The meeting of the Economic Council under the RT Cabinet, or "two sides of the same coin"

Issues of financial stability of Tatarstan enterprises were discussed on December 15 by the members of the Economic Council under the Cabinet of Ministers of the Republic of Tatarstan. The meeting was chaired by the President of the Republic of Tatarstan Rustam Minnikhanov.

The event was held at the House of the Government of Tatarstan in the video conference regime connecting all the municipalities of the republic. Also, the meeting was attended by Prime Minister of Tatarstan Ildar Khalikov, TIDA Chief Executive Taliya Minullina, top officials of ministries and departments, supervisory bodies and enterprises of the Republic of Tatarstan.

At the meeting, Rustam Minnikhanov said that today the financial results of enterprises depends on the size of budget revenues, which in turn determine the implementation of government programs and projects, the implementation of "the May decrees" of the President of the Russian Federation, social obligations of the country.

"In the current year income tax provides about 34% of own revenues of the consolidated budget revenues. However, for the 10 months of this year, almost 24% of RT enterprises are unprofitable. Of course, in today's difficult economic situation, there are real reasons for the decrease of the financial results of enterprises and their tax payments," said Rustam Minnikhanov.

This is largely due to external factors: the fall in prices in the oil market, the introduction of bilateral sanctions, the tension in the equity markets and changes in exchange rates - all these influence on in the economic performance of enterprises.

The way out is seen in effective operation of sectoral balance commissions which work under the ministries of the republic, and the authorities and sectoral ministries should conduct ongoing analysis of competent organizations and provide them with all possible support. This work should be actively involved with the economic services of enterprises, as well as financial auditors.

According to the Federal Register in Tatarstan are more than 70 audit firms. Their function is to provide reliable information about doing business, an objective assessment of the financial statements.

"The construction of these economic relations to be extremely balanced: on the one hand, the new system of standardization of audit activities designed to have a positive impact on tax deductions and replenishment of the Republic’s budget, on the other hand - this approach is in some ways even more bureaucratizes our companies. Therefore, the process of developing this system, assigned to the Ministry of Economy of Tatarstan, is very difficult. We have also prepared a number of proposals, for example, approaches to assessment methodology in conjunction with the investment and innovation activities of enterprises."