Abstract: Having gained their independency, Central Asian CIS countries faced the need to develop their own taxation systems. Property tax is one of the new taxes which development and implementation has been accompanied with political, social and technical problems. The present article continues the series of researches devoted to the comparative analysis of the main components of property tax in the countries of the former Soviet Union. Criteria for the comparison anaysis included the basic principles of taxation specified and completed by the author for property tax. The methodology of the research is based on the analysis of effective legislative documents regulating the development and administration of property tax in the countries of the Central Asia as well as the summary and systematization of the results. The main result of the research is the description of differences in the methods of taxation of property in the countries of Central Asia and the levels of conformity of methods used in these coutnries to the basic and complementary principles of property taxation offered by the author. In addition, the author also describes directions for improving methods of property taxation in the aforesaid countries.

Keywords: tax code, Central Asian CIS countries, subject of taxation, object of taxation, principles of property taxation, basic principles of taxation, tax model, taxable income, tax exemptions, property tax

Abstract: Having gained their independency, Transcaucasus countries faced the need to develop their own taxation systems. Property tax is one of the new taxes which development and implementation has been accompanied with political, social and technical problems. The present article continues the series of researches devoted to the comparative analysis of the main components of property tax in the countries of the former Soviet Union. Criteria for the comparison anaysis included the basic principles of taxation specified and completed by the author for property tax. The methodology of the research is based on the analysis of effective legislative documents regulating the development and administration of property tax in Transcaucasus countries as well as the summary and systematization of the results. The main result of the research is the description of differences in the methods of taxation of property in Transcaucasus countries and the levels of conformity of methods used in these coutnries to the basic and complementary principles of property taxation offered by the author. In addition, the author also describes directions for improving methods of property taxation in the aforesaid countries.

Keywords: basic principles of taxation, principles of property taxation, object of taxation, subject of taxation, Transcaucasus countries, tax code, tax model, taxation base, taxable income, tax exemptions, property tax

Abstract: One of the main problems of modern banking is the issue of limited liability of credit institutions. The author of the present article discusses the relationship between liability of creditors and their willingness to take risks. Starting from the hypothesis of the existence of channels of credit risk transmission, the author sets a task to experimentally test the liability channel of creditors, according to which, tightening of creditors' responsibility leads to a reduced willingness to accapted risk due to the behavioural effect of endowment. The methodological basis of this research includes experimental research methods. To identify endowment effect and to assess its impact on willingness to take risk in terms of credit relations the author has developed a number of experimental settings. The first setting involves the comparison of the willingness to accept risk when making choice under risk and certainty. The second setting meant having the opportunity to make money, by solving a series of simple arithmetic equations before the experiment. Based on the study of changes in the level of responsibility of creditors, it can be assumed that the channel is an important element in transmission of credit risk in the movement and development of the credit sector. However efficiency of the mechanism of increasing monetary liability has limitations related to the increasing rate of income above the market average, as well as decision making in the frame of losses.

Keywords: risk, uncertainty, behavioral economics, bank, credit risk transmission, limited liablity, endowment effect, credit cycle, credit risk, lending

Abstract: In this article, the subject of study are the organization of environmental audits under the greening of the Russian economy. The object of study - the environmental activities of enterprises - users of natural resources. The author examines in detail the environmental audit of economic activities of Russian enterprises as a tool for obtaining reliable information relevant to the preparation and adoption of environmentally sound solutions, which aims - the expression of a qualified opinion on the environmental sustainability of the enterprise at the reporting date, as well as the interpretation of environmental performance, identify trends in its development.Particular attention is paid to environmental audits to improve the competitiveness and profitability of production enterprises from the standpoint of growth of the environmental efficiency of its environmental performance, with the task of environmental audit validation reporting is maintained.The main conclusions of the study is that the greening of the economy should be one of the strategic objectives of development of the state, as only such a path of development will create favorable conditions for the development of competitive industries, will ensure the preservation of the environment, the use of new methods of environmental management, including environmental audit.To evaluate the effectiveness of business, according to the author, it is important to assess the economic and financial situation of the company counterparties (creditors and debtors, competitors), to conduct market research Market in constant comparison of the actual and the declared strategy of business development.Analysis of the reverse effect of economic and financial stability to improve environmental conditions and strengthen environmental sustainability shows how the company is viable in today's market conditions. The higher the resistance, the greater the advantage it has over other firms in the same sector in obtaining loans and investment. This company has a high investment attractiveness and acceptable level of risk for business owners.

