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Ecnn HWlOrOBaH CMCTeMa n O n X H a BOCCTaHaBJlHBaTb HefiTpWlbHocTb, HWlOrH A O n X H b l O T p m a T b TaKMe BHelllHHe $IKTOP~I, He3aBkiCWMO OT ~ O T ~ ~ ~ H OBCHT~ M ~ $ T H H ~ AOXOAIX, nOCKOnbKy OHM H I X nOBblllIatoT ~ $ $ ~ K T H B H O C TPaCnpeAeJleHMH PeCypCOB. ~ 2. B K a 3 a x c T a H e n H u a , OTBeTCTBeHHble 3a @ O ~ M H ~ O B ~nOJlMTMKH, H H ~ YXe Y C T a H O B n n n CBH3b M e w y H e f i T p a n b H ~ ~ T b I OH ~ U ~ O ~ O CHCTeMbl M B O ~ ~ K O H K ~ P ~ H T O C ~ O C O ~ H O C T ~CBOeM B ~ ~ . 06paqe~nnK H a p o n y K m a x c ~ a ~Ba 2006 rony IIpe3nne~~o n n r e p K H y n H ~ O ~ X O A H M O C T ~ Y n p O q e H H H H U ~ O ~ OHBTO~~M~O X ~ H H IlOnHTlIKki C O ~ ~ uenbto C O A ~ ~ ~ C T B M H Pa3BWTI?to 6n3~ecaH TOprOBJlH. CpenLi n p O r e r 0 OH OTMeTHn H ~ O ~ X O A H M O CCOKpaTMTb KOJlllSeCTBO H M O r O B ).I T ~ BBeCTM eAMHyH) CTaBKY MnH. 3. 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M3 O T q e T a 03CP 3a 2001 roll: Hanorn ki 3KOHOMHKa: C ~ ~ B H H TU ~H ~a ~T HH ~03CP; O e K C p a R Mccnenoaa~ne03CP no ~anorosoRn o n n T n K e No. 6; crp. 17. ,O C O r n a C O B a H H W C n p a B H T e n b C T B O M A a H H O e n C C n e n 0 B a H k i e H e O X B a T b l B a e T n O n H T H K y ~ a n o r o o 6 n o ~ e O~~nC~T C B ~ H H O C T ~ , s e ~ n nt,$ n ~ a ~ c o e b ~ xonepa~nRnnn n ~ n o p (~ ~a p o cnyqaee, ~ e K o r n a 3TW BOnPOCbl RBIIRWTCR q a C T b W 06111eR CTPYKTYP~~).O H 0 T a K X e H e P a C C M a r p n B a e T B O n p O C b l H e n p O ~ O n b 3 0 B a H H R . ~ O ~ ~ O T O H a M~H ~OHe HH aZ H~a n O r O B O r O B U K anMkiHMCrpkipOBaHHR B OCHOBHOM H a n p a e n e H a H a y n o a n e T B o p e H n e sanpocoa n p a e n T e n b c T s a no ~ ~ J I H S H ~ T eMM a T n K a M I ( ~ a n p n ~ e pKaK , 6 0 p o ~ b c RC ~ 0 p p y n U k i e k )ki H a TO, q ~ 0 6 b Cl n Y X k i T b B C n O M O r a T e n b H b l M DOKYMeHTOM AJlR CeCCHH M03rOBOI-0 4. C BBeAeHHeM B 1995 r O A y HOBOrO Hanoroaoro KOAeKCa K ~ ~ ~ x c BTH ~A HH e p n C O B ~ ~ M ~ MeXaHH3M H & I ~ o ~ o B onOnHTHKH. H H ~ I ~ ~ ~ C n y c ~ ~ HeCKOnbKO J I e T H a q a n a C b MOAePHH3aUMR H a n o r o B o r o a n M n H n c T p n p o a a H n R , n c Tex nop B o6enx c@epax6 b l n nocTnrHyT r ~ ~ o r ~ e c c . ~ 5. B b l p o c n a YBepeHHOCTb B p a 3 M e p e AOXOAOB O T ~ 0 6 b 1 4 HH~$TH, H B pe3ynbTaTe H ~ A ~ B H ~ # p e @ o p ~ b l H & ~ ~ o ~ o o ~ ~ o X ~ H~HeR~ 0 6 b l B a i O ~ e fIlpOMblWneHHOCTH i c $ o K ~ c H ~ o B & I ~ ~ c H a~ CHI9KeHHH H & ~ ~ O ~ O B OH#a r p y 3 K H , B HeKOTOPblX CJIy.taRX AOBOnbHO 3 H a r t H T e n b H O ( ~ a n p k i ~ e no,p H U O r a M H a OrUlaTy Tpyna). H e c ~ o T p RH a TO, q T O YCMIIHR n0 CHIWCeHHlO H U I O ~ O B O # H a q Y 3 K H 3 a C n y X W B a l O T O A O ~ ~ ~ H M R , IlPOBeAeHHble H a n O r O B b l e p e @ o p ~ b lA O C T H r n H HaMHOrO M e H b W e r O B M a H e H ~ # T ~ ~ J ~ ~ H o c T H . A ~ # C T B H T ~ ~ ~ H O C T H ,C O ~ ~ H H O e X e n a T e n b H a R B O H X a p a K T e p H C T H K a U ~ M ~ H ~ H BHeCeHHblX I I ~ ~ , B H a n o r o a b l i i KOAeKC 3a IlOCneAHHe 2-3 rOAa, 3TO 6 b l c ~ p o e P a C n p O C T p a H e H U e ClleUH&llbHblX HanOrOBblX P e X H M O B , KOTOPbIe: (1) 0 6 e ~ n e q H n H U b T e p H a T H B H b l e H a n O r O B b l e 6a3b1 m R ~60paOAHHX H T e X Xe H U O r O B ; (2) IlpeAOCTaBMIIH CKHAKH f l 0 C y q e C T B y l O u H M CTaBKaM H a O f l p e A e J l e H H b l e BHAbl AeRTenbHOCTH; H (3) B B e n H n p R M b l e HaJlOrOBble OCBO~OX.L(~HHH. 6. Hannrne &llbTepHaTHBHblX 6a3 O n p e A e n e H H b l X H U O r O B Bbl3blBaeT O C O ~ ~ H H O ~ ~ ~ C ~ ~ O K O # C T BnOCKOnbKy 3T0 O , 60nbue 3 a T P Y A H R e T , q e M y f l p O ~ a e Tc 0 6 n l O ~ e ~ H e Tpe6osa~nfi H a n o r o n n a T e n b q n K a M w w n p a B o n p n M e H n T e n b H y m A e R T e n b H o c T b (no H a n o r o B o M y ~ ~ M H H H c T ~ H ~ o B ~ H H ~ O ) . Hanpn~ep,$ H ~ H ~ ~ C K HlOPHAHqeCKHe n H U a ( A 0 YPOBHR CpeflHHX H ~ f l p e ~ f l p H R ~ k i f i no M e p K a M MeX.L(YHaPOAHb1X C T ~ H A ~ ~ T OMOrYT H C n O n H R T b 0 6 ~ 3 a ~ e n b c ~ B a B ) n0 COUHanbHOMy H U O q (CH), 60nbllle OCHOBblBaRCb H a CBOeM rOAOBOM O ~ O ~ O Te~M, H a $ O H A ~ r 3apa60~~0#a M T b l . HO 3 T H IIHUa, T e M H e M e H e e , AOIIXHbI Y A e P X H B a T b H H A H B U A Y ~ ~ ~ H ~ I # ~ O A O X O A H ~HI ~ ~O r U ( m H ) , no KOTOPOMy HM H ~ O ~ X O A H M O BeCTH r U l a T e X H b l e BeAOMOCTH. T ~ K H M 06pa30~, TpYAHO Y T B e p W a T b , LIT0 ((YflpOUeHHble)) P e X H M b 1 A ~ ~ ~ C T B H T ~ ~ ~ H O ( ( y n p O q a l O T ) ) OTqeTHOCTb H H C n O n H e H H e 0 6 ~ 3 a ~ e J l bCpeAHHMH IlPeAnPHXTMIIMH. ~ ~ B 8. C n e ~ H & I l b ~ b l e H N l O r O B b l e P e X H M b l T a m e IlpeAOCTaBnRlOT H a n O r O B b l e CKHAKH MIlH O C B O ~ O W ~ H H RAJIR o n p e n e n e H H b l x snnoe n p e ~ n p m ~ n f( i O C O ~ ~ H H O m~ ~ e @ ~ e x n ~ n r e c ~ o f i mTypMa no ~onep~nsaunnHarrorosoro anMnHncTpnpoeaHnR, KOTOP~Hnonxwa 6bl~bnpoBeneHa OCeHbH) 2006 rona. 5 B 1998 r0ny ~ P O ~ KB cTe ~ n p ~ o r6oa ~ noapa3BHTHtO ~ H H ~ H C O B O W CHCTeMbl H npennpHHHMaTenbCTBa ~ BblnenHn 17.3 MHJlnHOHOB nOnnapOB Ha CHCTeMbI H ~ O ~ O B 0 ~ 0 anMHHHCTPHPOBaHHR. C