. This situation intensified the need for a fresh approach to solving the problem.
Objectives The study aims to develop a new approach to building the Russian pension system.
Methods We employed empirical (observation, study, analysis), theoretical (synthesis, deduction, induction), and quantitative (statistical) methods of scientific research.
Results The study enables to develop a fundamentally new approach to the Russian pension system financing.
Conclusions and Relevance We believe, the said system should rest on principles of justice and social security. Moreover, it should be based on individual pension savings of citizens within the framework of relevant public pension schemes. The level of pensions should be directly influenced by pension savings of individuals. For persons, who have already retired or worked for a certain time before the reform of individual pension savings, the State provides pensions in full (for pensioners) and in part (for previously employed) from the budgets of corresponding levels, as well as from proceeds from sale of State and municipal property to the Pension Fund of Russia as part of the program for investing the pension savings of citizens in profitable sectors of Russia’s economy.


A fundamentally new approach to global economic project financing

Madatova O.V. Academy of Marketing and Social Information Technologies – IMSIT, Krasnodar, Russian Federation ( mokb@bk.ru )

Journal: Finance and Credit, #46, 2015

Importance The research evaluates intra-group gains and losses of the holding company in order to optimize them with external income and expenses remaining uncertain.
     Objectives When the holding structure comprises several companies, financial results will be unevenly distributed. Therefore, intra-group debt burden will also be unevenly allocated. In this respect, financial results should be distributed among the companies in an optimized manner, thus avoiding unreasonable losses. Tax accruals and payments reduce financial results, being an important part of costs. In the mean time, the holding company allocates income tax liabilities unevenly among its operating entities. Tax accruals can be distributed among the entities of the holding company in an optimized manner by adjusting values of intra-group companies. It constitutes the objective of the research.
     Methods Intra-group gains and losses of the holding company can be handled using the financial model of the holding company as implemented in MS Excel Solver. The model has been built considering uncertainties and using mathematical tools of the probability theory.
     Results The financial model allows considering fluctuations of external revenue and expenses of each company, thus facilitating the decision making process in relation to allocation of intra-group accruals, and managing financial results of the companies.
     Conclusions and Relevance The method for managing intra-group gains and losses helps the holding company promptly handle financial results of the companies, assuming that revenue and purchase pricing remain uncertain. It also streamlines income tax offsetting in operating activity as much as possible. The method is used in the budgeting process of the large energy holding group.


Developing a system of credit guarantees to small farms

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

Kas'yanova S.A. Krasnodar Branch of Plekhanov Russian University of Economics, Krasnodar, Russian Federation ( kassamer@mail.ru )

Journal: Finance and Credit, #1, 2015

Importance In anticipation of new economic sanctions of the European Union and the United States, and subject to introduced restrictions on purchasing agricultural products from foreign manufacturers, the problem of providing the country's population with food stuff is particularly relevant.
     Objectives The aim of this work is to consider possible proactive measures aimed at ensuring economic security of the Russian Federation while solving the food problem in conditions of economic sanctions of unfriendly foreign countries.
     Methods In the work, we used econometric methods to study the issue of State involvement in assistance to agricultural producers to solve the said food problem.
     Results We developed a mechanism of granting public credit guarantees to small agricultural producers.
     Conclusions and Relevance We conclude that the development of the State system of credit guarantees to small businesses will not only reduce tension in the solution of the food problem during the period of economic sanctions on the part of the US and the EU countries, but also will qualitatively increase the economic security of Russia. In addition, this will contribute to small and medium enterprise development, and thus increase the tax base when assessing taxes and charges. It is possible to solve a set of problems through transition of the government financial policy from direct financing of State-funded programs for small and medium-size business development to the practice of granting properly secured guarantees in respect of fulfillment of obligations of financial structures implementing these programs. It is particularly important to develop a system of credit guarantees in the territory of the Krasnodar region, where agribusiness is one of the main segments of the real sector.


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