Financial relations are their objects and subjects. severance of economic ties

1. Finance, essence and concept

Finance– special form economic relations regarding education, distribution of monetary income and savings of enterprises and workers, creation of centralized and decentralized funds.

The term "finansia" originated in the trading cities of Italy in the 13th century. The history of finance can be divided into three stages:

1) development of public finance (XVIII century);

2) enterprise finance The scientific and technological revolution led to the consolidation of manufactories, and, consequently, to an increase in the volume of production. In the 20th century, transnational companies (TNCs) appeared;

3) development of household finances (mid-20th century)

The essence of finance - the value form of the movement of goods gives rise to corresponding money turnover and economic relations of a distributive nature

The role of finance is the distribution and redistribution of the created product in monetary form between business entities and the areas of use of these funds.

Distinctive features of financial relations:

1) monetary nature of the relationship;

2) the stock nature of the relationship;

3) different rights of subjects entering into relationships.

Subjects of financial relations – these are enterprises and entrepreneurs, the working population and states, constantly interacting with each other, forming financial flows. Their scale and intensity depend on the activity of subjects and social policy states.

Finance functions:

1) distribution function is the distribution of national income (creation of basic primary income: wage, income of the enterprise in the material and intangible sphere);

2) control function. Control over the distribution of gross domestic product (GDP) among the relevant funds and their expenditure for their intended purpose.

The goal is the careful use of material, labor, financial resources, checking compliance with regulations and laws.

Carried out through financial authorities.

Control can be national, intra-economic, public and independent (auditing);

3) stimulating function. Through financial leverage(budget, prices and tariffs, taxes, export-import duties, benefits) the state influences the development of industries and enterprises, thus restraining or stimulating the development of economic processes.

Financial mechanism – this is a system installed state forms, types and methods of organizing financial relations.

The elements of the financial mechanism include tax rates, the tax base, mandatory reserve norms, and the level of standardized expenses.

The financial mechanism is divided into the following types:

1) directive (taxes, state credit, budget financing, budget structure, financial planning);

2) regulating (determines the basic relationship in a specific segment of finance, without directly affecting the interests of the state).

2. Financial management process

As in any other managed system, in the process of financial management, management subjects and objects are identified. The objects are different types of financial relations, and the subjects are organizational structures that exercise self-government.

Functional elements in financial management.

Management subjects use specific methods in each area and in each link of financial relations targeted impact for finance.

Most important place management is devoted to planning. It is as a result of planning that every business entity comprehensively assesses the state of its finances, finds opportunities to increase financial resources, and directions for their use with the greatest efficiency. Based on the analysis of complete and reliable information, decisions are made management decisions. If the information is reliable and received in a timely manner, then informed decisions are ensured. Financial information is based on statistical, accounting and operational reporting.

Operational management is a set of measures developed on the basis of an operational analysis of the emerging financial situation and pursuing the goal of obtaining the greatest effect with a small number of costs through the redistribution of financial resources.

Financial condition management. Streams Money enterprises are part of its finances, i.e. existing financial relations. The funds of an enterprise are in constant circulation. They are invested in current and non-current assets. The circulation of non-current assets occurs over a very long period of time - several years, and current assets - much faster. The turnover of current assets is calculated and analyzed.

Management and optimization based on the relationship “costs – revenue – profit”. The main factors determining the financial condition of an organization are management and optimization based on the relationship “costs – revenue – profit”.

When analyzing the cost-revenue-profit relationship, three elements are used:

1) marginal income (the difference between revenue from sales of products and variable costs related to its production):

MD = V – Per;

2) relative income (marginal income expressed as a percentage relative to revenue from product sales):

OD = MD / V × 100;

3) transfer ratio (ratio of marginal income to profit from product sales):

PO = MD / Pr. Analysis of the relationship “costs - revenues - profit” allows organizations to:

1) establish the relationship between the growth rate of profit and sales volume;

2) determine the relationship between costs, prices and sales volumes;

3) accurately plan the company’s profit and determine the most profitable types of products and production;

4) use the method in intra-company planning;

5) determine the basis for making tactical and strategic management decisions;

6) determine the effectiveness of investment projects.

3. Financial system of the Russian Federation

Financial systems appeared with the emergence of class society and were formed as part of the economic, political and social system of the state.

It is believed that the concept of “financial system” is an element of a more general definition – finance. At the same time, finance shapes economic and social relations.

Financial system of the Russian Federation is a system that ensures a cost-balanced movement of natural material flow in the process of reproduction of social and labor power.

The financial system of the Russian Federation consists of:

1) finances of enterprises, the state and the population;

2) state budget;

3) off-budget funds(State Employment Fund, Pension Fund, Compulsory Social Insurance Fund, Compulsory Medical Insurance Fund);

4) state loan;

5) insurance funds.

At the same time, other options for structuring the financial system are possible. For example, the allocation of finances of financial and industrial groups, holdings, finances of families and citizens

Enterprise finance – this is a set of monetary relations associated with the formation and use of decentralized monetary funds as a result of the circulation of production assets and participation in the reproduction of labor.

State finances – This is a set of monetary relations that are manifested in the formation and use of centralized monetary funds in order to satisfy social needs.

Public finances – a set of monetary relations associated with the formation of a household budget in order to satisfy personal needs.

The state budget - the main link of the financial system. The main sources of financing are taxes (75%) and duties (25%).

Off-budget funds – funds from the federal government and local authorities related to the financing of expenses not included in the budget through targeted tax deductions.

State credit – This is directly a loan, the sale of bonds and other securities.

Insurance funds – These are funds formed for the implementation of social, property, personal and deposit insurance.

The problems of current society that the financial system is designed to solve include:

1) disproportions in the development of the economic system;

2) insufficient rates of economic development;

3) lag in adaptation to changes in financial and external commodity markets;

4) excessive social tension, which negatively affects the reproductive process;

5) low level of satisfaction of the individual’s needs, etc.

Subsystems are large components of complex systems, which, as a rule, in turn represent complex systems.

The stock market, treasury system, financial law, insurance, stock market, etc. can be considered as subsystems of the financial system.