P ~ ~ C6blnn~ T B HCnOnb30BaHbI Ha KOHCYnbTaqHOHHble YCnYrH CneqHailHCTa nO @ H H ~ H c ~ Mpa3pa60~KynpOrpaMMHOr0 , 06ecnere~n51,s a ~ y n ~KoMnbwTepHoroH npyroro 060pyno~a~n51n 06yqe~ne. y xiv ~POMbllUJleHHOCTM M CenbCKOrO X O ~ R ~ ~ C THO ~M, e p b l B no CTHMynHpOBaHHKl K ~ ~ U T ~ J ~ O B J ~ O X ~ H M ~ ~ M O V nPHMeHRTbCR m R 22 0TpacJlefi npOM3BOACTBa, a T a M e AJlR B o A o c H ~ ~ X ~ H M R , npOM3BOflCTBa 3SleKTllO3HeprMM, CTpOMTeJlbCTBa, r O C T N H H q H O r 0 6n3~eca, T p a H C n O P T a , K O M M Y H M K ~ U N ~ ,KYnbT)'Pbl U C ~ O P T ~ ) . CeJlbc~oe X O ~ R ~ ~ C T BM O a r p O n p O M b l l l l n e H H O e IlPOH3BOACTBO MCnOJlb3YKlT MHOXeCTBO HaJIOrOBblX P e X U M O B . @ e p ~ e p ~O~~ ~~e~ X R C T MO X e T B B b l n O n H R T b CBOM 0 6 ~ 3 a ~ e J l bno~ ~CHa nn60 ~ Y T e M ~ A M H O B ~ ~ M ~BbllUlaTbl H H O ~ H a J l O r a 3a K a m O r O ~ ~ ~ O T H( PM~ K H~ OrOAOBOMy P a C q e T H O M y ~ o K X ~ ~ T ~ J I K ~ ) , MCnOnb3yR B ~ nn60 8 0 % - ~ y ~ CKUAKY H a PaCqeTHYKl CYMMY H a J l O r a , - BCe, q T O AJIR 3 T 0 r 0 HYXHO, 3 T 0 3aPerHCTPMPOBaTbCR nn60 KaK KPeCTbRHCKOe X O ~ R ~ ~ C T B O , nu60 KaK C ~ ~ ~ C K O X O ~ H ~ C T B n~pHAHn pOM~R T M e . e n p e n n p M R ~ M RC ~ ~ ~ C K O X O ~ R ~ ~ C T BnpOM3BOACTBa ( K O T O P ~ IB~'IaCTHOCTM H e IUlaTRT HMKIKMX ~ H H O ~ O H a n o r o B , ecnn nepepa60~~ap n o n c x o n n T H a T e p p m o p n n @ep~epc~orox o 3 ~ i c ~ ~MOVT a ) 3aPeTMCTpMPOBaTbCR KaK KlPMAM9eCKMe UJlM @ M ~ M ~ ~ C JKMW a~, U KOTOPble MCnOJlb3yKlT eUe 6 0 n b l U e cnoco60~UCnOnHeHMR o ~ R ~ ~ T ~ J I ~B c PTa M K a X ~aJlor0~0fi B CMCTeMbI. C ~ U ~ C T B ~ ~ T T a m e M reorpa@nqec~ufin a p a M e T p w l ~O C B O ~ O W ~ H M R OT H a n o r o B . T ~ Kn,p e n n p n R T n R , HaXOARUMeCR H a TePPUTOPMM 3KOHOMM9eCKMX 3 0 H M T e X H O n a p K O B nOnb3yKlTCR HaJIOrOBblMM n b r o - r a M n . P e m n ~ A n n C ~ ~ ~ C K O X O ~ R ~ ~ C T B ~ H H ~ I Xnpennpn~~nfin M e e T n o n o n H n T e n b H o e H e m e n a T e n b H o e C B O ~ C T B O OH c T a B n T - nepepa60~~yb ~ p bB ~6onee ~ e 6 n a r o n p n ~ ~y~c bn 1eeu c o R npn n p o B e n e H n n ee B H e @ep~epc~oro~ X O R ~ C T BKaK, o n n c a H o B ~ r n a ~ 2. e 9. MHOX~CTBO PeXMMOB, B B e A e H H O e 3a IlOCneAHMe HeCKOnbKO n e T , 3Ha9MTeJlbHO 3aTpYAHReT HaJlOrOBOe aAMMHMCTpMPOBaHMe. MX BBeAeHHe, BePORTHO, ~ ~ ' ~ R C HCMnbHOe R ~ T yXyfilUeHMe K a q e C T B a YCJlyr H U l O r O B O r O aAMMHMCTpMpOBaHMR B m a 3 t i X HaJlOrOlUlaTeJlbUMKOB B n e p H 0 n C 2002 no 2005 r 0 ~ b l . ~M e p b l , KOTOPble nOBbllUaKlT KOJlMqeCTBO HaJlOrOB M I T Y T ~ ~ n O A a 9 M n e ~ n a p a u n i no HMM, CHMXaKlT n P 0 3 P a 9 H O C T b H U ~ O ~ O B O GCMCTeMbl M nOBbllUaKlT C B O ~ O KaK HaJlOrOnJlaTeJlbUMKOB, T a K M COTpyAHMKOB HaJlOrOBblX O p r a H O B A ~ ~ ~ C T B O B ~ T ~ ~ , no C O ~ C T B ~ H H O M Y YCMOTpeHMKl. B TIKMX YCIIOBWIX pX3paCTaKlTCR BO3MOXHOCTM AJIR KOppynUMOHHbIX A ~ ~ C T B M ~CYUHOCTM, H ~ J I O ~ OP eBX~ M~BCe B 6 0 J I b l U e i M e p e y C n O X H R e T C R B ~ . M I ~ M B C B R ~ M c ~ T M M no6ywae~C ~ O ~ U H K O B ~ a n o r on~ H a n o r o n n a T e n b q n K o s K B e n e H n m n e p e r O B O p O B . B 3TOM OTHOlUeHMM n P M 3 b l B 06 Y n P O U e H M M , c ~ e n a ~ ~ b lBf i 06paqe~nn n p e 3 M A e ~ K aH a p O A y K X ~ ~ C T H eHT O~n,b K O aAeKBaTeH, HO M C B O e B p e M e H e H . ~ ~ 10. H ~ C K O ~@~KTOPOB M ~ K O O V T ~ ~ ' ~ R C HTeHAeHUHlO PX3BHTMR HOBblX P e X M M O B M B W T ~ KOHWHOM MTOre CHU3MTb ~ e f i T p a J l b ~ 0 c ~Hb ~ J ~ o ~ o BCMCTeMbI. o ~ ~ Han6onee 9 a C T O 3 a H H T e p e C O B a H H b l e CTOPOHbl ( T ~ K M ~KaK n a p n a ~ e ~MCCnenOBaTenbCKMe ~ , MHCTHTYTbI, H e n p a B M T e n b C T B e H H b l e OPr'aHM3auUM M A ~ J I O B OC~ ~ K T O ~rOBOpRT 0 npOI&3CCe, ) T.e. 0 C X a T b I X C p O K U nOArOTOBKM ~aJlor0~0fip e @ o p ~ b l , 0 6 b l 9 ~ 0 ~ P O B O A M M O ~ n~e p e r p y X e H H b l M M rOCyAapCTBeHHblMM C n y X a U M M M , KOTOPble BblHYXAeHb1 n O C n e l U H 0 pa60~a~bB ~LICTPO MeHRKlUMXCR 3KOHOMM9eCKMX YCJIOBMHX. apyrkie ~ ~ ' ~ R C H ~ HBKJlKl9aR U R , 6onee o @ M ~ M a J l b ~ b l e MHeHnR, OTHOCRTCR K ~ p y r yB o n p o c o B o n p e n o c T a B n e H n n c T w M y n o B n n R ~ ~ M H ~ ~ C T ~ H ~ J I M ~ ~ U M M ~ ~ . B CyUHOCTM, K p y n H b l e n p e A n p M H H M a T e n M YTBepwaJIM, 9 T O HX n p e A n p M R T N R HaXOARTCR B 3 a q a T O q H O M COCTORHMM MIlM yR3BMMb1, H ~ C ~ O C O A OHn X HI b l M ~ ~ 06pa30~n O n a B a T b n e K n a p a U M N MnM H y m a K l T C R B HaJlOrOBbIX CKMAKIX, 9~06b1BblXMTb. M, HaKOHeU, 3Ta TeHAeHUMR H ~ J ~ O ~ O O ~ J I O X ~MHOH eHT 6 b l ~ bOAHMM M3 n p 0 R ~ J I e ~ MTf ai K H a 3 b l B a e M O r O <~~e~wii). Cnenye~ p a c c M o T p e T b cnenymune c T p a T e r n r e c K n e H a n p a B n e H u R m~pacmepeaerr aa~lorosoii6a3b1: K p o M e 6a30~oro pamepa Ha s b l r e ~ b ~( n p w r e ~6yne~nyrrue, ecnw ee y c T a H o s w T b n3 p a c r e T a H a r n e H a c e ~ b w ) w nopora ~yneeoiic-raelcn, 06a n3 HHX M O ~ Y T6 b 1 ~ b u e n p b ~ ~ n ( H a n p w M e p , A O C T H r a T b YPOBHR nOnOBWHbl cpen~efi3apa60~~0# IUIaTbl) ( h a B a 1). KnH: OCHOBHUC T p Y K T y P a Y C T O # ' ~ W B ~ , XOTR M O X H O YBenWqHT