Modernization of Financial Legislation in the Context of the 2020 Constitutional Reform

Abstract

In 2020, the Constitution of the Russian Federation was supplemented with a number of fundamental provisions that became a guideline for the modernization of various branches of Russian legislation, including financial. The purpose of the article is to determine the directions of transformation of the Russian financial legislation due to the adoption of the Law on the Amendment to the Constitution of the Russian Federation. Research objectives: identification, systematization and analysis of changes in financial legislation in the context of the constitutional reform of 2020; their legal assessment, including for sufficiency; formulation of proposals for further modification of financial legislation in order to more fully and effectively implement constitutional innovations. When writing the article, formal legal, comparative legal, historical and other research methods were used. An analysis of the amendments to the Russian Constitution of 2020 showed that, in general, the public finance system and the basic principles of its functioning, including the powers of state and local government bodies in the financial sphere, have not undergone significant changes. At the same time, constitutional innovations, in particular, the creation of a unified system of public power, the transformation of the system of separation and interaction of authorities, etc., if not directly, then indirectly, to a greater or lesser extent have had and continue to have an impact on the development of financial legislation, and above all on its structural elements such as budget, tax legislation and legislation on state financial control. In the course of the conducted research, it was found that not all the novelties of the Russian Constitution related to the sphere of public finance entail the emergence of new expenditure obligations of public legal entities and the transformation of financial legislation. The risks of constitutional novelties for financial legislation are identified and assessed; the necessity of monitoring the implementation of new provisions of the Russian Constitution in financial legislation is substantiated.