4. Financial market, its types and significance

Financial market - it is a financial mechanism carried out by intermediaries based on the supply and demand for capital, which is redistributed between lenders and borrowers. In practice, this is a set of credit and financial institutions that direct the flow of funds first from owners to borrowers, and then back. The main function of the financial market is the transformation of idle funds into loan capital.

Financial market sectors

1) loan capital;

2) securities;

3) currencies;

4) direct investment.

The development of the financial market is strongly influenced by factors: the value of bank discount rates, the degree of capitalization of firms, the financial policy of the state, the development of the economic situation in the country, etc.

Financial market structure. The financial market consists of the money market and the capital market.

Money market – market for short-term credit operations (up to 1 year). It is divided into regular, accounting, interbank and foreign exchange markets.

Accounting market – a market whose main instruments are treasury and commercial bills, and other types of securities with high liquidity and mobility.

Interbank market – part of the loan capital market in which the monetary resources of credit institutions are temporarily free and which are attracted and placed by banks among themselves mainly for short periods.

International payment turnover associated with the payment of monetary obligations of legal entities and individuals in various countries serves foreign exchange markets. The specificity of international payments is the absence of a means of payment generally established for all countries. A significant condition for settlements foreign trade is the exchange of currency in the form of the purchase or sale of foreign currency by the payer or recipient.

Foreign exchange markets – official centers where the purchase and sale of currencies is carried out on the basis of supply and demand.

The capital market includes medium- and long-term loans, stocks and bonds. It can be divided into the market for medium- and long-term bank loans and the securities market. The capital market is the most important source of long-term investment resources for corporations, banks and governments.

The financial market can be primary and secondary, as well as national and international. Primary financial market– a market that arises in the process of issuing securities.

Secondary – a market that arises during the redistribution of financial resources. The secondary market is divided into exchange market (purchase and sale of securities that are quoted on the exchange) and non-exchange market (purchase and sale of securities not listed on the exchange).

State and financial market. The state can conduct official monetary policy, act as both a lender and a borrower, and determine general rules organize the market and exercise control over it. The state also protects and encourages the formation of the financial market. This policy is carried out through giving the market organizational completeness, strict control and standardization of operations.

5. Stock market, its types

Stock market - this is a system of relationships between supply and demand in the securities market through the relationships between its main subjects (issuer and investor).

Types of stock market

1) primary (newly issued securities);

2) secondary (resale of securities);

3) organized (exchange);

4) unorganized (redistributed). Recently, placing temporarily free funds on the stock market has become popular. As a result the right approach this can bring higher profits than storing money in foreign currency or placing it in bank deposits. This method of storing funds has significant advantages:

There is a large selection of financial instruments for investing;

accessibility for a wide range of people (investing can be started with a small amount); good prospects for the development of the stock market in Russia;

efficiency of management;

no time restrictions, i.e. you can decide for yourself when to sell bonds or shares - tomorrow, in a month or in a year, unlike a bank deposit issued for a certain period;

independence in decision making. Stock market in Russia. The Russian stock market is relatively young. It began to emerge in the early 1990s. The stock market belongs to the category of emerging markets with their characteristic high returns, but at the same time with the highest degree of risk. Behind last years There have been a number of positive changes in the Russian securities market:

1) market liquidity and information transparency of issuers have increased;

2) new mechanisms for protecting the rights of investors have been developed, and the legislative framework has been strengthened.

All these changes, as well as the improvement in the economic and political situation in the country, contribute to the international recognition of Russia and the growth of its credit ratings among international rating agencies. Using the rating, issuers are classified into an investment or speculative group. The investment status allows one to count on a significant increase in the influx of investment into the country, since large Western institutional investors (investment and pension funds, insurance companies) do not have the right to invest their funds in countries with a low speculative rating.

Today, Russia is very close to an investment rating. Since 2003, international agencies have regularly assigned investment ratings to Russia. In this regard, it is believed that the Russian securities market has significant potential for future development.

Stock market infrastructure. Transactions with securities are concluded with the participation of:

1) brokers who are financial intermediaries between investors and exchanges (investment companies or banks);

2) stock exchanges, which are the organizers of trade;

3) ownership of them based on the results of transactions;

4) settlement bank.

6. Financial policy of the Russian Federation

Financial Policy – this is a special area of state activity, which is aimed at mobilizing financial resources, their equal distribution and use for the state to carry out its functions

Parts of financial policy: goal definition; identifying the tools and methods by which this will be achieved; management of financial activities of farms and other business entities.

Types of financial policies:

1) classical (A. Smith, D. Ricardo, theory of free competition, government regulation is reduced to a minimum. Minimums of income, expenses and taxes must be balanced);

2) regulatory (FR. Roosevelt, J. Keynes, increase in government spending, the state must have a deficit of funds, an income tax is proposed);

3) planning and directive (financial flow management from a single center);

4) non-conservative (multi-purpose financing of the economy, stimulating supply, low tax rates).

Financial policy objectives:

1) increasing the volume and efficiency of use of financial resources. When developing and implementing financial policy, failure to take into account increased efficiency in the use of financial resources can lead to dissipation of funds and a reduction in sources of satisfying the ever-increasing economic and social needs of society;

2) improvement and structural restructuring of the economy: reduction of costs for the military-industrial complex, increase in the total production volume of the share of industries of the second group, streamlining money circulation and an idea for the prospect of restoring the convertibility of the ruble;

3) achieving the highest standard of living of the population based on the development of agricultural and industrial sectors.

The standard of living of the population is a value that determines the development of production, the structure and direction of use of financial resources.

Three stages of financial policy implementation:

1) development of scientifically proven concepts for the development of finance, formed on the basis of studying the requirements of economic laws, the state of the needs of the population and a multilateral analysis of the prospects for improving production;

2) developing tactics and strategies for financial policy, i.e. identifying important areas for using finance in the future and the current period. The possibilities of decline and growth of financial resources, as well as internal and external political and economic factors are taken into account;

3) implementation of practical actions aimed at achieving the goals.