flnkiTenbHOCTb IlepHOnOB, H a KOTOPble M O X H O IlePeHOCWTb Y ~ ~ I T K Wr.n a B ~ y K 3y r p O 3 y COCTaBnReT KOnHYeCTBO 0 ~ ~ 0 6 0 ~ e M CMn efU iH U b H b l X PeXHMOB. ~ C J l e ~ y ePaClUHPHTb ~ HaJlOrOBytO 6a3y, Y ~ 0 6 b 1 OXBaTUTb: (1) C n e U M U b H b l e 3KOHOMHYeCKHe 3 0 H b l ((33) ( H ~ O ~ X O A H M O npOBeCTM MX 0630p, 9 ~ 0 6 6 1 npMBeCTH MX B COOTBeTCTBMe C T U a T e n b H O I l p o A y ~ a ~ ~ o f i p e r H o ~ U b ~ 0 f i ~ K O H O M U Y ~ C K O ~IIOJIMTHKO~~ M ~ 0 6 e c n e ~ m b MX A O n X H y t O CTPYKTyPM3aUHtO - T.e. MCKIItOYHTb HWIOrOBbIe K ~ H H K Y ~ ~ ~ ) BCe A 0 ~ e J l b 9 a f i l l l H ~ (2) ; KOMnOHeHTOB CneUMWIbHblX PeXMMOB M CMCTeM IlaTeHTOB ( B C ~ XHX MOXHO HCKJltOYHTb B3aMeH H a C H U X e H M e CTaBOK KHn, 3a HCKJltOYeHHeM n o - H a C T O R U e M y MenKMX @ e p ~ e p o B M TOPrOBUeB, AJlR KOTOPblX MOXHO COXpaHMTb Y n P O U e H H y t O CneUHaJlbHytO HaJlOrOBytO CUCTeMy; (3) MHBeCTMUMOHHble H U O r O B b I e IIpe@epeHUMM (MHn), KOTOPble npeACTaBJlRtOT co6ofi CMCTeMY y c n 0 ~ M f iY C K O ~ ~ H HaMOPTM3aUMM, KOTOPble MOXHO O ~ ~ 3 a M e H U T b 6onee o 6 ~ e fCi M C T ~ M OH ~U ~O r O B b l X CKHAOK ( r n a ~ a2). HAC: no M e W H a p O A H b I M C T a a a p T a M B A Y T P e A H R R 6a3a HfiC M U a H, TaKMM O ~ P ~ ~ O CTaHAapTHytO M , CTaBKy HfiC CJleAyeT CHWKaTb TOnbKO n0 CneAYtOUHM H a n p a B n e H H R M : (1) OTMeHa o c ~ o 6 0 ~ c n eOT~ nW~ C O~OPOTOB OT ~ O Y T O B Oc~n~y m 6 b 1 , tOpMJ(MYeCKMX M H O T a P M U b H b l X YCJIJ'r, O~OPOTOB no p e U M 3 a U M H n o ~ e p e f i ~ b ~l xW ~ T O B , TeOnOrOpa3BeAOYHbIX M reOJIOr0-IlOMCKOBblX p a 6 0 ~ b 1 ,IlPaBHTenbCTBeHHblX IlOflpRflYHKOB no MH@P~CTPYKT~npOeKTaM, opra~u3auufi,B P H ~ ~ M KOTOPblX 3aHRTbl H H B U H A b l , a T a W e K y n b T y p H b l x ycnyr; (2) nepecMo-rp O C B O ~ O W ~ H UWR M a n o r 0 ~ ~ 6n3~ecac o r n a c H o MeHcnyHapOAHOMy O n b I T y (HO B03MOXHO nOCJle TOrO, KaK 6yw~OTMeHeHbl OCHOBHble O C B O ~ O X A ~ H U R ) ; (3) B3UMaHMe HfiC C n p e ~ l l p H R ~ H CenbCKOrO X O ~ R ~ ~ CBT nB0~n H O M f i 061,e~e,38 MCKJltOSeHMeM TeX, T O B ~ ~ O O ~ O PKOTOPblX I l O A n ~ a e TIlOA IlOHRTMe M U O r O O T 6 M 3 H e c a ( K ~ KB Y ~ U I C KMOC~ ~~ O B ~ Upecrry6nn~ax);(4) K O ~ ~ OTMeHa Hyne~ofiCTaBKM H a 0 6 0 ~ 0 ~ b lC B O ~ O A H ~ I X3KOHOMMqeCKHX 3 0 H H T e X H O n a p K O B KaK &llR nOBb1lUeHMR H ~ ~ ~ ~ ~ U ~ HTOKCHTBMKaYeCTBe M e p b l 6 0 p b 6 b l C YKJlOHeHMeM OT Y n n a T b l , H a , (5) O T M e H a O C B O ~ O ~ ~W HR M ~ ~ HOBOrO X M n M U H O r O C ~ O H T e J l b C T B a ( r n a ~ 3). a npo'tee: n p 0 B e A e ~ M T U a T e n b H O r O e o63opa MMYUeCTBeHHOrO M 3 e M e n b H O r O HWIOrOB C U e n b t O @ O ~ M U YBenMYeHMR fl0~0fl~ofi ~ H O ~ O 6 a 3 ~ 3THX H U O r O B B T e Y e H H e C n e A Y t O U H X 2-5 n e T ( ~ . eT. a W e IlpOBeAeHMe o63opa COCTORHMR MYHMUMllUbHblX M H a U M O H U b H b l X KaAaCTPOB, KOTOPble B ~ U b ~ e f i l l l B03MOXH0, ~ Y A H~~TO ~ X O A M MMOO A ~ P H U ~ M P O B ~ T ~ ) . e ~ , HnWCH: ~ O C T ~ I I ~ OTMeHUTb CH M 3aMeHUTb er0 H a eAMHyW CTaBKY H H O B p a 3 M e p e 20-25% npu nep~ofiBO~MOXHOCTU( r n a ~ a1); A K ~ i I 3 b lH H a J I O r H a ~ ~ O P O X AT p~aIi I~C n O p T : Y ~ e n I W k i ~HWIOrOBble ~ 6 0 p b 1B A B a MnM b TPM pa3a Y e p e 3 IlOBblUleHMe CTaBOK, A 0 IlpeAeJla, B KOTOPOM OHM ~ Y A Y TCOOTBeTCTBOBaTb HeraTHBHblM BHelllHUM @ ~ K T o ~ ~KOTOPbleM , IIOAaKuM3Hble TOBaPbl HaBR361BaWT o 6 ~ e c ~ ~ yY.~ P O C T M TCTPYKTYPY ~ CTaBOK. ~ O A A ~ P X M B ~ TC~n e u M U b H O e ~ a n o r o o 6 n o ~ e ~( uaee H n u H n u y npoAy~unn)B M e c T o n e p e x o A a H a a ~ ~ a n o p ~ Mb e~T of ni (no CTOHMOCTM MIlH 4 e H e ) AnR 0 6 n e r Y e ~ M RaAMMHHCTPMPOBaHMR, HO MHAeKCMPOBaTb p a 3 M e p C n e U M U b H b l X HWIOrOB no MH@IIRUUM, a T a W e nOnHOCTbf0 raPMOHM3MPOBaTb IlpaBMJla B3HMaHMR H U O r O B C MMnOPTMPOBaHHblX U OTeYeCTBeHHbIX nOAaKl(U3HblX T o B a p o B ( r n a ~ a3). B B ~ A ~CHCTeMbl H H ~ O T n O X e H H b l X I l J l a ~ X e f ino W C H a H M n O p T k i p y e M b l e OCHOBHble cpencma ( h a ~ 3); a B ~ e n e ~ nCllCTeMbl e YCKOpeHHOrO B O 3 B p a T a W C ~ J ~ ~ ~ o H ~ ~npeAnplrrrTlrrrM, x H ~ I M KOTOPble B OCHOBHOM ~ Y A Y TK C n O P T e P a M H 3 (rJla~a3); r a p a H ~ k i p 0 ~ a HTOrO, qT0 AOnOJlHkiTenbHble a B a H C O B b l e IlJlaTeXll ~ e no KnH, KOTOPble 0 6 p a 6 a ~ b l ~ a mx~e M e~c n r H o , B n o n H o M e c o 6 ~ e nonnexaT ~ e y n e p m a H m n3 nnaTexa 3a cnenymqnfi nepnon. B cpen~ecpoq~ofie n p c n e K T n B e (2-3 rona, n B q a c T H o c T n , K o r A a ~ a 3 H a q e f i c ~YJlYqlllUT CBOU ~ o nOKa3aTeJIU y n p a B n e H H R A ~ H ~ X H HanUqHOCTbK), O ~ ~ a Tame no COnyTCTByKlUkiM B b l wCKaM 06nnraunii). K ~ ~ ~ x cATO ~X HH J l e n e p e f i ~ k i O T e X e M e C R q H b l X aBaHCOBblX IlJla~eXefiK e X e K B a p T U b H b l M . 