Keywords: market economy, ecological concept, environmental safety, environmental sustainability, environmental management, environmental protection, environmental audit, sustainable development, efficiency, investment attractiveness

Abstract: In this article the authors offer their own method of evaluating the level of corporate economic security. In the modern economic situation enterprises that function in different economic sectors and bear the responsibility to make and implement managerial decisions are evaluated for their efficiency that implies not only their financial stability but also the level of endowment of materials and equipment, HR policy and overall productivity indicators. This information is revelant not only for the economic entity but also external groups of users. In their article the authors analyze the main terms that describe economic security of business entities. The method offered by the authors include five stages. The first stage implies evaluating material and technical security. The second stage is the evaluation of the level of corporate financial security. At the third stage the level of HR security is evaluated. At the fourth stage the efficiency of corporate activity is estimated. Consequently, at the final stage the integral ratio of the level of corporate economic security is assessed. The novelty of the research is caused by the fact that the authors develop the method for evaluating the level of corporate economic security. Depending on the specific nature of the activity, this method can be applied using another necessary group of three indicators, thus increasing the treshold level by three. It should be also noted that the authors have considered relative (growth rates) but not absolute indicators. 

Keywords: efficiency of activity, threshold level, ratio, financial leverage, material and technical security, material availability, financial stability, logistical security, economic security, labor efficiency

Abstract: The present research article is devoted to the investment potential of the constituents of the North Caucasian Federal District. In her article Aguzarova examines socio-economic indicators of the regions and based on that provides a comprehensive assessment of the current state of investment development and investment potential of the regions of the North Caucasian Federal District. The author emphasizes the crucial need to attract investments including foreign investments into Russian economy. According to the author, growing investments contribute to the economic growth and development of the agricultural industry and health resort institution. The author states the great role of tax policy instruments in the encouragement of investment activity. 

Keywords: capital assets, investment decisions, investment development, investment programs, investment projects, investment activity, investment processes, investment potential, investments, economy

Abstract: In article topical issues of formation of effective model of public administration by a fishery complex of regions of the Far East are considered. Research objective is formation of model of public administration by a fishery complex which will provide optimum impact of the government and public institutions on fishery economy at all levels.Object of research is the fishery complex of regions of the Far East. An object of research the mechanisms of public administration influencing development of a fishery complex of regions of the Far East.The methodological and theoretical basis of research was made by works of the Russian scientists concerning development of fishing activities, practice of management of a fishery complex. The main methods of research are system approach, the analysis and synthesis, the analysis of documents, the comparative analysis, the analysis of statistical data, the design analysis. For reliability of the received results in work the data of a rating on a public-private partnership level of development in regions of the Russian Federation made by a technique of the Center of development of public-private partnership together with the Ministry of Economic Development of the Russian Federation are used.Formation of two-level sintezny model of public administration by a fishery complex of regions of the Far East on the basis of the principle of subsidiarity is offered. This model assumes increase of efficiency of fishing activities by means of development of market mechanisms in system of a fishery complex. As the main administrative method of regulation at the level of the state the increase in a closing date of contracts on fixing of shares of quotas of production (catch) of water biological resources locates.For development of market mechanisms in structure of management of a fishery complex at the level of the region, the project of creation of the PPP Far East Territorial center which activity will also be based on the principles of PPP, including by means of outsourcing of a significant amount of the functions to private enterprises is offered.

Keywords: fisheries industry, region, Far Eastern regions, PPP (Public Private Partnership) projects, public private partnership, aquatic biological resources, governance model, fisheries industry economics, public administration, regional economics

Abstract: The object of the research is the municipal district 'Kaluga City'. The subject of the research is the process of raising funds and financial management at the local level. The purpose of the research is to analyze the financial management at the local level and to develop directions for reinforcing the financial basis of a municipal district based on the example of the Municipal District 'Kaluga City'. The author f the article pays special attention to the theoretical grounds of financial management as well as analysis of the mechanism of raising revenues and expenditures in the system of local financial management in the municipal district 'Kaluga City'. The following methods of economic research have been used: abstract-logical, economic-statistical methods, systematization method, analysis of actual documentation, empirical analysis, elements of structure functional analysis as well as methods of collection and analysis of information. The following problems have been determined in the course of the research: low level of the financial expalanation of decisions, high dependence of local budgets on the financial support received from other budgets of the Russian Federation, unclear budgetary policies, low interest of the administration of municipal districts in the region's development, disrepancy between profitable sources and expenditure powers of municipal units. 

Keywords: budget expenditures, budget revenues, local government, budget, àinance, local budget, municipal finance, balanced budget, public finance, budgetary authority

Abstract: The subject of the research is the process, mechanism and system of budgetary security as well as particular threats thereto. Budgetary security is viewed as a form of state financial security. In her research Dolmatova outlines structural elements of the budgetary security system such as actors and legal means of budgetary security as well as the object of budgetary security. The purpose of the research is to analyze doctrinal views on budgetary security, to define gaps and contradictions in the current legislation of the Russian Federation, make suggestions on how to improve legal acts regulating budgetary security, etc. The methodological basis of the research includes general research methods such as systems analysis, dialectical method, analysis and synthesis, inductive and deductive methods, and special research methods such as legislastic and historical methods, referring to other sciences, etc. As a result of the research, the author describes drawbacks in the sphere of legal regulation of budgetary security and application of financial and legal means of social security. The novelty of the research is caused by the fact that the author offers her own definitions of 'budgetary security', 'provision of budgetary security', and 'financial and legal means of budgetary security'. The author of the article concludes that there is a need in legal confirmation of budgetary security as the target of state (municipal) financial control. The author also describes the sytem of budgetary security and gives the list of threats to budgetary security. 

