И ФИ АВИ Е В ИИ В
THE FINANCIAL STRATEGY OF RUSSIA: HEADING FOR GROWTH
PROGRAMME*
И ФИ АВИ Е В ИИ В
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SEPTEMBER 23, 2016, MOSCOW
THE FINANCIAL
9 Ilyinka St., Moscow, 109097, Russia www.ff.msk.ru STRATEGY OF RUSSIA:
* The Programme is subject to changeHEADING FOR GROWTH
PROGRAMME*
SEPTEMBER 23, 2016, MOSCOW
9 Ilyinka St., Moscow, 109097, Russia www.ff.msk.ru
* The Programme is subject to change DEAR FRIENDS AND COLLEAGUES,
The last few years have tested the viability of the Russian economy. It may now be said to have adapted fully to the new conditions and we are entering a new stage focusing on structural reforms to speed up growth and ensure the long-term sustainability of the national economy.
In order to unite the efforts of the government system, business and the expert community in achieving this, the Ministry of Finance of the Russian Federation has initiated holding an annual Moscow Finance Forum, co-organized by the Moscow City Government.
The first Forum, to be held on September 23, 2016 at the Manege Central Exhibition Hall, will be devoted to “The Financial Strategy of Russia: Heading for Growth”.
Moscow was chosen as the Forum venue because the capital city is the biggest financial centre in both the country and the whole of Eastern Europe and, of particular interest to the Forum participants, has experience of ensuring financial stability and promoting economic growth by fiscal policy methods.
The Forum will bring together federal and regional government officials, representatives of relevant state structures, heads of Russia’s biggest companies, leading economists and experts, as well as public and political figures.
The Forum will discuss the state of the debt market, budget and fiscal policy, the pension system development strategy, prospects for development of financial control, information technologies in the finance sphere and other vital issues. We hope that the Moscow Financial Forum will provide a platform for discussing the most urgent problems and elaborating effective joint solutions affecting Russia’s financial policy.
Looking forward to our meeting!
Chairman, Moscow Financial Forum Organizing Committee, Minister of Finance of the Russian Federation A.G. Siluanov
Mayor of Moscow S.S. Sobyanin
2 BUSINESS PROGRAMME MOSCOW FINANCIAL FORUM 2016
SEPTEMBER 23, 2016, MOSCOW THE FINANCIAL STRATEGY OF RUSSIA: HEADING FOR GROWTH 10:00-12:00 PLENARY SESSION 1 ECONOMIC POLICY: MID-TERM OUTLOOK Plenary Session Hall Having encountered serious external jolts, in 2015–2016, Russia and Kazakhstan have been going through a period of rough and harsh adaptation to the new realities. The global economy’s remaining challenges mean that the external conditions will remain tense. What macroeconomic policy would be optimal under the present circumstances? How should the budget for the next three years be formed? How can a basis for stable growth be formed? How are the regions to act in this new reality?
Moderator: Nikolay Korzhenevsky, Russia 24, anchor Speakers: Daniyar Akishev, Chairman of the National Bank of the Republic of Kazakhstan Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation Aleksey Kudrin, Foundation Chairman of the Board, Centre for Strategic Research – Deputy Chair of the Economic Council under the President of Russian Federation Elvira Nabiullina, Governor of the Bank of Russia Anton Siluanov, Minister of Finance of the Russian Federation Sergey Sobyanin, Mayor of Moscow As part of the Plenary session, the awards will be handed out to the winners of the following categories: - Best financial management practice; - Open budget of a constituent entity of the Russian Federation; - Management of municipal finances; - Use of public state financial data; - For high quality management of regional finances; - For effective organisation of inter-budget relations at the regional level; - For contribution to developing the system of state finances.
3 12:15-14:00 PLENARY SESSION 2 NEW INFORMATION TECHNOLOGIES Plenary Session Hall TRANSFORMING THE KEY FINANCIAL INSTITUTIONS Mankind has already entered into a new stage of development in the 21st century: cloud computing, mobile apps, social networks, big data, blockchain, 3D-printers, etc.