16. C n e ~ y eO~T A a B a T b npkiOpkiTeT I ~ o c T ~ ~ ~ H O ToM~e H~e H CH C T e M , q ~ 0 6 b l TPYAOBaSI A e R T e n b H O C T b 0 6 n a r a n a c b TOnbKO IlOCpeACTBOM OAHOF'O H W l O r a (~.e.Mm),n P H M e H H M O r 0 B IlOnHOM o 6 ~ e ~ eBCeM KO npeAnPHRTlrrrMH ( P ~ P M ~ P C K UXMO ~ R # C T B ~ M . Ecnn H U O r O B U l CTaBKa 6 y n e ~enn~ofi,KaK TO npemarae-rcn, o6qn# MnH 6 y n e ~p a c n p e n e n s T b c R no c n e r K a n p ~ r p e ~ ~ kMiK~l ~e~6fnia r o ~ a pn~O U p O v H y J I e ~ o f i CTaBKLi H 6 a 3 0 ~ b lB~b l q e T a M . B~opofi npnopnTeT n o n x e H s a ~ n m q a ~ bBc ~o x B a T e n e p ~ o ~ a q a n b ~ o i i nponmn H o s o r o m n n b ~ n C e n b C K O r O X O ~ R ~ ~ C THWIOF'OM H a ~ 0 6 a ~ n e ~ CTOkiMOCTb ( K ~ O Mn O~p O r O B O r 0 3 H a q e H H R A n R B B H y ~ ) ~ a n b ~ x npennpn~~niil@ep~epc~nx~ X O ~ R ~ C T B ) napannenmo c H e K o T o p b l M n B n A a M n ycnyr n so^, KOTOPble B ~ a ~ ~ bMOMeHT H e OXBaqeHbl. l f i B TO Xe B p e M R C J l e A y e T nOBblCUTb aKUH3bl, q ~ 0 6 b 1 KOMneHCkipOBaTb n O T e p l 0 flOXOflOB, npOkiCXOflRIl(yKl BCJleACTBHe CHcuKeHHR CTaBOK MnWCH, K n H l4 HAC. T P ~ T ~ U M IlPHOPUTeTOM AOJIXHa 6 b 1 ~ b n O C T e n e H H U l O T M e H a C n e U H a J l b H b l X P e X H M O B Km ( ~ 3 a ~aeIlOHcuKeHLie H ~ CT~BKH), HaqkiHaR C UHBeCTHUUOHHblX n p e @ e p e ~ U n f i , C ~ J ~ ~ C K O X O ~ R ~ ~ C T B ~n~ pHeH~~ nI X ~ R ~ Lkii fUie A p b l X n O p O r O B b l X ~ H ~ ' I ~ HKOTOPble nPHMeHIIH)TCR p H # , K Y n P O U e H H b l M P e X H M a M . 17. Bce IlpeAJlaraeMble p e @ o p ~ b l IlOJIHOCTbK, COOTBeTCTByKlT n a K e T y P ~ @ O ~ M , n p e m O X e H H O M y IlpaBHTenbCTBOM, HO H A y T H a OAUH M a r A U b M e . OHMOCHOBaHbl H a HOBO3eJlaHflCKOM O n b l T e , K O T O P ~H~e ~ ~ 06narae.r @OHA OlUlaTbl T P Y A a TO 3KBUBaJleHTHO CH) U H M e e T l l l H p O K H e 6 a 3 b 1 ~ O ~ ~ M H H CA pTyBr H~X H U O r O B . OHUTame U C n O n b 3 y m T O n b l T C ~ O B ~ K H H , me 6 b 1 n n F'aPMOHLi3HPOBaHbl CTaBKH MnH n KnH (a Tame C T a B K n HAC) n, B T O Xe BpeMR, n O C T e n e H H 0 OTMeHeHbl MHOF'OqHCneHHble O C B O ~ O X A ~ H U R . K p o ~ TOrO, e I l p e A n a r a e M O e C H H X e H H e CTaBOK KnH (ki KOJlkiqeCTBa p e ~ 0 . 1 ~ 0C~n e) n a l O T K ~ ~ ~ x c6oneeHn T ~ p k i B J l e K a T e n b H b l M AJIR n ~ ~ e c ~ n u nq fMi ,Poccm n Kn~afi( e A B ~n p n M e p a nonpo6~0p a c c M a T p n B a m T c R B npnnoxe~nn 2). xviii 19. Ecnn JlOnXHbIM 06pa30~l l p o p a 6 0 ~ a T b3TU BapMaHTbl m R r a p a H T H p O B a H H R TOTO, q T O B ~ p e ~ H e ~ p 0 q H 0n efpiC n e K T M B e H a M e q e H H b l f i Y p O B e H b H ~ H ~ ~ $ T H HAOXOAOB ~ I X 6 l o w e ~ a~ Y A ~ T AOCTMrHYT (KIK AOnR BBn), MOXHO npOBOAMTb 3TU BaPHaHTbl P ~ ~ $ O P M H P O B ~ H U H (n0cne n 0 n H 0 f i OUeHKH M 6onee A e ~ W l b H o f i n p o p a 6 0 ~He3aBMCMMO ~ ~ ) OT n e p C n e K T H B H ~ ~ $ T H H ~AOXOAOB. I X 21. ~ K O H O M H ~ ~ C KUUKSI~ B U ~ K a 3 a x c T a H e B c e u e n o o n p e n e n R e T c a K O ~ ~ ~ ~ H H RBM H ~ 0 6 b l ~ a l o r ~o uT pxa c n H x , O C O ~ ~ H HBOH ~ ~ T I I H O ~TOM O T H o u l e H n u , H a U 6 0 n e e H e x e n a T e n b H a R B ~ . FlOJlHTHKa 6 y n e ~3 a K n l o q a T b C R B H C n O n b 3 0 B a H H H H W ~ O ~ O O ~ J I O ~ ~~H AH0R6 b l ~ a l o I 4 H 0xT p a c J I e f i e AJIR C M R r q e H H R H ~ Y C T O ~ ~ ~ U B O C T~H~ $ T H H ~AOXOAOB. H I X Ecnu K W ~ X C T6~yHA e C~ H H X a T b CTIBKH U C Y X a T b 6a3b1 BO BpeMR ~ Y M O B U l l p e A l l p H H H M a T b n p O T H B O ~ O J l O X H b l e M e p b l BO B p e M R 3KOHOMIlqeCKUX CllaAOB, ~ e A 0 6 b l ~ a l o rllpOMblmJleHHOCTb llpOCT0 U ~ n o r u 6 ~ e llOTOMy ~ , q T O BO B p e M H ~ Y M O BI l p e A n p u R T u R H e f l 0 6 b l ~ a l o ~ e fllpOMbImJleHHOCTH i 6yw~3aHRTbl no66wpo~a~ue~ HaJlOrOBblX oc~o60mse~nfi BMeCTO nOBb1UleHHH ~POU3BOAHTeJlbHOCTH; a BO BpeMH C n a A a I l e p e A HHMM BCTaHeT H ~ O ~ X O A M M O C Tn J~l a T H T b 6onee BblCOKHe HWlOrH, HeCMOTpR H a C H H X e H H e 060p0~aU n p n 6 b l n u .B A O ~ ~ BTaKaR, O K nOJlMTMKa C T a H e T HICTORUUM ~ ~ A C T B Hm~ M H a J l o r 0 ~ 0 f i R a a M H H U C T p a u H H , KOTOPaR ~ Y A CTaPaTbCR H e OTCTaTb OT ) . 1 3 ~ e ~ e ~ k i f KOTOPble I l p e T e p n e B a e T ~ T i , n o n u T u K a npn KWOM n o a o p o T e ~ K O H O M M ~ ~ C K O ~ O unma. M q e M n p o n o n x u ~ e n b ~ e f i nepn0.n n O A b e M a , T e M c J I o X H ~ ~ 6 y n e ~CMCTeMe HWlOTOBOrO aAMHHHCTpHpOBaHUIl BOCCTaHOBMTbCR nOCJle K P H ~ H C ~ . 22. MneaJlbHaR HaJlOrOBaR CHCTeMa A O J I X H a 6 b l ~ bp a 3 p a 6 0 ~ a H aTaKUM o6pa30~,q ~ 0 6 b l 06ecneqnsa~bn o c T y n n e H u e ( K ~ KB n e p n o n b l p o c T a , T a K u cnasa) n p u e M n e M o r o K o n n q e c T s a AOXOAOB O T H e n 0 6 b l ~ a l o ~ l 4 ~ 0Tpacnefi. r b I a H l 4 p y e ~ b l f iY p O B e H b PaCXOAOB, 6 y n e ~3 a B H C e T b O T X e J l a T e J l b H O r O W T H 06uero ~ ~ O A ~ ~ T PaCXOAOBaHHR ( K O T O ~ OB~ CBOlo O q e p e n b HBJlReTCR H O ~ O 0 ~ 0 6 p r U K e H U e M TOTO, KaK B n O C n e H y l o q H e rOAbl 6 y n e ~OnpeAeJlRTbCR P O n b r O C y A a p C T B a ( H a l l p U M e p , B 06ecneqe~nn l l H f $ p a ~ T p ~ ~ T y ~ ~ f i ) . Ecnn ~ P ~ B H T ~ ~ ~ C TIlOCpenCTBOM B O , ~ W ~ ~ O T K H c p e ~ ~ e c p o q ~CoTf~i Y K ~ P L IX, e n a e T n o m e p x a T b p a c x o A o B a H u e H a y p o B H e o K o n o 23% O T BBH, Mbl C q H T a e M , q T O H e H e f $ ~ R H b l e AOXOAbl AOJlXHbI I l O m e P X H B a T b C I l H a Y P O B H e OKOJIO 17-18% O T BBn. f l 0 c ~ l s t c e ~ HTea K O r O YpOBHR AOXOAOB H HBJlReTCR ~ a U 6 0 n e eB ~ X H O ~ ~ u e n b l o nlo6ofi H a J l o r 0 ~ 0 f ipef$opMbl. Mcxon~U 3 3TOTO YPOBHR, U e n b H W ~ O ~ O BpOe @ o~p M b 1 - ~ n 0 B b l m e H M e H e f i T p a J l b H 0 ~H~a J~l o T 0 ~ 0 f iCHCTeMbl (T.e. ll)'TeM BblpaBHHBaHUH CTaBOK HaJlOrOB U P a C l u H p e H H R 6a3 U BblpaBHUBaHUH C T p Y K T y p b l H ~ J ~ o ~ o o ~ J I o X ~ H H R ) .Ta~ueYCHJIHR M O V T U 3 M e H H T b C T p O e H U e HaJlOTOB, HO H e 0 6 ~ l ~ Yi Pi O B e H b C O ~ H P ~ ~ M O C T H . 