Keywords: prohibitions, permission, restrictions, security system, financial security, provision of financial security, legal means, provision of budgetary security, budgetary security, threats to budgetary security

Abstract: The article discusses the experience of foreign countries in the taxation of self-employed individuals. The procedure of acquiring the status of self-employed, peculiarities of taxation of self-employed individuals, the foundations of legal regulation in the United Kingdom of Great Britain and Northern Ireland, Belarus and Latvia are analyzed. The author considers the current situation in the Russian Federation on the establishment of an institutional platform for tax regulation of activities of self-employed individuals. The article is based on the results of research carried out at the expense of budget funds for state department mission of "Financial University under the Government of the Russian Federation" for 2015. The methodological basis of the article is a summary of the general and special methods. The main method is a general scientific dialectical method. The direct supplement is a methods of system analysis. The novelty of this article is conducted a special study of the experience of taxation of self-employed individuals in foreign countries. New materials (legal acts, the name of self-employed persons in accordance with the laws of foreign countries, names of taxes) are introduced into scientific circulation, that allows to expand the theoretical base and source of domestic science of the tax law.

Keywords: patent taxation system, simplified taxation system, micro-enterprise taxes, farm tourism, national insurance, income tax, patent, taxation, physical entities, self-employed

Abstract: The subject of the research is the tax burden of agricultural producers in the Russian Federation regions. As a result of the import substitution strategy, a Russian agricultural procuder is viewed as the provider of the basic products to the population. Based on different references, today Russian agricultural producers can provide 40% - 65% of the country's level of consumption. In order to avoid possible deficit, it is necessary to expand capacities and volumes of agricultural producers. The level of tax impact plays an important role in the development of this sphere. The purpose of the present resaerch is to define the level of the tax burden for each Russian Federation constituents and define regions with the greater tax burden. In the coruse of the research the authors have applied the methods of statistical and historical analysis of data presented on the website of the Federal Tax Service of the Russian Federation and Federal State Statistics Service of the Russian Federation. The novelty of the research is caused by the fact that the authors divide 83 Russian Federation constituents into 7 groups depending on their level of tax burden. As a result of the research the authors make a conclusion that the greater part of the Russian Federation constituents lie the average level of tax burden on agricultural producers, however, there are 10 Russian regions that suffer from increased tax burden. 

Keywords: sector, Federal Tax Service of the Russian Federation, tax rate, targeted politics, Russian Federation constituents, agricultural producers, tax, tax exemptions, variation coefficient, tax burden

Abstract: The object of the present research article is the corporate governance is as significant part of assigning credit ratings. The subject of the research is the new trends in the corporate governance. The aim of the research is to identify new trends in the corporate governance and to make recommendations for banks concerning how to respond to these trends in order to protect the corporate reputation of a bank. The researcher analyzes the influence of the quality of the corporate governance on the corporate reputation of a bank and emphasizes the importance of this aspect in assigning credit ratings. Avanesyan also proves the need to trace changes in the sphere of the corporate governance and to respond to these changes. A comparative analysis of different versions of The Principles of Corporate Governance proposed by OECD was made. In the result of the research, conclusions were drawn regarding emerging trends in the corporate governance such as increased focus on related-party transactions, recognition of the role of financial institutions in the sphere of the corporate governance and attribution of these institutions to the category of stakeholders, more requirements for activities to be performed by the board of directors and increased attention at final beneficiaries rather than nominee shareholders and other trends. The author's contribution to the topic is the recommendations for banks on how to respond to new trends in the corporate governance.

Keywords: institutional investors, recommendations, new trends, banks, financial stability, credit rating, comparative analysis, OECD, corporate reputation, corporate governance

Abstract: The subject of the present research is the economic relations arising in the process of private banking services provided by commercial banks to wealthy customers. Privileged elite customers of banking establishments provide an opportunity for the growth of quick assets as a significant part of bank's profits. Universally recognized experts in Private Banking are Switzerland, Luxembourg and Monaco. Private Banking has come to Russia just recently. The majority of Russian banks offer privileged services to customers but according to many experts, the appearance of true Private Banking is still awhile away from now in Russia. However, this sphere of banking activity is undoubtedly developing. The methodological basis of the present research includes systems, historical, sociological, comparative methods of research, case study method as well as general research methods such as generalization, induction and deduction. As a result of the research the authors make a conclusion that in order to develop the sphere of Private Banking in Russia it is necessary to extend banking units that render Private Banking services, to assign a professional manager for each customer, to use international experience by Russian banks and government regulation of this sphere. 

Keywords: privileged customers, experience of foreign states, banks, economy, deposit, monetary system, service, experience in banking, Russia, customers