The main instruments of financial policy in the Russian Federation are:

1) public works and other programs that involve expenses;

2) social programs;

3) government procurement;

4) public investment;

5) changes in transfer or redistribution expenses;

6) management of tax oppression.

7. Securities market

Stocks and bods market - This is the market where transactions with securities are carried out.

Investor – This is the person who purchases the securities.

Issuer – This is the person who issues securities.

Functions of the securities market: price; a commercial; regulating; informational; hedging function. The most representative securities market is traditionally the stock exchange.

Stock Exchange - this is a certain organized portion of the securities market in which purchase and sale transactions with these securities are carried out through the mediation of exchange members

Stock values are securities with which transactions can be carried out on the stock exchange. Exchanges can be divided into currency, commodity and stock exchanges. Beginning with late XIX– the beginning of the 20th century, stock exchanges are the most important centers of national and international life. The role of the exchange as a whole should not be underestimated, nor should it be overestimated. It depends on the capacity and diversity of the securities market, which is subsequently determined by many circumstances, mainly in the field of regulation of bank credit

As a result, the stock exchange is only part of the securities market, which is organized and most strictly regulated. Therefore, the establishment of basic rules for trading in securities is positive in that already at the first stages it makes it possible to limit the number of illegal transactions and methods of obtaining funds as a result of general incompetence. Stock exchanges, as useful economic instruments, allow private savings to be channeled into long-term financing of economic growth. The benchmark resulting from the redistribution of society's investment resources can be stock exchange estimates of the profitability of investments. Stages of securities issue:

1) primary issue (a decision is made to issue securities, placement is carried out by intermediaries and underwriters);

2) organization of circulation of securities and payment of income on them;

3) withdrawal of securities from circulation. Sources of investment financing. In accordance with the Law on Investment Activities in the Russian Federation, the following groups of sources of investment financing are distinguished.

1. The investor’s own financial resources and on-farm reserves (profit, depreciation, cash savings and savings, funds paid by insurance organizations in the form of compensation for losses, other own sources, such as the mobilization of internal resources in construction, etc.).

2. Borrowed financial resources (bank and budget loans, bond issues).

3. Raised financial resources (funds from the sale of shares, shares of members of labor collectives).

4. Funds centralized by associations and unions of enterprises.

5. Allocations from the federal, regional and local budgets.

6. Foreign investment.

Resource allocation function is associated with the provision of certain benefits to society by the state that the private sector cannot and does not want to provide: internal and external security (police, army); creation of a transport network (roads, lighting); construction of city utilities (water supply, sewerage), etc. Providing this type of benefit assumes that part of the available production resources will be spent differently than it would have been done by the private sector, i.e., an allocation of resources will be carried out.

Purpose income redistribution functions is to adjust the distribution of income and wealth to achieve greater social justice. Income redistribution is based on two basic rules. Firstly, persons with increased income contribute to the society's fund a share in their relative size that exceeds the public assistance they receive. Second, low-income individuals receive more from the government than they contribute to the general financial fund.

Economic stabilization function carried out through the implementation of economic policy targets aimed at ensuring high employment, price stability, constant and proportionate economic growth.

In addition to these, the financial system performs narrower, traditional functions.

Accumulating function– implementation through a special economic mechanism of concentration of funds, creating the material basis for the existence of the state and ensuring its functioning.

Regulatory function acts in the form of stimulating the activities of economic entities aimed at developing scientific and technical progress and solving social problems.

Distributive function is carried out through the formation and use of funds through the appropriate funds for special purposes: the state budget, social insurance fund, enterprise funds, special funds. As a result, a structural restructuring of the national economy is achieved, and various targeted programs are implemented.

Control function is aimed at ensuring the correct collection of taxes and their use for their intended purpose.

Financial policy. Subjects of financial relations

Financial policy- this is a set of state measures to mobilize financial resources, their distribution and use on the basis of financial legislation. In this case, objective aspects are basic when constructing financial legislation; subjective - these are the actions of people to mobilize financial resources, their distribution and use for the implementation of strategic goals, specialized programs and for the implementation of current national economic activities.

In a crisis, financial policy, on the one hand, is aimed at stopping the decline in production, as well as stimulating its development, concentrating financial resources for their investment in priority sectors of the economy; on the other hand, to curb social programs, reduce defense spending, etc.

When an economy transitions from a crisis to a state of sustainable development, the direction of financial policy changes. The defining condition is the achievement of sustainable general economic equilibrium development.

The subjects (carriers) of financial relations are states, enterprises, firms, institutions, organizations, sectors of the economy, regions of the country and individual citizens. The connections that arise between them regarding the formation and use of funds of funds through the relevant institutions act in the form of financial relations. These relationships are formed in the form of groups of relationships:

between the state and local authorities;
between the state and enterprises;
between firms;
between firms and banks;
between the state and public organizations;
between the state and the population.

Financial relations cover the system of payments to the state budget and various funds government organizations; mutual payment obligations carried out on the basis of agreements between firms; relations between enterprises and banks regarding the receipt and use of loans; relations between the state and the population related to the receipt of various types of transfer payments, the sale of loans, the organization of drawings for lottery tickets, etc.

State and consolidated budgets. Budget deficit and public debt. Fiscal federalism

The central link of the entire financial system is the state budget. With its help, the state distributes and redistributes the gross national product between territories, industries and spheres of the national economy.

In the process of using centralized funds, budgetary relations develop. They represent financial relations that arise between the state, on the one hand, and enterprises, organizations and the population, on the other.

Redistribution of GNP with the help of the budget is carried out through special economic forms in the form of income and expenses.

Budget revenues are generated from sources that are divided into internal and external.

Internal income includes income that is associated with the domestic (national) production of goods and services. Revenues include components such as:

taxes (mandatory payments levied to the state or local budget from individuals and legal entities);
fees (payments for the right to trade, for parking vehicles, resort fees, excise taxes, customs duties, etc.).

External sources- This is income in the form of borrowed funds provided by other states or international organizations.

Spending the budget carried out through the distribution and use of budget funds for the needs of the economy and for the performance of state functions. Taking into account public needs, budget funds can be allocated: for the needs of the national economy; for social and cultural events; for defense; for management.