23. ~ O A X O ~ ,3 a K S I l o q a l o U H f i ~ R B HaBR3blBaHHM nlo6ofi H W l 0 r 0 ~ 0 f i pe@op~e " y c ~ a ~ o ~ n e~~~~OoBrHc6opa noxonoa ~eno6b1~alomnx o R o~pacnefi"o q e H b xopomo n 0 n o n H H e - r HOBble MHCTpYMeHTbl HaJlOrOBOrO Y n p a B n e H U H , KOTOPbIe BBOAUT IlpaBHTenbCTBO, H B qaCTHOCTH HOBble l l p a B H n a H a u t l ~ ~ a J l b H $~ Or H A ~ ~ ~ Pecny6nn~nK ~ ~ ~ x c(HQPK). T ~ H 3 T U npaanna BHOCRT C T ~ ~ W ~ ~ H B CTY ~q a C T b O T H ~ @ T I I H ~ I XAOXOAOB, KOTOpaH PaCXOAyeTCIl H a IlpOTHXeHMH ~ K O H O M U ~ ~ C K O ~ O unma, B TO BpeMH KaK n p e m a r a e M o e o r p a H u s e H n e noxonoa m~ ~anoro~ofi p e @ o p M b l O ~ ~ C I I ~ ~ CHT B ~~W~ I T~ H O C T H ~ @ T H H ~AOXOAOB.~ ~ H ~ ~ I X E C ~ H 06a 3 T U UHCTpYMeHTa 6 y ~ yy ~e C U C T B O B a T b ( c T ~ ~ W I ~ H O CAOXOAOB O T H ~ A o ~ ~ I B ~ ~ O U0(TMaXc f l e f i U C T ~ ~ W I ~ H O C T ~ T ~ p PaCXOAOB, OCy4eCTBflHeMblX 3a C q e T H ~ @ T H H ~ I XAOXOAOB), a IlpaBHTeflbCTBO Y n p a B n R T b C ~ ~ ~ H C U ~ O B ~~~O,LVK~TOM,C T P Y K T y P a TOCYAaPCTBeHHOI-0 PaCXOAOBaHUR H a IlPOTRXeHUU H H ~ I M ~ K O H O M U ~ ~ C K O I - o uuma 6 y n e ~p o ~ ~ oui inpenc~a3ye~oiiK ( ~ Kn o n R BBn). T ~ Me H M e H e e , Ka3aXCTaHCKaR 3KOHOMUKa 6 y ~ e ~ UCnblTblBaTb 3 H a q U T e f l b H y t O H ~ Y C T O ~ ~ ~ M B OCBH3aHHytO C C T ~ , 0 6 4 ~ ~ AOXOAOM O T A O ~ ~ HI ~~@ T U ,HO T a K a R H ~ c T ~ ~ H J ~ ~ H o c T ~O T p W a T b C R H a H ~ @ T R H ~ I X U 6 y n e ~ n O C T y M e H W I X HOPK ki o 6 4 e ~@ U C K ~ ~ H O M 6ana~ce( ~ ~ n t O l t a RH a K O M e H U H B HOPK). ~ O ~ T O MBYW H O , r ( ~ 0 6 b l C p e ~ ~ e c p o q H a@RU c ~ a J l b H a HnOflHTUKa n p a ~ u ~ e n b c ~ ~ a o6ecnequ~ana n o c n e A o B a T e n b H o e co6nt0ne~ueTUX n p a B m , H a q u H a H c n p e n c T o H q e r o nepuona H a 2007-2009 rOAbl. 25. 3 T U BOnpOCbl UMetOT 6 o n b m o e 3 H a q e H H e , n p U H U M a R BO B H H M a H U e TO, qT0 n p e m a r a e M b l e p e @ o p M b l Y n a J l R I o T HaJlOrOBytO CUCTeMy O T H ~ J ~ O ~ O O ~ ~ O X ~ H&iH Tpyna H n o ~ p e 6 n e ~Um( n p U 6e3neiic~~uu) Tame OT H ~ J ~ o ~ o o ~ ~ ~ o X M yHWUe CHT B a , OCTaBflRR H a r p Y 3 K Y U ~ no ~ 6 0 p y~ O C T ~ I I J I ~ H HOCHOBHOM B ~ ~ H a Km. TO H e X e f l a T e f l b H O ; H A e a J l b H a R IlOflHTHKa 3amtoqae~c~PaBHOM B H ~ ~ O ~ O O ~ ~ ~ OBCeX H U M X ~ 6a3, q~06b1HZWpY3Ka H ant06y10 U 3 3TUX 6a3 6 b 1 n a C p a B H U T e n b H O HU~KO#. TO ~ p e 6 y TeU~a T e f l b H O r O BblpaBHUBaHWI BCeX C T p y K T y p HaJlOrOB BO u36ema~uea p 6 u ~ p ~ a HJlU B3aUM03aMeHb1 6a3, ~ O M U M OH ~ # T ~ ~ I J I ~ H o c T auK,a R nOflUTUKa T T a m e B W H a JJlH YnpaBfleHMR pUCKaMU 6 t O ~ e T ~ b l MOUr a H a M U . p Hanoroo6no~e~ue BCeX 6a3 ( o n n a ~ b ~ Tpyna, K a n u T a n a , n o ~ p e 6 n e ~ u ~ u ~ y q e c ~ ~cnenaeT u e ~ ~ b ~B fnia a ) K A npu 3KOHOMUrteCKOM C n a a e , K O r A a n o ~ p e 6 y e ~ ncO~B b l i u e H U e nOXOAOB. B I l p W I O X e H H U 1 npeACTaBJleHbl MOAeJlU TOTO, K a K U e p e 3 y J l b T a T b l npeJJlaraeMbl# ( ( y ~ U J l e ~ ~ bnla#K e T HUIOI-OBO# pe@op~b~))y n e ~n 6 a B a T b no ~ T U M ABYM n a p a M e T p a M . npennonoxe~u~u B c e p a c q e T b 1 pa3kHCHeHbI B ~ ~ W I O X ~ H U U . 1.1 B H ~ C T O H ~ r~J l#a B e OnHCblBafOTCH n O C J l e n H H e T e H n e H U H H Pa3BHTHH COUHWIbHOTO H&llOra (CH) H HHnWBHwZlJlbHOrO IlOnOXOnHOrO HZUlOra (MnH) B K a 3 a x c T a ~ e ,H OUeHWBaeTCH WX ~ @ @ ~ K T W B H O C TC~ TOYKH 3PeHHH AOCTHXeHHH TaKWX KJIIOYeBbIX sene#, KaK IlOBblIlleHHe co6npae~oc~n,PaCIllWpeHWe H ~ J I O ~ O O ~ J I ~6 a~3 b~1 ~ W O ~ M YCTpaHeHWH WCKZUK~HHH. 3 T W TeHAeHUMM CPaBHMBafOTCH W C MeX,Q'HaPOAHbIM OnbITOM. A H ~nOKa3blBaeT,w ~ YTO p e @ o p M b 1 n a n x y T c H B n p a e m b H o M H a n p a a n e H n n , 3a n c m m Y e H n e M cnygaee cosna~mBOSMOXHOCTW YKJIOHeHWH O T YnJlaTbl o @ W ~ W N ~ ~ H O ~ O COUW&llbHOrO H U O r a Y e p e 3 Te MJlW WHble WIbTepHaTMBHble peXkiMb1, q T O H O A P b l B a e T H ~ ~ T ~ W I ~ HCOa MCOTr O~ COUHZUlbHOrO H W I O r a H 6a3y HHnWBWnyNlbHOrO I l O ~ O X O ~ H O rHOU O r a . A~ann3Tame n O K a 3 b l B a e T OTCyTCTBWe n O J l X H O r 0 YpOBHH KOOpnMHaUMW M e m y WHAWBWnYNlbHblM I l O ~ O X O ~ H b l MHZUlOrOM W COUMZUIbHbIM HZUlOrOM ( ~ a n p k i ~ e p , enn~oo6pa3~oroo n p e n e n e H n s noxona, B b l q e T o a , C T P Y K T ~ P ~ I w n o p H n K a H a n o r o e o r o a n ~ n ~ n c T p n p o ~ aa~Tame, p n ~ ) H n pacxome~niB c a M o M H a n o r o ~ oK~o n e K c e B o n p e n e n e H n n ~anoroo6narae~oroO n X O n a . Hama OCHOBHaH PeKOMeHnaUMH - nOJlHOCTbfO HHTerpHpOBa7-b W ~ ~ c l ~ l l ~ ~ a J l~bO~ ~b OHX O A HHZUlOr l ~ I ~ C COUWZUlbHblM H U O r O M BO w36ema~ne npo6ne~ KOOp~WHaUWWH HenOCJleAOBaTeJlbHOCTW ( ~ ~ c x o w ~ H HB~C)J.l y Y a e BBeneHMH ~ ~ W H OCTaBKH H W H ~ W B H ~ y N l b H O r OI l O ~ O X O ~ H O r OH U O r a H a Y p O B H e 20% ( n p W y n p a 3 n H e H W H COUWZUlbHOrO H M O ~ ~~)e 3 ~ a s F i T e J l b ~ bn pl O U e H T M O X e T HanpaBJlHTbCH k MWHWCT~PCTBYa T p Y A H C O ~ W & ~ ~ ~ H O ~ 3 a u k i T b l HaCeJleHWH (MTC3H), a OCTaBIllaHCH YaCTb - B PaCnOPIIHceHWe MeCTHblX O P r a H O B r O C y n a P C T B e H H O r 0 YnPaBJleHHH. 