Which of these technologies will affect financing? Will we still need accountants, tax officers, treasurers, financiers, controllers and analysts? If so, how will their functions change? Will a blockchain replace a human for registering marriages, births and deaths, or property transactions? What information technologies will become top priorities for introduction into the fiscal area over the next 10–15 years?
Moderator: Aleksander Chernov, Senior Vice President for External Communications and Advertising, Skolkovo Foundation
Speakers: Giancarlo Bruno, Head of Financial Industries Sector, Member of the Executive Committee, Global Economic Forum Aleksander Galitsky, Managing Partner, Almaz Capital Partners Herman Gref, CEO, Chairman of the Executive Board of Sberbank Tkhevon Kim, Director, Bureau of the Information System, National Tax Service, Republic of Korea Mikhail Mishustin, Head of the Federal Taxation Service Tatyana Nesterenko, First Deputy Finance Minister of the Russian Federation
14:30-15:15 THE NEW ARCHITECTURE OF THE CREDIT RATINGS MARKET Press Centre A rating industry has been launched in the Russian Federation in 2016.
From 1 January 2017 the legislation of the Russian Federation allows government bodies to use only those credit ratings, assigned upon national scale by credit rating agencies, listed on the corresponding register.
What are the current results of creating a national rating industry and what are the priorities and plans for the near future? What are the stages for transitioning to national rating systems when government institutions regulate investments? 4 What are the prospects for international rating agencies on the Russian market?
Moderator:
Aleksey Moiseev, Deputy Finance Minister of the Russian Federation
Speakers:
Anna Kuznetsova, Member of the Board – Managing Director of the Moscow Exchange stock market
Ekaterina Trofimova, Chief Executive Officer, Analytical Credit Rating Agency (ACRA)
Vladimir Chistyukhin, Deputy Governor of the Bank of Russia, Member of the Board of Directors
14:30-16:15 STATE FISCAL CONTROL: WHAT SHOULD CHANGE? Hall IV Current economic conditions have engendered a need to improve the mechanisms for government and municipal fiscal control, with a special emphasis on preventing misconduct. Of particular importance now is collaboration between the agencies of external and internal government and municipal fiscal control and creation of effective internal control systems in the government sector.
What are the principal trends in developing government and municipal fiscal control in Russia? Which mechanisms of preventive and subsequent control are particularly effective? How do we ensure collaboration between the agencies of external and internal government and municipal fiscal control? How do we develop unified approaches to shaping such collaboration? How can effective systems of internal control and internal audit be set up in the public management sector?
Moderator:
Igor Bartsits, Director, Institute for Public Administration and Management at the Russian Presidential Academy of National Economy and Public Administration
Speakers:
Roman Artyukhin, Head of the Federal Treasury
Tatyana Blinova, auditor, Accounts Chamber of the Russian Federation
Evgeny Danchikov, Head of the Chief Control Directorate of the City of Moscow
Gulnaz Kadyrova, Deputy Minister of Industry and Trade of the Russian Federation
5 Natalya Korzhova, Executive Secretary of the Ministry of Finance of the Republic of Kazakhstan
During the panel discussion, awards will be handed to the winners in the category:
- “Young professionals”
14:30-16:15 RUSSIA’S CUSTOMS SERVICE: YESTERDAY, TODAY AND TOMORROW Hall I In 2016, the Customs Service has been transferred to the jurisdiction of the Ministry of Finances, after which a profound re-engineering of existing business processes has been launched. The main task is not only to increase collection of these payments but also to create a more convenient business environment.
How do participants in international economic activity assess the condition of the legal environment in the customs service and the possibilities for its improvement? What are the prospects for applying global best practices of integrating customs and taxation control in Russia? What is the business community’s opinion of the draft Customs Code of the EAEU?