Expenditures are divided into expenses included in the current expenditure budget and the development budget. The current expenditure budget includes expenses for current needs. The development budget includes funds intended for investments related to the socio-economic development of territories, with innovation activities, with the implementation of major economic programs.

In cases where expenses exceed income, there is budget deficit.

It must be borne in mind that if the deficit is temporary and does not exceed 10% of the amount of income, then it is considered completely acceptable. A deficit exceeding 20% is critical.

Overcoming the budget deficit must first of all be based on the development of production, on achieving financial stability all industries and enterprises of various forms of ownership, to revitalize.

Sequestration. In order to ensure stability in the field of budgetary relations, the size of the budget deficit may be established. If in the process of budget execution the maximum deficit level is exceeded, then a mechanism for sequestration of expenses is introduced, which consists of a proportional reduction in government spending on all items.

State debt is the sum of the budget deficits accumulated in the country over a certain period of time, minus the positive balances existing at the same time. Public debt can be internal or external.

Domestic debt is the debt of the government to the population of its country. Domestic debt appears in the form of government bonds.

External debt- This is the debt of the state to citizens and organizations of other countries.

The presence of a large public debt is accompanied by a breakdown in the functioning of the financial system, the occurrence of non-payments, and the emergence of uncertainty in business activity among entrepreneurs and individual citizens.

Budget system- this is a set of budgets used in the country, based on certain principles and legal norms, taking into account the state structure.

Budget structure of Russia includes:

the federal (republican) budget, which concentrates the budgetary resources necessary to implement expenses of a national nature;
budgets of the subjects of the Federation (regional budgets);
local budgets (budgets of municipalities).

In general, the Russian budget system includes: the federal budget; republican budgets of the republics that are part of the Russian Federation; regional and regional budgets; city budgets of Moscow and St. Petersburg; budgets of districts, regional cities located in the region; budgets of villages, district cities located on the territory of the district and other populated areas. The entire budget system of Russia is built taking into account the principle of unity and the principle of independence.

The principle of unity means that all budgets are built according to uniform legal standards.

The principle of independence means that all levels budget system are provided with their own sources in the form of income and the right to use them for the needs of each of the subjects.

Consolidated Budget is a set of budgets of lower territorial levels and the budget of the corresponding national-state or administrative-territorial entity, used to carry out comparable calculations and analysis.

Off-budget funds- this is a special form of using funds raised in addition to the budget to finance various tasks solved by the state. According to their intended purpose, extra-budgetary funds are divided into economic and social; by level of management - federal, regional and local.

The main extra-budgetary funds in Russia include:

State Social Insurance Fund;
Pension Fund;
Mandatory Health Insurance Fund, etc.

State Social Insurance Fund involves the creation of monetary resources for the payment of benefits for temporary disability, pregnancy and childbirth, funeral expenses, and to finance sanatorium and resort services. This fund is created by the insurance method with the mandatory participation of enterprises and organizations.

Pension Fund is an organizational and financial structure that serves pensioners. He is engaged in targeted fundraising to pay pensions and child benefits. The income of the Pension Fund is generated from insurance contributions of enterprises and organizations; citizens engaged in labor activities; as well as funds from the republican budget for the payment of state pensions and benefits to the military.

State Employment Fund is necessary for financial support of people who have lost their jobs, as well as for their training in another specialty. The fund is formed from mandatory contributions from employers and mandatory insurance contributions from employee earnings within the limits of the total amount of taxes levied.

Compulsory Health Insurance Fund designed to provide free medical care. In St. Petersburg, for example, healthcare institutions included in the system of mandatory medical services issue citizens medical insurance policies, the owners of which are entitled to free medical care.

Fiscal federalism- this is a set of principles and mechanisms of budgetary and financial relations between various levels of government and management, suggesting the decentralization of the financial system and the expansion of budgetary rights of the regions.

The main principles of fiscal federalism are:

independence of budgets at various levels;
legislative delimitation of budgetary responsibility and powers to spend revenues between federal, regional and local governments;
establishing legal methods for regulating interbudgetary relations and providing financial assistance subjects of the Federation;
ensuring compliance (balance) between the functions of spending funds and revenue receipts assigned to a given budget level.

The Russian system of fiscal federalism includes:

a system of poles of budget flows: the federal budget, the budgets of 89 constituent entities of the Federation and local budgets;
tax federalism, i.e. the division of taxes into federal, regional and local;
creation of a block of financial transfers in the form of a federal fund for financial support of constituent entities of the Federation;
block of subsidies and subventions to the subjects of the Federation.

Taxes and tax system. Principles of taxation. Types of taxes. Laffer curve

Taxes- these are mandatory payments levied by the state from legal entities and individuals based on established legislation. Historically, they arose with the advent of the state in the form of “citizen contributions” for the maintenance of public authority.

In modern developed countries, taxes provide up to 90% of revenues to the state and approximately 70% to local budgets.

Tax policy is one of the most important methods state regulatory impact on the country's economy.

Tax system is built on the basis of existing legislative acts of the country, which establish the main elements of the tax. These include:

Subjects of the tax system or taxpayers, i.e. individuals and legal entities who, in accordance with existing legislation, are required to pay taxes.

Objects of the tax system– income or property on which tax is charged in accordance with the law (salaries, profits, real estate, etc.).

Tax source– net income of society.

Tax rate– is a percentage or share payable on income or property; tax rate is the amount of tax per unit of taxation (per ruble of income, per ruble of property value, etc.).

Fixed tax rates is a method according to which tax rates are set in an absolute amount per unit of taxable product (ton of oil, cubic meter of gas, hundred square meters of land, etc.).

Depending on tax rates, taxes are divided into progressive, proportional, regressive, and degressive.

Progressive taxation assumes that the tax rate increases as the amount of taxable income increases (the tax rate increases as income grows).

Proportional taxation means that the tax rate does not depend on the amount of basic income subject to taxation (regardless of the amount of income, a single tax rate applies).

Regressive taxation– As income increases, the tax rate decreases.

Degressive taxation assumes an increase in the tax rate as basic income increases. At the same time, the increase in the tax rate decreases as the basic income increases, i.e., each subsequent increase in the tax rate is less than the previous one.

