The Russian Federation subjects budgets as a financial basis for their economic security

Abstract

Ensuring the stability of economic security is impossible without a sustainable budget and tax system. In this regard, the tax system, being at the same time a factor of financial security, must contribute to ensuring such economic development that creates the necessary financial resources for socio-economic development of each region, the conditions for successful counteraction to internal and external threats. The relevance and importance of regional and national economic security has increased recently due to the unfavourable political and economic environment: the imposition of economic sanctions on Russia by the West due to the events in Ukraine. This leads to a decline in production, a decrease in budget revenues. The announced embargo on oil and gas imports from Russia will directly affect the economy of export-oriented regions engaged in oil and gas production, and indirectly on the budgets of other regions due to the reduction of interbudgetary transfers from the federal budget due to the reduction in oil and gas revenues in the federal budget. Under these conditions, the issue of increasing budget revenues through changes in the tax and budget mechanism is of paramount importance.

Keywords

• regional budgets
• tax revenues
• economic security
• budgetary and tax security
• budget deficit
• budget balance
• challenges and threats to economic security
• interbudgetary transfers
• subsidies
• russian federation subjects public debt