1.2 H ~ c T o H I U ~ Hr J l a B a COCTOWT W3 T p e X p a 3 n e J l O B . B n e p B O M OnWCblBalOTCH W3MeHeHWH, B H e c e H H b l e B ~ T W nsa H a n o r a 3a nepnon nocne 2001 rona, a Tame a ~ a n n 3 n p y m ~pe@op~b~, c ~ 3aHBJleHHble H a n e p W O n 2007-2008 r O n O B . B~opoiinpe&llaraeTHaIll aHZUlM3 K O M ~ M H W P O B ~ H H O ~ H & ~ ~ O ~ O HalpY3KW H a OilJlaTJ' B O ~ Tpyna, a H U W 3 6 a 3 b 1 &llH 3TWX HZUlOrOB W T ~ H ~ ~ HB U M ~ c6ope H a n o r o B . B n o c n e n H e M pa3nene n p e n c T a B n e H b 1 H a w n p e K o M e H n a q n n . 1.3 B Ka3axcTa~eo n n a T a Tpyna 06narae~c~e p e sMnH n CH. XOTH0 ~ 6 ~ 3 a ~ e n b c ~ ~ a no 3TWM HZUlOraM @0p~ZlJlb~0C y T pa3JlWYHble C Y ~ ~ ~ K ~TJ I~O ~I O O ~ J I O X ~ H W~Ha n p W M e p ,Y n n a T a H e H ( C O U H ~ ~ ~ HHOa n~oOr a - O ~ ~ ~ ~ T ~ J I ~ C T B O npennpna~ni,a H H n n a n n y a n b H o r o n o n o x o n H o r o H a n o r a - @W~W~~CKIIHU), H X 06a 3TH HZUlOra @ Y H ~ ~ M ~ H T Z I HBJlHfOTCH HZUlOraMW, B3WMaeMblMH C J ~ ~ H O OlUlaTbl TpYna, T a K K a K PaCCYWTblBalOTCH C @ O H A ~ 3 a p a 6 0 ~ ~ 0niJ l a T b l W n O J l X H b l WMeTb O A H H ~ K O B ~ K~O H O M H Y ~ C K3@@eKT. I M ~ ~ 06a H U O r a co6npam~c~ sepe3 p a 6 0 ~ 0 n a T e J l H ,K O T O P ~ I ~ y n J l a Y W B a e T CBOH 0 6 ~ 3 a T e n b c T ~ a no COUWZUlbHOMy HZUlOr'J' M O T MMeHH npaBMTeJlbCTBa Y n e p X H B a e T W H ~ H B W ~ U ~~HO~ ~I O X O H a Ho r~. I B~3 H T b l e BMeCTe, 3TW H U O r M BJlHHfOT H a ~ ~ n P e I l l e H W e WHnWBWnyyMa p a 6 0 T a T b , @ O P M W P O B ~ T HaKOlUleHMH W, ~ 6onee @ ~ H ~ ~ M ~ H T Z I JH~a~ H O - P e I l l e H H e K O M ~ ~ H MW @ M ~ W Y ~ C K MJIWU OCTaBaTbCH # X 3a r p a H M U a M W O @ W ~ W Z I J ~ ~ H OC~e K T O p a O 3KOHOMHKW. 1.4 C MOMeHTa IlpHHHTHH 3 a ~ 0 ~Pecrry6nu~uK ~ ~ ~ x N~2235O 24.04.1995 a c T ~ H T r O A a ((0 HaJlOraX H A p y r H X 0 6 ~ 3 a ~ e n b ~ Ibl nl axT e X a X B ~ I O A X ~ T )k)i H ~ H B ~ ~ a J l b ~Ib~lOf A O X O AHHa~J O~ ~ i I r YAepXHBaeTCH p a 6 0 ~ 0 f l a ~ e n H ~ H . H ~ H ~ ~ c JlHUa,~ H e BKnlolleHHble B BeAOMOCTb H a Bblflaqy @ K H 3apa60~~0fi IlJlaTbl K ~ K O ~ O - no ~ 6H 0~ @ H M ~ H o ~ oIlpeAIlpHHTkiH MnH OpraHH3aUHH, A O M H b l IlpeACTaBnHTb CBOH H U l O r O B b l e AeKJlapaUHH HaIlpHMyIO. flkiua, H M e I O U H e AOXOAbl, HeCBH3aHHble C T p y ~ 0 ~ 0 fAeRTenbHOCTbIO ( ~ a I l p H M e p , P ~ H T H ~AOXOA i I ~ OT IKUH# MnH HeABWKHMOrO HMYUeCTBa, rOHOpapb1, K O M H C C W O H H ~ I ~ ) ,T a m e A O n X H b I n p e A C T a B n R T b CBOH HaJlOrOBbIe A e K J l a p a u H H HaIlpRMyIO B H a n o r o e b l f i KOMHTeT. C Y ~ ~ ~ KAeKJlapHPOBaHkiH T O M HHAHBHAYaJlbHOrO IlOAOX0,QHOrO H W l O r a HBJlHeTCH @ H ~ H W C K O ~n H U 0 ( K ~ K n p H Y A e p X a H H H , T a K H I l p H C ~ M O C T O H T ~ ~ ~ H O #~ H K ~ ) . O U B H ~ ~ O ~ O B O M KOAeKCe H e T HHKaKHX I l 0 n 0 X e ~ H f i OTHOCHTenbHO B03MOXHOCTH p a 6 0 ~ a t o ~ nCYIlPYrOB x IlpeACTaBnHTb COBMeCTHytO A e K n a p a U H I O . T ~ K MnH, KaK IlO CYTH, HBnReTCH H U O r O M , Y A e p X H B a e M b l M Y HCT09HHKa BblIlnaTb1, K W O e H 3 I l p e ~ I l p H J l ~ H f i , H a KOTOPblX p a 6 0 ~ a I O C~y n p y r H , OTAenbHO Y A e P X H B a I O T MnH K a m O r O 1.13 CYIlPYrOB. P ~ ~ O T H WHKHWM,a a H e M b l e HHAHBH,Q'a.JlbHblMH npeAIlpHHHMaTeJlRMH H IOpHAHrteCKHMH nHUaMH, IlpHMeHRIOUHMH ~ I l e ~ H ~ b ~ ~a Jbl ol r ~0 ~ b l kP e X H M , KPeCTbHHCKHMH X O ~ H ~ ~ C T B ~ M H H C ~ ~ ~ X O ~ ~ ~ O H ~ B O An oHATn e~x ~a T~ ~ M W , 0 6 n o ~ e ~ nHmH A H B H , Q ' ~ E . H ~ I M n o A o x o A H b I M H a n o r o M B O ~ ~ ~ ~ C T ~ H O B IIOpHAKe OKaK @ H ~ H ' ~ ~ CnKH U a~ ~ ~ H H M H ( ~ a OCHOBaHHH I ~ ~ O ~ ~ ~ C C M IIIKanbl B H O # CTaBOK H W l o r a ) . B ~ a c ~ o n q e irnaee, i B OCHOBHOM,paccMaTpuBaeTcn ~anoroo6nome~ue3apa6oT~oCi nnaTbl, H ~ O ~ O O ~ ~ O X ~ H UOT~ noxona KanuTana ( ~ U ~ U ~ ~ C K U X nuu paccMaTpusaeTcn B rnaee 2. B Ka3axc~a~e H H ~ U B U A Y ~ ~ ~nonoxonHblM HanoroM 06narato~cnnoxonbl ( ~ U ~ U ~ ~ Cnuu, Xnonyre~~bleu B (bop~e H ~ I M K U 3apa60~~oiinnam, u B (bop~enoxona OT KanuTana. Ecnu paccMaTpusaTb c T O ~ K U 3pe~unc06upaeMblx 061,euoe, Ha npaKTUKe 3TOT HUOr @YHKUUOHHPY~T60nbwe KBK HaJIOr Ha 3apa60T~ytonnav. 