Functions of taxes. When choosing a taxation system, it is necessary to take into account the functions performed by taxes.

Essence fiscal function comes down to using taxes to create centralized funds and thereby ensure material conditions for the functioning of the state.

Economic function involves taxes performing active actions in the implementation of economic processes. Taxes, participating in the redistribution of financial resources, have a stimulating effect on the rate of economic growth; strengthen or weaken capital accumulation; expand or contract the effective demand of the population.

Tax principles. The taxation system must be based on certain principles. In this regard, the famous four fundamental principles of taxation formulated by A. Smith have not lost their relevance.

The principle of justice. All citizens of the state must participate in the maintenance of the government according to the income they receive under the auspices and protection of the state.

The principle of certainty. The tax paid by each individual citizen of the country must be precisely determined in terms of amount, due date and method of payment.

The principle of convenience. When collecting tax, it is necessary to establish the time and method of paying the tax from the point of view of the convenience of the payer. The principle of economy is to reduce the costs associated with collecting taxes.

The tax system should be structured in such a way that as little money as possible is taken from the pockets of the people in excess of what goes into the state treasury. If, for example, the collection of a tax requires a large army of officials, then their salaries can absorb a significant amount of tax revenue.

In addition, the taxation system must be understandable to the taxpayer, and the tax object must be protected from double and triple taxation, which is often observed nowadays.

The principles of a rational taxation system were formulated by the famous German economist H. Haller.

The principle of low taxation. Taxation should be structured in such a way that the cost to the state of its implementation is as low as possible.

The principle of cheap tax payment. The tax system should be such that the cost to the taxpayer and the procedure for paying taxes are as low as possible.

The principle of limiting the burden of taxes. Taxation should be as intrusive as possible for the taxpayer in order to have a minimal impact negative impact on its economic activity.

To date, two main taxation concepts.

The first concept is based on establishing the amount of taxes in proportion to the benefits that individuals and legal entities receive from the state. We are talking about financing those benefits that business entities use and benefit from. For example, those who use bridges, roads, etc. must pay the costs associated with their maintenance and repair. The implementation of this concept is associated with difficulties in determining personal benefits, each taxpayer receiving income from state expenditures on defense, health care, education, etc.

The second concept is based on a system for establishing the amount of taxes, which is built in direct dependence on the income received by individuals and legal entities.

This concept is more fair, rational and relatively simple.

A. Laffer curve. When taxation is very important point is to establish optimal tax rates. It is well known that high taxes restrain the economic activity of business entities, which leads to a reduction in production volumes and income. Low taxes increase incentives for producers and thereby help expand production and increase income.

There are different approaches to using tax rates to influence economic processes. Some solve problems that arise in the economy from the standpoint of demand (“demand economics”), others from the standpoint of supply (“supply economy”).

Representatives of demand economics, which include Keynesians, for example, propose introducing higher taxes when inflation rates rise. The total income and purchasing power of society decreases, which leads to a restriction in demand. As a result, prices fall and inflation subsides.

Proponents of supply-side economics, on the contrary, advise reducing taxes, which stimulates production, leads to an increase in supply and a decrease in inflation. They believe that high taxes increase costs for businesses, which are passed on to consumers in the form of higher prices, thereby causing increased inflation.

This creates a dilemma: demand-side economists believe that demand creates its own supply, while supply-side economists believe that supply creates its own demand. There is no clear answer to this dilemma.

At the same time, the American economist Arthur Laffer in the early 1980s. found that when the tax rate increases, government revenues first increase. But, if the tax rate exceeds a certain limit, tax revenues will begin to decrease, since too high taxes reduce people's desire to work in the “bright” legal economy. The higher the tax rate, the lower the production volume and the lower the government revenue. The graphically displayed relationship between tax rates and tax revenues is called the Laffer curve (Fig. 22.1).

The graphical representation of the curve indicates that at a zero tax rate there is no revenue to the budget, and at a 100% tax rate there is also no revenue to the budget. In the legal economy, in the absence of income, no one wants to work, the population and entrepreneurs go into the shadow economy. In other cases, producers will work and pay taxes, which go to the budget.

The maximum amount of tax revenue to the budget is achieved at point A at a tax rate r = 50%. If the economy located to the right of point A moves to point B, then a decrease in the tax rate to rB in the short term will lead to a temporary reduction in tax revenues to the budget, and in the long term - to their increase (increasing incentives to work will lead to an expansion of entrepreneurial activity). activities in the legal economy).

It should be borne in mind that in practice, A. Laffer’s ideas are quite difficult to use, since the Laffer curve does not answer the question of what the maximum tax rate is. IN different countries different tax rates are used, the values of which are determined by the tax policy of the state; the size and structure of the public sector; the state of the economic situation of the country, etc. It is believed that the highest rate of income taxation ranges from 50–70%.

The modern tax system includes two main types of taxes: direct and indirect taxes.

Direct taxes are established directly on income or property. Direct taxes are divided into real and personal.

Real taxes Individual property objects are taxed: land plots, houses, industrial and commercial enterprises, money capital.

Personal taxes income of individual individuals or legal entities is taxed.

Such taxes include income, property, inheritance and gift taxes.

Indirect taxes are charged to customers through the prices set for goods and services. When selling goods or services, the owner receives income, which includes tax revenues. The latter are directly transferred to the state fund.

Target taxes. In addition to direct and indirect taxes, contributions related to social payments have recently become widespread. These include: Pension Fund, medical insurance fund, employment fund, social insurance fund. By their essence, they are targeted taxes, as they have a specific purpose. The classification of the main types of taxes in the Russian Federation is presented in table. 22.1.

Tax system. In the Russian Federation, depending on the body that collects the tax, there are federal, regional and local taxes (Table 22.2).

Federal taxes levied by the central government on the basis of state legislation and sent to the state budget.

Regional taxes include regional payments for the use of natural resources (water fees, forest taxes, etc.).

Local taxes are collected by local authorities in the relevant territory and go to local budgets.