Moderator: Leonid Lozbenko, Chair, International Economic Activity and Customs Committee Opora Rossii
Speakers: Ruslan Davydov, Deputy Head, Federal Customs Service
Daulet Ergozhin, Chairman of the State Revenue Committee, Ministry of Finance of the Republic of Kazakhstan
Mukay Kadyrkulov, Member of the Board – Minister in charge of Customs Cooperation
Aleksey Mordashov, Chairman of the Board of Directors, PAO Severstal, Head of the Commission on Integration, Trade and Customs Policy and the WTO
Aleksey Sazanov, Director, Tax and Customs Policy Department, Ministry of Finance of the Russian Federation
Vitaly Survillo, Vice President, All-Russian Public Organization Business Russia; Head of the Improving Customs Regulations Working Group at ASI
During the panel discussion, awards will be handed to the winners in the category - “Young professionals”
6 14:30-16:15 INNOVATIONS IN THE BUDGET LEGISLATION: COULD THE BUDGET REFORMS BE Hall VI COMPLETED?
The Budget Code of the Russian Federation has been amended annually in certain significant aspects. In 2016, Russia’s Ministry of Finance prepared a new revision.
Does the new revision of the Budget Code of the Russian Federation resolve the pressing problems of the budgetary legislation? What should be changed to increase the efficiency and transparency of the budgetary expenditures? How can a balance be found between the stability of the budgetary legislation and the need to adapt it to the new conditions and challenges, between the budgetary powers of the legislative and executive branches, between the Russian Federation, the constituent entities of the Russian Federation and municipalities?
Moderator: Talia Khabrieva, Academician of the Russian Academy of Sciences, Associate Member of the International Academy of Comparative Law, DSc (Law), professor, merited lawyer of the Russian Federation, merited lawyer of the Republic of Tatarstan, Vice-President of the Russian Academy of Sciences, Director of the Institute of Legislation and Comparative Jurisprudence under the Government of the Russian Federation, member of the European Commission for democracy through law (Venice Commission of the Council of Europe)
Speakers: Evgeny Bushmin, Deputy Chairman of the Federation Council of the Federal Assembly of the Russian Federation
Elena Grachova, Senior Principal, Head of Finance Law Department, Kutafin Moscow State Law University (MSAL)
Elena Zyabbarova, Moscow City Government Minister, Head of the Finance Department of Moscow
Vladimir Klimanov, Department Chairman of the Russian Presidential Academy of National Economy and Public Administration, Director of the Institute for Public Finance Reform
Aleksey Lavrov, Deputy Finance Minister of the Russian Federation
Natalya Omelekhina, Deputy Chair of the Government of the Novosibirsk region - Minister of Justice of the Novosibirsk region
During the panel discussion, awards will be handed to the winners in the categories: - “Best proposal for presenting the budget for citizens”; - “Young Professionals” 7 14:30-16:15 SOCIAL POLICY: EFFICIENT WAYS OF FIGHTING POVERTY Hall III Social support for the population of Russia takes up about 14% of the GDP. With respect to pensions and benefits, seven out of ten people receive some social benefits and welfare. At the federal level only, there are 300 categories of recipient with 800 types of social support, and only five of them require eligibility verification. The principal problem of this system is that it is unable to protect people against poverty.
Every budget rouble payable as social support reduces the poor families’ income deficit by 21 kopecks only, while the most successful programmes abroad are 3–4 times more effective. It is possible to increase radically the effectiveness of social support in Russia for the most vulnerable population groups? Can the best foreign practices for fighting poverty be applied in Russia?
Moderator:
Vladimir Nazarov, Director, Finance Research Institute
Speakers:
Vladimir Gimpelson, Director, Centre for Labour Research, NIU VSE
Evgeny Gontmakher, Deputy Director, RAS Institute for the World Economy and International Relations, RAS
Evsey Gurvich, Head of Economic Expert Group
Robert Joyce, Associate Director, Institute for Fiscal Studies, Great Britain
Ruslan Yemtsov, lead economist and team leader for social protection, the World Bank
Liliya Zabotina, Chair, Committee for Social Protection of the Population, the Volgograd Region
Liliya Ovcharova, Director for social research; Director, Institution of Social Policy, NIU VShE
Olesya Feoktistova, Head of Centre of Social Sphere Finances, NIFI
8 14:30-16:15 FIGHTING THE SHADOW ECONOMY: STICK OR CARROT? Hall II According to various assessments, the Russian economy’s non-criminal shadow sector alone equals over 15% of the GDP. It permanently employs over 10% of the economically active population, and 30% more either receive some of their wages in cash, or do additional work “in the shadows.” Experts believe that the share of the Russian shadow sector is growing inexorably.
