Budget policy in the field of budget revenue formation: implementation features at the regional level

Abstract

Fiscal policy is the foundation for effective public finance management at all levels of the Russian Federation's budget system. Despite the unified legal framework governing the functioning of public entities in Russia and common approaches to budget policy development, budget policy at the federal, regional, and municipal levels has its own specific features, most noticeably manifested in budget revenue policy. This is due to the diversity of revenue types and the delineation of powers to generate budget revenues between government bodies at different levels, which, in turn, is determined by the fiscal federalism model applied in Russia. Under these conditions, examining the specifics of budget policy implementation at each level of the Russian Federation's budget system is of interest. This article analyzes the specifics of budget policy implementation in generating tax and non-tax revenues for the budgets of constituent entities of the Russian Federation. The powers of regional authorities in using various budget policy instruments and their current fiscal significance are examined, and a conclusion is drawn regarding the limited scope for maneuvering various budget policy instruments to increase budget revenues for constituent entities of the Russian Federation. The main research methods were analytical, statistical and comparative methods of analyzing data on the execution of budgets of the constituent entities of the Russian Federation, presented on the Unified Portal of the Budget System of the Russian Federation.