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On 7 December, the RF Ministry of Finance published on its web site Federal Law, of 3 December 2012, No 216-FZ ‘On the Federal Budget for 2013 and the 2014-2015 Planning Period’. On 11 December, another law was posted  on the same web site – Federal Law, of 3 December 2012, No 247-FZ ‘On the Introduction of Alterations into the Federal Law ‘On the Federal Budget for 2012 and the 2013-2014 Planning Period’’.  

A few days ago the RF Federal Tax Service published data on the tax-generated revenues of the RF consolidated budget in the period from January through November 2012. The total volume of tax-generated revenues amounted to Rb 9,911.8bn, which was 12.8% more than in the corresponding period of 2011. 

The State Duma has passed in the first reading the government bill "On Protection of Public Health from Exposure to Tobacco Smoke and Smoking Effects", which became even somewhat notorious as the "Antismoking Law". 429 deputies have supported the document, 2 voted against it, there were abstentions.

 

On December 12, the Russian President Vladimir Putin in a message to the Federal Assembly set a target to create and upgrade 25 million jobs by 2020.

 

In October 2012 Russian Statistics Service has published the updated indicators of volumes and dynamics of investments in fixed assets. Adjustments were made to the indicators for the period from April to September 2012.

On December 10 the Bank of Russia announced that it has remained unchanged the refinancing rate and most interest rates on of its major operations.

 

In late October of this year the Draft Federal Law "On Amendments to Part II of the Tax Code of the Russian Federation" (Bill No. 157491-6) 1 was submitted for review to the State Duma. It proposes to provide complete exemption from all federal taxes to the Russian organizations, incorporated in the Subjects of the Far Eastern Federal District, as well as to individuals - citizens of the Russian Federation, permanently residing, registered and engaged in business as individual entrepreneurs in those Subjects.

 

On December 3, the Bank of Russia started to publish the forecast of factors underlying the formation of banking sector liquidity.

 

Recently Igor Shuvalov, the First Deputy Prime Minister of Russia noted that taxes in Russia in the next 6 years will not grow, and any new solution in regard to tax burden will be aimed at reduction thereof.

According to Bloomberg, in November, the turnovers for 6 most marketable securities of Russian companies at Moscow International Stock Exchange (MICEX) went down up to 40.1%, London Stock Exchange, LSE up to 59.9% and were respectively equal to $12.8 bln and $19,2 bln. In October, the state of affairs looked slightly better: the Russian site had 43.5% as compared to London's one with its 56.5%.

 

In industry, the key indicators, such as demand, output, prices, are slowing down again.

 

On the last Sunday of November, an ambiguous situation with the execution of the 2012 state defense order, due to the efforts of Russian TV central channels suddenly was shown under the new light which did not make it clearer but gave it additional shade.

 

The world market outlook still remains favorable for Russian exporters.

In the current year, the increase of retail bank deposits steadily isn't catching up with the increase of credit indebtness. Within 10 months the net household savings have decreased by 691 bln rubles including October decrease by 137 bln rubles.

The RF Ministry of Finance discusses the possibility to equalize the tax assessment for interest yield fr om individuals' deposit, bonds and shares. It is suggested that there should be established a lim it of tax-exempt total income. It can be about 1mln rubles a year.

In accordance with agreements related to Russia's accession to the World Trade Organization, in the nearest future our country will have to reduce the import customs duties for different automobiles.