The most important taxes include:

Personal income tax– a direct progressive tax levied on the entire population’s income. Income tax is a regulatory tax. A significant part of it is usually transferred to local budgets.
Tax on profits of enterprises and organizations– direct proportional tax. The rate of this tax is divided: 13% of the profits (income) of enterprises and organizations is credited to the federal budget, and up to 22% to regional budgets.
Value added tax (VAT)– an indirect, regressive tax, which is classified as a regulatory tax. Its basic rate is 20%. In many cases, part of this tax is transferred to regional budgets. According to economists, VAT has a restraining effect on economic growth.

Excise taxes– These are fees levied on the sale of special goods. Their list is approved by a special law. Such goods usually include tobacco products, jewelry, petroleum products, etc. This tax is indirect, regressive, regulatory, and is imposed on goods with inelastic demand.

Property taxes– These are taxes on the personal property of citizens and the property (funds) of enterprises. Its rate is 0.1% for the property of citizens and up to 2% for the property of legal entities. Property taxes, as a rule, are assigned to regional and local budgets. They are direct, proportional taxes.

22.2. Financial policy. Subjects of financial relations

In our economic literature, in a broad sense, financial policy was usually understood as the unity of the objective and the subjective. The objective side is that the policy is built in accordance with the requirements of economic laws. It follows that the success of financial policy largely depends on knowledge and the identification of economic patterns. At the same time, politics is always subjective, since it is implemented by people, their will and efforts.
Financial policy is a set of government measures to mobilize financial resources, their distribution and use on the basis of financial legislation. In this case, objective aspects are basic when constructing financial legislation; subjective - these are the actions of people to mobilize financial resources, their distribution and use for the implementation of strategic goals, specialized programs and for the implementation of current economic activities.
In a crisis, financial policy, on the one hand, is aimed at stopping the decline in production, as well as stimulating its development, concentrating financial resources for their investment in priority sectors of the economy; on the other hand, to curb social programs, reduce defense spending, etc.
When an economy transitions from a crisis to a state of sustainable development, the direction of financial policy changes. The defining condition is the achievement of sustainable general economic equilibrium development.
The subjects (carriers) of financial relations are states, enterprises, firms, institutions, organizations, sectors of the economy, regions of the country and individual citizens. The connections that arise between them regarding the formation and use of funds of funds through the relevant institutions act in the form of financial relations. These relationships are formed in the form of groups of relationships:
♦ between the state and local authorities;
♦ between the state and enterprises;
♦ between companies;
♦ between firms and banks;
♦ between the state and public organizations;
♦ between the state and the population.
Financial relations cover the system of payments to the state budget and various funds of government organizations; mutual payment obligations carried out on the basis of agreements between companies; relations between enterprises and banks regarding the receipt and use of loans; relations between the state and the population related to the receipt of various types of transfer payments, the sale of loans, the organization of drawings for lottery tickets, etc.

Finance (from Lat - payment) is a system (set) of economic relations in the process of creating and using centralized and

decentralized money, which arose with the emergence of the state and is inextricably linked with its existence and functioning

Finance is one of the most important and complex economic categories. They have both visible and hidden forms of manifestation. Types of this side of finance are manifested in cash flows moving between subjects of financial relations. These flows - their nature and forms, direction and volumes - are the subject of practical financial activities. The hidden side of finance is connected with the fact that certain cash flows are represented, namely, the movement of the value of the gross domestic product created in society, that is, exchange and distribution relations. The effectiveness of the economic system and the development of society depend on the smoothness of their relationships. These relationships characterize the internal essence of finance and are the subject of financial sciences.

Financial resources are a set of funds of funds at the disposal of the state, enterprises, organizations that characterize the financial state of the economy and at the same time are a source of its development. ITK.

There are centralized (created at the state level) and decentralized (created at the level of enterprises and associations) financial resources. The main source of financial resources is the gross national product.

The methods by which the state can mobilize financial resources are:

o collection of taxes;

o deductions of part of the profits of state-owned enterprises;

o contributions for insurance and other types of contributions to centralized funds;

o sale by the state of securities and its property;

o obtaining loans;

o money mission

o the characteristics of financial relations are associated with the identification of their objects and subjects

The objects of these relations are national wealth and gross domestic product (GDP):

1. National wealth - the value of the material assets accumulated in the country and the natural resources involved in the production. These are fixed assets, material resources, insurance reserves, gold reserves, foreign exchange reserves, and natural resources.

2. Gross domestic product (GDP) - added value produced in the country by producers of goods, works, services in the current year; depreciation; wage; profit; loan interest; rent; indirect taxes.

The main source of financial resources is the gross national product (GNP)

Distribution. GDP is a necessary condition for ensuring the continuity of production. Finance plays the role of a connecting link between several production cycles, without them it is impossible to reproduce production - neither simple nor extended. Therefore, on the one hand, distribution. GDP, as an object of financial relations, characterizes a normal financial situation: society distributes and, accordingly, consumes or accumulates what it creates.

In conditions when the object of financial relations is national wealth, what was created by previous generations or given by nature is used to generate income. This phenomenon is only natural when there are excess fixed assets or material resources that are not used, as well as when there are significant reserves of natural resources that exceed the needs of a given country. In other times of crisis, the sale of national wealth is the usual “eating” of resources. In turn, this may be caused by an economic or financial crisis, when there is practically no other option, without a fiscal policy response. A normal financial situation is the main object of financial relations. GDP; national wealth lies only in the part of excess resources. Crisis financial situation -. GDP is not sufficient for generating income and financial resources, so the national wealth is being sold off.

The subjects of financial relations are entrepreneurs, workers and employees - according to the right of producers. GDP, the state - by right of the governing structure of society, or as an owner-entrepreneur

The rights of entrepreneurs and workers reflect their indisputable ownership rights to what is produced. GDP. Within the public sector, the same rights belong to the state, which in this case is not usual for entrepreneurs.

