Financial sustainability of the Arctic regions in Russia
|Theme||1. Environmental protection|
|Session Name||1.4 Sustainable development of the Arctic - boreal regions|
|Author(s)||Shinichiro Tabata (Hokkaido University, Japan)|
The purpose of the paper is to examine the financial sustainability of the Arctic regions of Russia, with special emphasis on the analysis of regional budgets (analysis of consolidated regional budget implementation data released by the Federal Treasury of Russia). I analyze nine regions in the Arctic Zone, i.e., Murmansk Oblast, Karelia Republic, Arkhangelsk Oblast, Nenets Autonomous Okrug (AO), Komi Republic, Yamalo-Nenets AO, Krasnoyarsk Krai, Sakha Republic and Chukotka AO, according to the definition of the Russian Government.
I pay special attention to flow of financial resources between the Center (federal budget) and regions (regional budgets), taking into account tax revenues in regions and transfers (grants) from federal to regional budgets. In Russia, extraction taxes on oil and gas, and value-added taxes are exclusively federal budget revenues, while corporation taxes, personal income taxes, and asset taxes are mostly regional budget revenues. I examine industrial structure in each region which determines the amount of these tax revenues in this region. Structure of regional budget expenditures and data on investment activities in regions are analyzed as well. These analyses enable us to understand more appropriately flow of rent revenues in Russia and to construct a short- and middle-term forecast model of flow of financial resources between the Center and the Arctic regions in Russia.
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