10 ~ Y H K T 1-1 C T ~ T ~145 Hanoroeoro KoneKca nopomnaeT s ~ a r u ~ e n b ~ bpas~ornacun ( ~ e x n y H l e ~ ~ x ~ ~ J I T ~ ~ @c UKP M ~M H u M u U Hanoroebl~ KOMUT~TOM)OTHOCUTenbHO TO'iHOrO OnpeneneHUIl ~anoroo6narae~oronoxona nnn ueneii npuMeHeHun nopora ~yneeoiicTaeKu. Ann ueneti HacTonuero a~anu3a npennonaraeTcn, TO ~anor006narae~b1iiAoxon OnpenenneTcn enu~oo6pa3~0Ann ecex ~a~eropuiinpenenbHblx cTaeoK utinueunyanbtloro nonoxonHoro Hanora, BKntoqan nopor ~ynesoiiCTaBKU. Ta6nuua 1.1: C~pylcrypacTaBoK HHnuBunyanbHorononoxonHoroHanora 2003 B H 2006 rr. H B pe3ynb~a~enpennaraemoii peaopmb~2007 r. a o n3menennii B H a n o r o e ~ i~i o n e ~ cses,e n e ~ - H3menenna c IIHB~PR 2004 npemaraeman nanorosaa pe@opma HUX c 2004 (2003) (2006) (2007) ronoaoii ~ a n o r o o 6 n a r a e ~ b lnoxon i i r o n o ~ o i~i a n o r o o 6 n a r a e ~ b lnoxon i i ~ononoR~ a n o r o o 6 n a r a e m ~noxon i i ~ e ~ I/r e npenenbnan c ~ a s 21 a ~ renre I1 n p e n e n b ~ a nCTPBK~21 renre I / npenenbnan C T ~ B K31~ " Hanoroo6narae~bliinoxon = HiWti~ne~~blfinoxon - Hanoroebleeblre~b~cornacnoCT.152 Hanoroeor0 KoneKca Pecrry6nn~n Ka3axc~an ''M c m o v ~ u ~HanoroeblR KoneKc Pecrry6nn~nKasaxcra~,pawen 6 : "Mcrnowiu~: 06pal~eHnenpe3nne~~aPecrry6nn~nK ~ ~ ~ x c T1~MapTa 2006 r. H , 1.6 C TOSKM 3PeHMR MeXAyHaPOAHOTO OnblTa, IlpeACTaBJlReTCR, qTO nOpOr H ) ' ~ ~ BCTaBKM O # (110 400 TeHre B rOn HJlH pa3Mep 0nH0fi M M H M M ~3apa60~~0finJIa~b1)BnOJIHe aAeKBaTeH ~ ~ H O # nnR Ka3axcTaHa. B 2006 r. ma cyMMa pamnnacb 27% cpenHero 3apa60T~apa6o~amqeroHa npOH3BOACTBe, rAe - no AaHHbIM A ~ ~ H T C TCTaTMCTHKe- KOHUeHTpnPYeTCR OKOJIO 10% BCeX no B ~ pa6o~amqnx(pnc. 1.1). B 2003 r. B Ka~ane,Hop~ernn(Ue~Tpanb~oen p a ~ n ~ e n b c ~n ~ o ) Pecrry6nw~eYexMR 3TOT nOKa3aTeJlb COCTaBnRJI OKOJIO 20%; BBe~rpnn- 52%; B M~JI~HAHH, C O ~ ~ H H ~W TH~~TIAM~PMKM(UeHTpUlbH0e ~ ~ ~ B M T ~ J I ~HcBenu~o6pn~a~nn43%. H ~XX T B o ) - n0cJIenHMe TeHAeHUMU B CTpaHaX 03CP B OTHOWeHMH M3~eHeHMfi 3TOTO IlapaMeTpa OnpeAeJlMTb CJIOXHO, TaK KaK B nePMOA Mew)' 1985 M 2003 rr. 11 CTpaH IlOBbICMJIH IlOpOr ~ y n e ~ ocTaaKn, a 10 - no~n3nnn." B f i POCCMM AO peaop~br2001 r. nopor q n e ~ o fC-rasKn 6b1n i qpes~brqati~o~ B I C O K M M- Ha ypoBHe 187% ~ p e ~ ~3apa60THofi nna-rbr. Ha e f i TOM OH^ nopor H ) ' ~ ~ B oCTaBKH # B Ka3axcTaHe Ha naHHOM 3Tane npeACTaBJlReTCR ZlAeKBaTHblM, TaK KaK HaXOAHTCR npHMepH0 Ha YpOBHe CTpaH 03CP. I I Cu.03CP 2004 r., Cneunanb~b~hsbInycK noporosbre no~a3arenuWRynnarbl nonoxonHoro Hanora n ss~olcoecTpaxosaHuR (Special Feature: Thresholds for Paying Income Tax and Social Securip Contributions). 1.8 T ~ KaKK C O O T B e T C T B y t o ~ H eO p r a H b l M O V T MeHIITb H ~ O A O B Op ~a c q e ~ ~ b nlOi K a 3 a T e n b , H MHHHMaJlbHYto 3apa60~~yml r U a T y -a, COOTBeTCTBeHHO, H I l O p O r H CTaBOK n O n O X O n H O r 0 H a J l O r a H CYMMY BblqeTOB- H a r P Y 3 K a n O HHAHBHAyaJlbHOMy n O n O X O n H O M y H a J l O V M O X e T nePeHOCHTbCR c O A H O ~r p y n n b l H a c e n e H n R (no YPOBHH) LIOXOA~)H a ~ p y r y t o6e3 H ~ O ~ X O A H M O C T H H e c e H n R B H ~ M ~ H ~B H ~W~ ~O I - O B o~AIe K c . K ~ TO q a c T o A e n m o c b B 1990-x rr., HO B T e q e H n e n o c n e n H n x HeCKOnbKHX n e T A a H H b l e n a p a M e T p b l OCTatoTCR C T ~ ~ H ~ ~ H ~TIOMb K O, K0PPeKTHPYH)TCIIn M H a Y p O B e H b MH@~RUHM. OAH~KOO Y P B e H b 3apa60~~0ii rUlaTbl B rOCyAapCTBeHHOM C e K T O p e q a C T 0 YCTaHaBnHBaeTCR H a OCHOBaHHH M H H H M ~ J ~ ~ H o # 3apa60~~0ia M T b l , H, C n e n O B a T e n b H O , B PeaJlbHOM BblpiIXeHHH 3TOT I l a p a M e T p C y u e C T B e H H O BbIpOC B CkiJQ' Y B e n H q e H u R 3apa60~~0# M a T b I (CM. ~a6n.1.2). Ta6n~ua1.2: Pas~epronoeoro pacreTHoro nouasa~enaH m u ~ u ~ a n b ~3apa60THoii nnaTbl o i i TPn - mnoeoh p a c r e ~ ~ bno~a3a~enb;M3n - MnHuManbnan 3apa60~nannnam; C3ll- cpenHnn 3apa60~nannnaTa no c-rpa~e. ~ h n p n ~ e r a ~ ~3e~:a r e ~ wronoeoro pacreTHoro no~az~awnn n H M H H H M ~ ~ ~ H O ~ ~ 3apa6o~~ohnnam ycTaHasnnealoTcn ~ ~ K O H O M P ~ c ~ ~ ~ ~KJ ~I H~ K H0cP~cI~)'~J~HK~HcKoM6 m n m e ~ . ~ x T ~ H flaHHble no @ ~ K T H ~ ~ C K O ~ ~ cpennek 3apa60~nohnnaR IlpePOCTaBJleHbl MHHHCT~PCTBOM@HH~HCOB; PaHHble 3a 2006 H 2007 rr. - OUeHKH B C ~ M H P H6Oa~~OHa OCHOBaHHH nPe3eHTaUHH MHHHCT~PCTB~ ~ a 3KOHOMHKH H ~ W I U K ~ T H O T O nnaHHpOBaHHn. npednazae~arrpe#op~aNnH (2007z.) BB~CTM ennHyro cTasKy B pa3Mepe 10% JJJR ~an0r006narae~0r0 noxona He Hnxe nOPOrOBOr0 3HaWHMR, C KOTOPOrO HaSMHaeTCR YnePXaHMe MHnMBMnyanbHOrO nonoxontioro Hanora. Ilosnun~no nopory ~yneaoficTaaKn nHnnBnnyanbHoro nonoxonHoro Hanora ewe He c I $ o ~ M ~ ~ H(~e o~Bb~ H ~ c MHeHMe, ST0 OT Her0 MOXHO nOCTelIeHHO COBCeM OTKa3aTbCR, I2 yrnTblaaR ysennreHne pa3pemeHHoro a b ~ r e ~ a ) . 1.10 C BseneHneM enn~ofi cTasKn Ta6nnua 1.3: CTpaHbl C e f l ~ ~ 0CiTl ~ B I C O ~ ~ IlllH MHnMBMAJlanbHOrO IlOAOXOflHOrO H a n O r a Cmpa~a Cmas~a rod ssede~ux K ~ ~ ~ x c T ~ Hn0CnenyeT npMMepy CTpaH nmoza s % ~ ~ T M M , POCCMM& H H T ~ ~ J I ~Esponbl,~ H O ~ ~ C T O H H I I 26 1994 rne B nocnenHne ronbl nponcxonnnn JIMTB~ 33 1994 aHWlQrMqHble tl3MeHeHMR (~a6n.1.3). no ~ ~ T B M R 25 1995 yTBepX&eHMRM aHWlMTMKOB, B POCCMM B POCCMR 13 2001 pe3ynb~a~e peI$opMbl YpOBeHb Cep6n~ 14 2003 C O ~ W ~ ~ ~ M O C T M MH~HBH~anbHOrO C ~ O B ~ K M R 19 2004 nonoxonHoro Hanora nosblcnncn Ha o n ~ y Y~ p a u ~ a 13 2004 TpeTb - O C O ~ ~ H H O , 6naronap~C04eTaHMH) rpy3~11 12 2005 M3MeHeHMR CTaBKM ~ a n 0 r a C PYM~IHMR 16 2005 COBePUleHCTBOBaHMeM f l c m o r ~ u ~The Economist, M B ~ H O Bknee^ n KneMM : ~ , anMUHMCTpMPOBaHHR M COKpaUIeHHeM (lvanova, Kleen, and Klemm) (2005 r.) COllUanbHblX HUOrOB. K p o ~ TOrO, e YBenMqMnMCb nQCT)'nneHHR B 6rome~ -XOTR M He3HaqHTenbH0, YqMTbIBaR BnMRHHe npQqHX