Putin signs federal budget law

Russian President Vladimir Putin has signed a federal law "On the Federal Budget for 2015 and the Planned Period of 2016-2017," adopted by the State Duma on November 21, 2014, and approved by the Federation Council on November 26, 2014, the Kremlin press service said on Wednesday.

Russian President Vladimir Putin has signed a federal law "On the Federal Budget for 2015 and the Planned Period of 2016-2017," adopted by the State Duma on November 21, 2014, and approved by the Federation Council on November 26, 2014, the Kremlin press service said on Wednesday.

The federal law is based on the Russian socioeconomic development forecast for 2015 and the planned period of 2016-2017, the tax policy guidelines for 2015 and the planned period of 2016-2017 and state programs of the Russian Federation.

Main parameters of the 2015 federal budget are based on the gross domestic product forecasted to reach 77,498 billion rubles ($1,527 billion) and inflation rates not higher than 5.5 percent.

Overall revenue of the federal budget is forecasted to stand at 15,082 billion rubles ($297 billion), including 344.3 billion rubles ($6.8 billion) in forecasted additional oil and gas revenue of the federal budget, and expenditures will amount to 15,513 billion rubles ($305.5 billion). The federal budget will have a deficit of 430.7 billion rubles ($8.4 billion).

In addition, the federal law sets norms for the distribution of revenue between budgets in the budgetary system of the Russian Federation in 2015 and the planned period of 2016-2017, programs of external and domestic state borrowings of the Russian Federation in 2015 and state guarantees in 2015 and technicalities of the administering of revenue of budgets in the budgetary system of the Russian Federation, the fulfillment of the 2015 federal budget and the relief of certain types of debts to the federal budget.

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