Abstract
The purpose of the article is to analyze the main directions of the budget and tax policy of the Russian Federation, which is particularly relevant in view of the expected recession of the world economy due to the epidemic caused by the coronavirus (COVID-19) and the fall in world prices for hydrocarbon raw materials. In these circumstances, it is necessary to adjust the budget and tax policy in order to maintain the full social obligations of the state. The study used systematic, institutional approaches and statistical methods. The main conclusions of the work are based on the need to implement measures in the field of tax incentives for small and medium-sized businesses, for which the crisis phenomena have the most disastrous impact, and to maintain the planned amounts of budget funding for social programs. In the presence of sufficient accumulated gold and foreign exchange reserves and funds of the National Welfare Fund, it is possible and necessary to respond adequately and promptly to the changing economic situation in order to smooth its consequences on the level of inflation, unemployment and the purchasing power of the national currency.
Highlights
A comprehensive study of the current budget and tax policy of the Russian Federation should be conducted in the context of an economic downturn that is caused mainly by external factors
The purpose of the study is to analyze the impact of the economic downturn and develop proposals in the field of public financial policy for the short and possibly medium-term periods, which will help to smooth the negative impact of the crisis on the welfare of citizens and the financial stability of economic entities
According to estimates of the Ministry of Finance of the Russian Federation and the state Duma Committee on budget and taxes, the optimal value of the National Welfare Fund should eventually amount to 7% of GDP
Summary
A comprehensive study of the current budget and tax policy of the Russian Federation should be conducted in the context of an economic downturn that is caused mainly by external factors. A systematic analysis of measures taken by financial authorities in the field of state regulation is necessary to assess their effectiveness and develop proposals for improving financial policy at the macro level. This topic is relevant in the current socio-economic situation, when many industries and sectors of the economy, especially small and medium-sized businesses, have been subjected to unexpected pressure. The purpose of the study is to analyze the impact of the economic downturn and develop proposals in the field of public financial policy for the short and possibly medium-term periods, which will help to smooth the negative impact of the crisis on the welfare of citizens and the financial stability of economic entities
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