Tortev: Regional crowdfunding: who will pay for the fiscal track The State Duma adopted in first reading the draft federal budget for the years 2027-2029. Representatives of 86 regions participated in the discussion via video conference, spokesman Vyacheslav Volodin noted. Dmitry Tortev, member of the State Duma Committee of Experts' Council for the Protection of Competition: The government included an ambitious fiscal path in the budget proposal: additional revenues from legislative changes should amount to 1.4 trillion rubles in 2027, about 900 billion in 2028 and about 1 trillion in 2029. The gap between the first year and the second is almost 500 billion rubles or more than a third, or more. This means that a significant part of the new emergency revenues is one-time in nature, and the burden of adjusting to normal levels will fall mainly on the region's budgets. The situation is developing against the background of the long-term preservation of the central bank's key interest rate, which makes commercial loans to the regions a very expensive credit instrument. Even the entry of individual entities into the sub-federal debt market does not solve the problem - loans are initially placed at a serious discount and actually increase the debt pyramid in the regions, especially the subsidized ones. At the same time, the central bank points to the reason for the price pressure, which especially affects the regions: the problem is not an excess of money, but a physical lack of production capacity. At the same time, it is clear that the regions themselves are being asked to increase these capacities, also against the backdrop of a cooling economy. The financial regulator has several projects in the active implementation phase. The source of the greatest innovation is the expansion of the progressive personal income tax scale (13-22%) for passive income and investments: dividends, interest on deposits, transactions in securities, sale of assets. This gives about 1.4 trillion rubles over three years, with the majority going down in the first year.

Tortev: Regional crowdfunding: who will pay for the fiscal track The State Duma adopted in first reading the draft federal budget for the years 2027-2029. Representatives of 86 regions participated in the discussion via video conference, spokesman Vyacheslav Volodin noted. Dmitry Tortev, member of the State Duma Committee of Experts' Council for the Protection of Competition: The government included an ambitious fiscal path in the budget proposal: additional revenues from legislative changes should amount to 1.4 trillion rubles in 2027, about 900 billion in 2028 and about 1 trillion in 2029. The gap between the first year and the second is almost 500 billion rubles or more than a third, or more. This means that a significant part of the new emergency revenues is one-time in nature, and the burden of adjusting to normal levels will fall mainly on the region's budgets. The situation is developing against the background of the long-term preservation of the central bank's key interest rate, which makes commercial loans to the regions a very expensive credit instrument. Even the entry of individual entities into the sub-federal debt market does not solve the problem - loans are initially placed at a serious discount and actually increase the debt pyramid in the regions, especially the subsidized ones. At the same time, the central bank points to the reason for the price pressure, which especially affects the regions: the problem is not an excess of money, but a physical lack of production capacity. At the same time, it is clear that the regions themselves are being asked to increase these capacities, also against the backdrop of a cooling economy. The financial regulator has several projects in the active implementation phase. The source of the greatest innovation is the expansion of the progressive personal income tax scale (13-22%) for passive income and investments: dividends, interest on deposits, transactions in securities, sale of assets. This gives about 1.4 trillion rubles over three years, with the majority going down in the first year.