- Flowers and plants
- Aquarium and fish
- For work
- For site
- For training
- Postal Codes of Ukraine
- All sorts of different
- Digital Libraries
- Registers of Ukraine
- Old Brewing Books
- Dictionary of Old Slavonic words
- All Pelevin's novels
- 50 books for children
- Strugatsky, compositions in 33 volumes
- Posts by Leonardo da Vinci
- Human behavior biology
|home Banking Books Money and credit - Ivanov V.M.|
Money and credit - Ivanov V.M.
Until July 1, 1993, Ukraine had an order of cash execution of the budget established in the former USSR. It included two cost-financing schemes:
• execution of local (rural, township, district, city and regional) budgets was carried out within the real income;
• execution of the state budget of Ukraine was based on the principle of advance payment of expenses on a credit basis.
The new order excluded the automatism of budget lending. Financing began to be carried out within the limits of actually received income, as well as received bank loans. The state budget of Ukraine began to be implemented according to a scheme similar to local budgets.
Institutions of commercial banks at the location of the respective district and city financial departments open revenue accounts of the state budget. Payers of taxes and fees transfer funds directly to state or local budgets. Funds for incomes to be divided between state and local budgets (value added tax, income tax, excise tax, personal income tax) are credited to a separate account, from which no later than the next day the corresponding share of funds is transferred to the state budget revenue account. Every day at the beginning of the day, the balance of the income account is transferred by the commercial bank by telegraph to the regional NBU. The NBU Office, for the purpose of operational control, maintains state budget revenue accounts broken down by branches of commercial banks where revenue accounts are opened. Through the electronic payment system, funds received from commercial banks on budget revenues are transferred daily to the operational management of the NBU in Kiev.
On the basis of the account statement received, the cash execution department of the Ministry of Finance of Ukraine submits to the OPERA of the National Bank payment orders for transferring funds to the current passive accounts of ministries and departments (main appropriation managers). From these accounts, on the basis of instructions from ministries and departments, funds are transferred to the current budget accounts of institutions, enterprises and organizations financed from the state budget. Transfer of budget funds to their current accounts is not allowed. Budget appropriations allocated for financing capital investments are credited to separate accounts.
With regard to payments to pensioners of the Ministry of Defense, the Ministry of Internal Affairs, and the Security Service of Ukraine, the procedure for the subsequent reimbursement of funds allocated by the Ministry of Finance to the Savings Bank to pension funds has been preserved.
The indicated scheme assumes a constant reciprocal movement of revenues and expenses "vertically", which sharply reduces the effectiveness of the state budget execution system: significant amounts of funds (as of November 1, 1993, for example, more than 8% of total budget expenditures) are on the way . To overcome this drawback allows the transition to a system of "horizontal" financing of state budget expenditures, the implementation of which is designed to ensure the created Treasury of the Ministry of Finance of Ukraine.
In January 1997, the transition to the treasury system of state budget execution began. The money managers, as before, are the heads of ministries, departments and institutions, which open registration accounts with the State Treasury of Ukraine (GKU). A single treasury account has been introduced in the NBU, which allows obtaining comprehensive information about the daily state of the movement of funds on income and expenditures of the state budget. Thus, today the National Bank of Ukraine and authorized banks provide cash management services to the bodies of the Civil Code, performing the following operations:
• opening, closing and re-issuance of bank accounts to the Civil Code of Ukraine and other budgetary institutions and organizations;
• settlement transactions within real cash on behalf of the Civil Code or a budget institution;
• ensuring timely and full crediting of funds to the accounts of the Civil Code and other institutions;
• conducting cash operations of the Civil Code for the reception and issuance of cash;
• transactions on the purchase of bonds of the domestic state loan at the initial auction with the obligatory further placement thereof.