A new version of the Budget Code of the Russian Federation: problems and prospects
Importance The article addresses the problems of existing budget legislation in the Russian Federation and prospects for a new version of the Budget Code to be adopted by 2016. Objectives The objective is to analyze the history of amendments to the Budget Code and identify the most pressing issues that need to be reflected in the new version. Methods We employed a method of comparative analysis, synthesis, and formal and logical method. Results We studied foreign experience in the budget legislation formation, including the development of budget codes. The article considers in detail the regional experience in budget law making in the Russian Federation, i.e. laws of subjects of the Russian Federation regulating budget relations, the history of their adoption and revision. The study identifies the dependence between amendments to the Russian Budget Code and the execution of the Federal budget: the largest number of amendments to the Budget Code was made when there was the Federal budget deficit. We revealed problems that need to be reflected in the new version of the Budget Code. Conclusions In Russia, the Budget Code was originally developed as a framework law; however, it was regularly subject to refining. The new version of the Budget Code aims at consolidating all changes in the budget legislation during recent years into a unified system. The Budget Code of the Russian Federation should become a stable, consistent, clear, convenient, understandable and codified law.