Which factors affect the size of the shadow economy? Which measures are to be taken to change this trend? Should they be prohibitive and punitive, or should they encourage people to leave the shadow economy?
Moderator:
Gennady Kamyshnikov, Managing partner, Deloitte CIS
Speakers:
Vladislav Korochkin, Senior Vice-President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses Opora Russia
Pavel Livadny, State Secretary – Deputy Director of the Federal Financial Monitoring Service
Ekaterina Petelina, General Director, Visa in Russia
Andrey Pokida, Director, Sociopolitical Monitoring Center, School of Public Policy at the Russian Presidential Academy of National Economy
Mikhail Sergeev, Head of the Office of Individuals Property and Income Taxation
Sergey Solonin, Director General, Qiwi
Ilya Trunin, Deputy Finance Minister of the Russian Federation
Sergey Khotimsky, First Deputy Chairman of the Executive Board, PAO Sberbank 14:30-16:15 THE REGIONS’ EFFECTIVE TAX POLICY
Hall V The strict budgetary restrictions facing all the country’s regions today dictate the need to look for new ways to mobilise tax revenues, improve both the taxation legislation and
9 approaches to administering certain taxes.
In response the federation has done more to expand the regions’ taxation autonomy. The regions started to search for new source income.
The regions have all the necessary means to make decisions that will ensure budget stability and increase taxation administration efficiency; the regions also have the means to introduce permanent fair and transparent management conditions.
Moderator:
Aleksander Auzan, Dean of School of Economics, Lomonosov Moscow State University
Speakers:
Svetlana Bondarchuk, Deputy Head of the Federal Tax Service of Russia
Ildar Gabdrakhmanov, Vice Governor of the Moscow Region
Aleksander Kalinin, President, Opora Rossii, the All-Russian Public Organization of the Small and Medium Businesses
Aleksey Kudrin, Foundation Chairman of the Board, Centre for Strategic Research – Deputy Chair of the Economic Council under the President of Russian Federation
Kirill Nikitin, Director, Taxation Policy Center at the School of Economics, Lomonosov Moscow State University
Maksim Oreshkin, Deputy Minister of Finance of the Russian Federation
Maksim Reshetnikov, Moscow City Government Minister, Head of the Department of Economic Policy and Development of Moscow
Aleksander Shokhin, President, Russian Union of Industrialists and Entrepreneurs
16:30-18:15 INNOVATIONS IN INTER-BUDGET RELATIONS
Hall V Is there an alternative to the current model for assigning revenue sources to specific levels of Russia’s budgetary system? What are the prospects for further optimising the
system of delimitation and delegation of powers between public entities?
How can effective spending be ensured? Do we use rigid budgetary restrictions and introduce more severe accountability? Or do we reduce administrative regulation and broaden the regions’ powers? Increasing resource management efficiency at the municipal level: how should the 10 system of local self-governance and inter-budgetary relations be tuned at the regional level? Moderator: Andrey Makarov, Chairman, Committee for Budget and Taxes of the State Duma of the Federal Assembly of the Russian Federation
Speakers: Evgeny Bushmin, Deputy Chairman of the Federation Council of the Federal Assembly of the Russian Federation Ildar Gabdrakhmanov, Vice Governor of the Moscow Region Leonid Gornin, Deputy Finance Minister of the Russian Federation Kirill Nikitin, Director, Taxation Policy Center at the School of Economics, Lomonosov Moscow State University Svetlana Orlova, Governor of the Vladimir Region Natalya Sergunina, Deputy Mayor of Moscow in the Moscow Government for Economic Policy and Property and Land Relations Sergey Storchak, Deputy Minister of Finance of the Russian Federation During the panel discussion, awards will be handed to the winners in the category: - “Young professionals” 16:30-18:15 THE ALCOHOL MARKET: COMING OUT OF THE SHADOWS Hall I In 2016, the Ministry of Finance reassumed control over Rosalcoholregulairovaniye (the alcohol control authority). As a
result of coordinated actions with the national security, defence and law enforcement agencies, there has been a sharp rise in treasury revenues from the alcohol market.