The rights of the state as the governing structure of society are determined by the objective needs of establishing a system of financial support for the state to perform its functions. It can accumulate the funds necessary for the state in this way:

o earn as the owner of the means of production;

o receive from natural resources owned by him;

o mobilize through redistribution of income of legal entities and individuals

The rights of the state in distribution relations are regulated in legislative form

Since the object of financial relations is each other, and there are three subjects, these relations have a pronounced contradictory character. Each subject strives to get as much as possible, but this can only be done at the expense of other subjects who have the same interests. This implies the need to balance the interests of all subjects.

Ways to balance financial contradictions:

1. Setting optimal distribution proportions. GDP

2. Ensuring constant simultaneous growth of income of each of the subjects

Balancing the interests of subjects of financial relations is achieved primarily by establishing optimal distribution proportions. GDP, that is, those that correspond to the contribution of everyone, including the state, to its production.

There are no scientifically established indicators of distribution proportions and effectiveness criteria in practice. The assessment is carried out indirectly based on indicators of economic efficiency and social stability. I: If the economy functions normally and efficiently, then there are no significant contradictions in distribution. If there is no social tension in a society, then it is generally satisfied with the proportions of distribution. GDP. The specified assessment criteria are reflected in fairly accurate economic indicators- level. GDP (GNP) per capita and growth rate. BB. GDP.

The size of gross national income per capita characterizes the degree of development of a country. This is one of the main criteria for the standard of living of individual countries. As a relative indicator, it characterizes what is subject to loss of distribution per citizen. Size. GNP per capita per year in different countries has very significant fluctuations. Ukraine is included in the group of countries with below average income in the world, equal to 4880 US dollars (World development report, 1997 Oxford University presspress).

Ensuring constant simultaneous growth of income of each of the entities is achieved on the basis of continuous growth. GDP. Rates of growth. GDP characterizes the dynamics of financial relations: the higher they are, the more income needs are satisfied. Psychologically, first of all, it is not so much the level that is perceived. GNP per capita and the amount of income of each subject, how much is their dynamics. Constant age Any income creates a favorable climate in society. As you know, any decrease in income and reduction in living standards is perceived negatively, regardless of what the absolute amount of income is. In the richest countries, only a slowdown in income growth, not to mention their fall, is perceived negatively. Conversely, in poor countries the situation is favorable, with high growth and low income; after all, it is constant growth that leads to its high level per capita.

For the occurrence finance As a sphere of economic relations, it is necessary for the emergence and coincidence in time at a certain historical stage of a whole set of conditions (or prerequisites), such as:

education and recognition of individuals for goods, services, land, etc.;
the existing system of legal norms regarding property relations;
strengthening the state as a spokesman for the interests of the entire society, acquiring the status of owner by the state;
the emergence of socially diverse population groups.

All these conditions arise under one general prerequisite: a sufficiently high level of production, an increase in its efficiency, growth and exceeding the limits necessary for biological survival.

The formation, distribution and use of monetary income is the main condition for the emergence of finance.

Financial interests are the interests of the owners of monetary income.

For the emergence of finance, a high level of development of the monetary economy, a constant circulation of money in large sizes, formation and use of the basic functions of money. Finance- is the movement of cash income. Financial relations always affect property relations. These are not only monetary relations, but also property relations. The subject of economic relations must always be the owner. It is by distributing and using cash income, of which he is the owner, that each participant in economic relations can realize his interests.

Financial resources

No economic or political decision of any importance can be implemented without a preliminary assessment of the amount of monetary income required for this. The distribution and accumulation of monetary income acquires a targeted character. The concept of “financial resources” arises. Being monetary income, accumulated and distributed for certain purposes, financial resources are used for various social, economic, scientific, cultural, political and other purposes (Fig. 18).

Financial resources- These are accumulated incomes intended for specific needs.

Rice. 18. Main directions of use of financial resources

Financial resources serve all stages of the movement of cash income from their formation to use.

Since finances are determined by the movement of cash income, the patterns of their movement affect finances. Income usually passes through three stages (stages) in its circulation (Fig. 19):

Rice. 19. Stages of cash flow (finance)

Finance, as we see, relates to all stages of the formation, distribution and use of monetary income. Primary income are formed as a result of the sale and distribution of proceeds from the sale of goods and services. Since the production process is, as a rule, continuous, it is necessary to allocate part of the proceeds at the stage of sales of goods to ensure the continuity of the production process.

Primary income is formed as a result of expanded commodity production and is serviced by finance.

Rice. 20. Process of expanded reproduction

Primary distribution is the formation of primary income based on gross receipts.

Secondary distribution of monetary income (redistribution) can occur in several stages, that is, it is of a multiple nature.

As can be seen from the schematic recording of the abstract production process (Fig. 20), any production ends with the primary distribution of monetary income, without which further economic development is impossible. And the distribution of money income ( D") is served by finance. The allocation of financial resources for the expansion of production takes the following forms: payment of current material costs, depreciation of equipment, rent, interest on loans, wages of workers employed in this production. After the primary distribution of monetary income, the processes of redistribution begin, i.e., the formation of secondary income. These are primarily taxes, contributions to insurance funds, contributions to social, cultural and other organizations.

Last stage distribution and redistribution of income - their implementation. Realizable income called final. Part of the final income may not be realized, but directed towards accumulations and savings. However, there is the following financial equality, which is not violated under any circumstances:

ΣA = ΣB + ΣС,

A- primary income;
IN— final income;
WITH- savings and savings.

The distribution process is influenced not only by finances, but also by prices.

Since the process of selling any goods (goods, services, etc.) into monetary income is carried out at certain prices, then price dynamics has an independent impact on the distribution process. The more prices change (both up and down), the more money income fluctuates. These shifts occur especially sharply in conditions of inflation.

Financial resources as part of cash income come in various forms. For the real sector of the economy (production) this is part of the profit, for the state budget - the entire amount of its revenue part, for a family - all the income of its members, etc.

Financial resources- this is that part of the funds that can be used by their owner for any purpose at his discretion.

The process of distribution and redistribution of financial resources

Financial resources are offered on the market a large number economic entities and the population. It is clear that potential users (consumers) of these funds are not able to independently establish business relationships with every business entity, with every citizen. In this regard, the problem arises of combining scattered savings into significant amounts of financial resources that can be offered for use by a large potential investor.

