The Duma agreed to postpone the submission of the draft budget to the Parliament

The State Duma at an extraordinary meeting adopted a law in three readings at once, which shifts the deadline for submitting a draft federal budget to parliament for a three-year period in 2022 from September 15 to October 1.

The government introduced the bill in the House on 14 July.

In an explanatory note to the document, officials explained that the draft budget would need to be drawn up taking into account measures to prevent the impact of changes in the geopolitical situation and the deterioration of the economic situation on the development of economic sectors and the financial sector.

The Duma has already adopted a law that suspends in 2022 the norm of the Budget Code, according to which the forecast of budget revenues is formed on the basis of legislation in force on the date the three-year budget is submitted to the State Duma.

„The suspension of this norm will allow, when drafting a federal law on the federal budget for a three-year period, to take into account those changes in tax legislation that are still under development, including in the oil and gas sector,” Timur Maksimov, Deputy Finance Minister, explained.

In 2022, the draft federal budget law had to be submitted by September 15, while the earlier deadline was October 1. At the same time, along with the draft budget, the Central Bank will have to submit a draft of the main directions of the unified state monetary policy. Starting this year, the deadline for submitting a Central Bank document is linked to the deadline for submitting the budget, while earlier it was also before October 1.

As a result, if the law had not been adopted, both the budget and the main directions of the PrEP would have to be submitted by September 15th.

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