What needs to be done to bring the market out of the shadows? What are the main problems of concern to manufacturers and importers of alcoholic beverages? How does the single EurAsEC market work?
Moderator:
Igor Kosarev, President, Union of Alcohol Producers
Speakers:
Maxim Kashirin, CEO, Simple Company
Aleksey Kedrin, Vice President, Corporate Affairs Eastern Europe BALTIKA Company
11 Ilya Lomakin-Rumyantsev, Chairman of ACORT Presidium
Svetlana Naumova, CEO, Diageo Russian Branch
Rustam Tariko, Chairman of the Board of the Directors, Russian Standard Holding
Ilya Trunin, Deputy Finance Minister of the Russian Federation
Igor Chuyan, Head, Federal Service for Alcohol Market Regulation
16:30-18:15 INCREASING EFFICIENCY IN PROVIDING GOVERNMENTAL SERVICES: FROM Hall VI GOVERNMENTAL TASK TO GOVERNMENTAL CONTRACT
Since 2010, a comprehensive reform of the provision of government and municipal services has been under way. It entails expanding the financial and economic independence of government and municipal bodies and introducing financial support standards for governmental and municipal services.
Have the reform’s planned results been achieved? What problems does the reform encounter at the federal, regional, and local levels? What could the solutions be? The Ministry of Russia has put forward a draft Act on providing government and municipal services on a competitive basis. Will it help improve their accessibility and quality?
Moderator:
Mikhail Kotyukov, Head of the Federal Agency for Scientific Organizations
Speakers: Marina Borovskaya, Rector, Southern Federal University
Oleg Vasilyev, Deputy Governor of the Vologda region
Aleksey Lavrov, Deputy Finance Minister of the Russian Federation
Maksim Reshetnikov, Moscow City Government Minister, Head of the Department of Economic Policy and Development of Moscow
Boris Rudnik, Director, Institute of Public Resource Management, National Research University Higher School of Economics
Vladimir Starodubov, Vice President of the Russian Academy of Sciences, Academician of the RAS, Director of the Federal Research Institute for Health Organization and Informatics of Ministry of Health of the Russian Federation
12 16:30-18:15 DEBT MARKET: DEVELOPMENT PROSPECTS
Hall III The 2017 federal budget presupposes a four-fold rise in net borrowings on the domestic market. Is the state capable of ousting corporate borrowers from the debt market? How dangerous is a large proportion of non-residents on the state bonds market?
Debt market innovation: support for the domestic financial infrastructure, Euro bonds without global banks, greater public access to individual state debt instruments.
Does Russia really have a regional level debt market? Do regions really need market debt instruments for financing budget deficits? Do bonds sold to the public have a significant potential for regional borrowers?
Moderator:
Yuriy Solovyev, First Deputy President and Chairman of VTB Bank Management Board
Speakers:
Alexander Afanasiev, Chairman of the Executive Board, PAO Moscow Exchange
Konstantin Vyshkovsky, Director, Department of Public Debt and State Financial Assets of the Ministry of Finance of the Russian Federation
Aleksander Kudrin, Head of Research, Sberbank-CIB
Yakov Mirkin, Head of Department for International Capital Markets, IMEMO, RAS
Sergey Moiseev, Director, Financial Stability Department, Bank of Russia
Aleksander Fedenyov, Deputy Governor of the Tomsk region, Head of Finance Department of the Tomsk region
16:30-18:15 DEVELOPMENT STRATEGY FOR THE DEFINED CONTRIBUTION PENSION SYSTEM Hall II In consideration of budget restrictions, the question must be resolved of providing an opportunity for additional pension provision and raising the replacement coefficient, above all for the middle class.