This problem is solved financial intermediaries(banks, investment and mutual funds, investment companies, savings associations and
etc.), which accumulate free resources, primarily from the population, and pay interest on these resources. Financial intermediaries provide raised resources as loans or place them in securities. Their income consists of the difference between the interest paid on the resources attracted and the interest received on the resources provided.

Owners of cash savings can transfer their funds to investment companies, or they can directly acquire industrial corporations. But in the second case, they will encounter intermediaries - dealers And brokers, which represent professional participants financial markets. Dealers carry out transactions independently, on their own behalf; brokers act only on behalf of clients and on their behalf.

Timely financial market offers potential investors wide investment opportunities through the acquisition of monetary obligations of a wide range of business entities. These monetary obligations are called financial instruments. These include: promissory notes, futures contracts, etc. A variety of financial instruments allows money owners to diversify their investment portfolio, that is, invest their savings in the obligations of different companies and banks. These obligations will have different returns, but also different degrees of risk. If a company goes bankrupt, investments in other companies will remain. Diversification of an investment portfolio is carried out according to the principle: “you cannot put all your eggs in one basket.”

Financial relations as a sphere of economic activity

Financial relations- these are relations associated with the distribution, redistribution and use of monetary income.

The phenomenon of financial relations as a sphere of economic relations in society arises at the stage of distribution of primary income (Fig. 21).

Rice. 21. Financial relations at the stage of distribution of primary income

Financial relations, arising in connection with money and servicing the circulation of money income, concern almost all individuals and legal entities. Main participants in financial relations are producers of any product (real sector of the economy); budgetary and non-profit organizations; population, state, banks and special financial institutions. In the course of their development, financial relations give rise to credit and exist with them in close relationship (Fig. 22).

Credit relations is part of financial relationships. Both are the result of monetary relations.

Rice. 22. The place of credit and financial relations in the structure of economic relations

Credit relations arise in connection with the provision of money by one entity to another (individuals and/or legal entities) on the terms urgency, repayment, payment.

The main difference between financial and credit relations is the repayment of funds provided on the terms of urgency, repayment and payment.

Usually isolated three stages of income flow, reflecting the formation of primary, secondary and final income.

Primary income are formed as a result of distribution (work, services). The amount of revenue is divided into a fund for compensation of material costs incurred in the production process (cost of raw materials, equipment, rent), the employee and the owner of the means of production. Thus, during the primary distribution, the income of the owners is formed. In addition, the following circumstance should be taken into account: indirect taxes established by the state are included in primary income. Therefore, at this stage, government revenues are partially generated.

At the second stage, from primary income Direct taxes and insurance payments are paid, and assistance is provided to the disabled. From the newly created funds of funds, in particular, from various levels of government, funds are paid representing the expenses of workers in the non-material sphere, doctors, teachers, notaries, office workers, military personnel, etc.

As a result of this process, a new income structure is formed. It consists of secondary incomes formed during the redistribution of primary incomes.

But doctors, teachers, and employees, in turn, pay taxes and make insurance contributions. These taxes and contributions form funds intended for certain payments. As a result of such payments, tertiary income may be generated. The chain of their formation is almost impossible to trace. The movement of these incomes is a very complex process.

The result of this process, its third final stage, is the formation of final income. They are used to purchase goods and services. A certain portion of income is saved.

The amount of primary income for a certain period necessarily equals the amount of final income plus savings. Distribution and redistribution of income means the formation of a new structure. Moreover, this structure reflects the economic relations (connections) between economic structures and the state.

At each stage of income generation, funds of funds are formed, i.e. finance. Consequently, it is finance that mediates the processes of distribution and redistribution of income.

The result of the functioning of the financial system is a changed structure of income.

Distribution process added(newly created) cost through is shown in Fig. 1. As can be seen from Fig. 1, as a result of the distribution of primary income of owners (entrepreneurs and workers), the income of workers in the non-material sphere is formed. However, it should be taken into account that in reality distribution processes are much more complex than reflected in Fig. 1. Part of the income of workers in the material sphere is distributed in favor of workers in the non-material sphere directly through the consumption by the former of services provided by the latter. This is how the income of lawyers, notaries, security guards, etc. is formed. In turn, they pay taxes to budgets participating in subsequent redistributions of income.

Finance as monetary relations arises at the stage of distribution. But they are the most important link in everything and have the strongest influence on it.

Rice. 1. Distribution of added value through the financial system

Control function

Control function consists of constant monitoring of the completeness, accuracy and timeliness of receipt of income and implementation of expenses from all levels and. This function manifests itself in any financial transaction. All these operations must not only be economically feasible, but also not contradict current legal norms. The control function of finance is expressed in the formation of funds of funds (budgets and extra-budgetary funds) in accordance with the declared goals and established legislative branch standards. This function involves not only monitoring processes occurring in financial sector, but their timely adjustment in accordance with the norms of current legislation.

In practical terms control function finance is a system. This control ensures the validity of the formation of budget system revenues and the expenditure of budgetary funds and extra-budgetary funds. Financial control is divided into preliminary, current and subsequent. Preliminary control is carried out at the stage of developing forecasts of budget revenues and expenses and preparing draft budgets. Its purpose is to ensure the correctness of budgetary indicators. Current control is responsible for the timeliness and completeness of the collection of planned income and the targeted expenditure of funds. Subsequent control is aimed at verifying the reporting data.

Stimulating function

Stimulating function finance is associated with the impact on processes occurring in the real economy. Thus, during the formation of budget revenues, tax benefits may be provided for certain industries. The purpose of these incentives is to accelerate the growth rate of technologically advanced products. In addition, the budgets provide for expenses that can ensure structural restructuring of the economy through financial support for high-tech technologies and the most competitive industries.

Finance, understood in the broad sense of the word, includes all monetary funds, including loans. Therefore, credit relations are part of finance. is the movement of the loan fund.

One can also define credit as a system of economic relations regarding the transfer from one owner to another for temporary use of values (including money). Credit relations have their own specifics. A loan is associated with the transfer of a fund of funds for temporary use on the terms of repayment, urgency, payment, and security. These conditions distinguish credit relationships from other financial relationships.