A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 133 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 70 countries worldwide.

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Corporate sector to drive surpluses of regional budgets, and federal center to save overleveraged regions

Growing regional revenues resulted in more surplus budgets. 45 regions finished the year of 2017 with a surplus. Corporate income tax contributed one third of budget revenue growth. Total regional revenues increased by 9% or RUB 775 billion. Income tax contributed one third of revenue growth.

Capped deductible losses have driven up corporate income tax. Corporate income tax revenues to the regional budgets grew irrespective of a change in corporate income tax distribution shares between federal and regional budgets. The reason is a temporary restriction on the ability of taxpayers to reduce their tax bases by the amount of previous losses, which will remain effective until 2020. Total debt of the Russian regions has decreased for the first time ever recording a 2% decline year-on-year, or RUB 37.8 billion. Its structure has also changed: the amount of bank loans contracted by RUB 141.6 billion or 18% with concurrent bond offerings being increased by RUB 91 billion (+20%). The total bond debt of the regions reached RUB 547 billion representing an all-time record (since 2005), while many first-time issuers tapped the bond market. The federal center provided aid to some over-indebted regions. In 2017, many regions with heavy debt load (Mordovia, Khakassia, Kostroma and Ivanovo Regions) managed to secure substantial fiscal loans.

Regions might continue breaching their agreements with the Ministry of Finance. Some regions increased their debt more than their fiscal loan agreements with the Ministry of Finance allowed. As fiscal loan restructuring is subject to performance of agreements that were in force in 2017, such regions stand for early repayment of newly restructured loans.

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