13 At the same time, it is clear that the cumulative mechanisms for financing citizens’ pension rights, providing not only the possibility of additional pension provision to citizens, but also that of forming an internal long-term financial resources, are an appropriate response to the democratic challenges in society today.
What are the possible variants for reforming the contribution mechanism: staying with the mandatory pension security system or moving to a voluntarily-chosen format? Is it possible to introduce property rights of insured individuals to their retirement savings? What positive motivation would prompt individuals to participate in creating additional retirement rights?
Moderator:
Aleksey Bobrovsky, Head of Economy Department, «Russia- 24» TV-Channel
Speakers:
Sergey Belyakov, Council Chairman, Alliance of Non- Governmental Pension Funds – Association of Non- Governmental Pension Funds
Yuri Voronin, Head of the Office of the Accounts Chamber, member of Accounts Chamber Panel
Aleksey Kudrin, Foundation Chairman of the Board, Centre for Strategic Research – Deputy Chair of the Economic Council under the President of Russian Federation
Aleksey Moiseev, Deputy Finance Minister of the Russian Federation
Konstantin Ugryumov, President, National Association of Non-State Pension Funds Self-Regulatory Organization Nonprofit Partnership
Vladimir Chistyukhin, Deputy Governor of the Bank of Russia, Member of the Board of Directors
During the panel discussion, awards will be handed to the winners in the category:
- “Young professionals” 16:30-18:15 THE FUTURE OF THE OIL AND GAS INDUSTRY TAXATION Hall IV The oil and gas industry is the primary source of federal 14 budget revenues. Since 2015, a taxation manoeuvre has been implemented in the oil industry involving a stage-by-stage reduction in export duties, with a compensating increase in the Mineral Extraction Tax (MET). Recently, the government of the Russian Federation has publicly presented the concept of a new taxation system, including a new tax on additional income from producing hydrocarbons.
How attractive are the parameters of the proposed tax for excess-profits tax (EPT) pilot projects? What measures in oil and gas sector taxation should be taken already starting January 1, 2017?
Yet it should be taken into account that any changes to oil and gas industry taxation might have serious repercussions for budget revenues.
Moderator:
Grigory Vygon, Managing Director, Vygon Consulting LLC
Speakers:
Igor Ignatyev, Deputy Chairman, «Shell» Russia
Sergey Kudryashov, General Director, JSC Zarubezhneft
Aleksey Sazanov, Director, Tax and Customs Policy Department, Ministry of Finance of the Russian Federation
Sergey Shatalov, Head of Effective Tax Policy Project, Centre for Strategic Research Fund
Aleksander Chistyakov, Executive Chairman of the Board of Directors, AO Ruspetro
Vadim Yakovlev, Senior Deputy CEO, PJSC Gazprom Neft
During the panel discussion, awards will be handed to the winners in the category:
- “Young professionals”
17:30-18:15 PRESENTATION OF PWC STUDY “EIGHT KEY TECHNOLOGIES FOR BUSINESS: HOW TO Press Centre PREPARE FOR THEIR IMPACT” Announcements of “revolutionary” technical achievements are appearing with increasing frequency and it is to be expected that business leaders sometimes feel confused or even dismayed: “What to do about all this?” After discussions with participants in the 19th Annual Survey of CEOs of major global companies held by PwC in 2016, it turned out that 61% of them are concerned about the rate of technological progress in their economic sectors.
15 Speakers:
Tim Clough, Partner, Risk Assurance Leader, PwC in Russia
Maksim Oreshkin, Deputy Minister of Finance of the Russian Federation
ADDITIONAL PROGRAMME MOSCOW FINANCIAL FORUM 2016
8:00-10:00 ACCREDITATION OF PARTICIPANTS. WELCOME COFFEE 12:00-12:15 Breaks 16:15-16:30
14:00-17:00 Lunch
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