BHeUHHX (P~KTOPOB( ~ a n p n ~ eueHbl Ha H ~ I $ T ~ p , M POCT p e ~ b ~ o3apa60~~0finna~bl)." f i B C ~ O B ~ K Mme , M CTaBKH HHnHBH@GiJbHOrO lIOAOXOAHOr0 HanOra, KOpnOpaTHBHOrO nonoxonHoro Hanora M Hanora Ha no6asne~~yro CTOHMOCT~ CocTaEinRnn 19%, HanoroBm peI$opMa AOnXHa nOBblCMTb YpOBeHb M ~I$($~KTMBHOCT~ KanHTanbHblX BJIoX~HM~~, a COqeTaHMe ~ ~ I $ o ~ M M ~ o B ~ H MHR~ J I o ~ o B o CHCTeMbl ~ ~ M CMCTeMbl C O ~ W ~ ~ 3aUHTbl ~ IlOBblCMnO H O ~ npennoXeHne pa6orei cnnbr n cnpoc Ha Hee. no Mepe pacmHpeHHR ~anoroo6narae~oti 6a3b1 aHmnTnKn OxnnaroT B C ~ O B ~ KnoablmeHns M M C O ~ H ~ ~ ~ M O C T H noxon~ofiracTn 6 r o ~ e T a . ' ~ 12AJIRuenefi ~a~uei-o a~ann3aM ~ npennonaraem,rTo nopor ~yneaoficTaaKn Hanora ocTaHeTcR Ha ypoaHe I on~ofi~ n ~ n ~ a n b3apa60~~0fi ~ o f i nnaTb1, npn TOM 6a30~bliipa3peme~~blii sb1re-r 6 y n e ~yaennreH no YpOBHR on~ofiM H H H M ~ ~ ~3apa60~~0fiH O ~ ~ nnaTbl. n p n )'llpa3nHeHUU IlOpOra HyneBofi CTaBKU TOVKa sxona npn npennaraeMoM pencnMe 2007 r. 6 y n e ~HecKonbKo Hnnce, qeM npn cyqecTBymueM HanoroaoM PeXHMe, TaK KaK @ ~ K T H L ~ ~ C K6Hy n e ~YCTpaHeH TOnbKO OnHH BbIqeT, pa3peUIeHHblfi B PeXUMe 2006 r. ( o n n ~ronoeofi pacqe~sb~hno~a3a~enb). " CM.kiea~oea,knee^ n K ~ M (2005 r.): ctHanorosa~pe@op~Ba POCCHH)). M MBO, pa6oqnii n0KyMeH-r N~WPlO5116(lvanova, Kleen, and Klemm (2005): "The Russian Tax Reform", IMF Working Paper No. WP/05/16). 14 CM.I j p y ~A. n JIeti6c)pnu B. (2005 r.): ctBsene~neenn~oficTaaKn Hanora KaK racTb o6qefi ~ K O H O M H ~ ~ C K O ~ ~ pe@opMbl B C ~ O B ~ K H03CP,. Pa6oqnti DOKyMeHT ~ e n a p ~ a 3KOHOMHKH, H ) > ~ e ~ ~ a N~448 1.11 npennarae~oepe@op~o#u 3 ~ e ~ e ~6a30~oropa3peweHHoro sblqeTa no MnH c u e onHoro ronoBoro pacqeTHoro noKa3aTenH Ha onHy M U H U M ~ ~ ~ H ~ ~ O 3apa60~~yt0nnaTy (TOecTb c 96 nonn.CUIA no 859 nonn.CUIA nnH onHoro HanoronnaTenbquKa u c 385 nonn.CLUA no 859 nonn.CUIA nnH onHoro Hanoroma-renbquKa c TpeMH u w u ~ e ~ u a ~6uy n) e ~0 3 ~ a q a ~ b cyqecTseHHoe yBenuqeHue 6a30~oroBblreTa an^ o6oux Tun06 HanoronnaTenbquKos. Hosoe s ~ a r e ~ -epaBHoe oKono 25% cpen~e#3apa60~~oiinnam - npencTaBnHeTcn p a 3 y ~ ~ b lB~ . u COqeTaHUU C nOpOrOM HyneB0# CTaBKU 3TOT 6a30Bblii pa3peUle~~bl#BblreT UCMfOraeT H 3 cucTeMb1 u w ~ ~ ~ n y a n bnonoxonHoro Hanora Bcex, ~ o r o KTO 3apa6a~blsae~MeHee 221 000 TeHre ( I718 nonn.CUIA) B ron. B M ~ CTO T ~cocTasnHeT nonoauHy c p e n ~ e3apa60~~0iim a m , u, i TaKHM o6pa30~,3THM CMOYT BOCnOnb30BaTbCH OKOnO 32% 3aHIITblX (PWC.1.1 BblUle). T ~ KaK K 3T0 Te ~ ~ ~ O T H KOTOPble nOnyraIOT CaMytO U K U , HH3KYtO 3apa6o~~yt0MaTy, 3Ta Mepa nOnXHa ynOBneTBOpUTb Hanorosblii KOMHTeT, ~ 6 AaCT eMy 0 BO3MOXHOCTb COCpenOTO~UTbYCMnUH Ha nOBblUleHUH co6upae~oc~uCTOPOHbl TeX, rbH3apa60~~aRMaTa HaMHOrO BblUle. CO Passumue undusudyanbnozo nodoxodnozo nanoza 1.12 PHCYHOK1.2 nOKa3blBaeT 3BOntOuUtO CpeAHUX ~ @ @ ~ K T w B H ~CTaBOK UHAUBMnYaJlbHOrO I x nonoxonHoro Hanora Ann A B ~ XTunos ceweii: (1) onuHoKue nmnu; (2) cynpyru c ~ B ~ M H neTbMu. &IH ueneii ynpoqeam M ~ Inpennonoxunu, r ~ oT nBa Tuna c e ~ e #n0nyqatO.r noxon ~ U UCMtOqHTenbHO OT T ~ Y A O B O ~ neHTenbHOCTH ( ~ . e CeMbH He IlOnyqaeT PeHTHOrO nOXOAa . MnU nOXOAa Ha ~anki~an).C ~ ~ ACTaBKU~PaCCrUTblBanUCb B HOMHHanbHOM BblPalKeHUU, TaK KaK - H H KaK nOKa3blBaeT ~ a 6 n .1.2 - KaTerOpHU CTaBOK PeYnHpHO KOPpeKTUPYtOTCH C YqeTOM U H @ ~ H ~ U U . " 1.13 PUCYHOK1.2 MnntOCTPHPYeT BCe 3HaMeHaTenbHble XaPaKTePUCTUKH P ~ @ O P M ~ I uHnusunyanbHoro nonoxonHoro Hanora 2004 r. u npemarae~oiipe+opwb12007 r.: ZITO KacaeTcH O~HHOKUX (6e3 c e ~ b u )r p w a H , B pe3ynb~a~epe+opwb~ B 6onee 6 n a r o n p a ~ ~ e ooonoxeAm c ~ T O ~ K H 3 p e ~ m~ + + ~ K T U B H O ~ ~ cTaBicu Hanora OKa3blBaIOTCH Te, qe# ~ O ~ O BnOXOn no ~ a n o r o o 6 n o x e ~COCTaBnHeT MeHee 289 000 O # u ~ TeHre (o~ono2 200 nonn.CU1A) m u 6onee 785 000 TeHre (o~ono6 000 nonn.CUIA). nH4a, re# nOXOn HaXOnUTCH Memy 3TUMH DBYMH BenUrHHaMU, HaXOnHTCIl B HeCKOnbKO MeHee ~ ~ ~ ~ o I ~ ~ u H nOnOXeHHU,TaK KaK nnH HUX ~ + + ~ K T H B H ~CTaBKa HaJlOra BblUle T H o M R nowu Ha l,O% (puc. 1.2, r p a + u ~1). TO KaCaeTCH ~OMOXO~H#CTB H~OrOnnaTenb~UKOMTpeMH WUBeHuaMU, B C ODHUM U pe3ynb~a~epe+opwb~ B 6onee ~ J - I ~ ~ o ~ ~ H H T Hnonoxeeuu c o M T O ~ K H ~ P ~ H H H ~++~KTHBHO#CTaBKH HUOra OKa3blBatOTCH Te, qei AOXOA DO H ~ O ~ O O ~ ~ O X ~ H H H cocTaanHeT MeHee 270 000 TeHre (o~ono2 076 nonn.CUIA) unu 6onee 970 000 TeHre (o~ono7 400 nonn.CUIA), JIuua, re# noxon HaxonuTcH Memy ~ T U M H ABYMH (Brook A., and W. Leibfritz (2005): "Slovakia'sIntroduction o f a Flat Tax Rate as Part of Wider Economic Reforms", OECD Economics Department Working Papers, no. 448). Tauxe CM. A ~ B HMyp (2005 r.): A ctPe+op~npoea~neCncTeMbl ~ ~ 0 r 0 0 6 n 0 ~ eH~ nCo~nubHoro06ecneqe~nmB C ~ O B ~ KB H H r.)). m 2004 MBO, Pa6oqnii AoKyMeHT NgWP/05/133 (David Moore (2005): "Slovakia's 2004 Tax and Welfare Reforms", IMF Working Paper WP/05/133). ''B3TOM PHCYHKe, a TaKXe Ha ApyrHX npeA.JlaraeMblXHHXe PHCYHKaX, K P H B i U , nOKX3blBaH)UliUCpenHK)K) 3apa60~~ymnnaTy AOnXHa PaCCMaTpHBaTbCfl TOnbKO BOTHOUleHHH cpen~ehCTaBKH HUlOra Ha 2006 r. H e o 6 x o ~ n ~OTMeTHTb, qTO aHUlH3 BnHIlHHIl o H H + I I R ~ H HHa HUlOrOBYH)HarpY3KY C 3apa60~~0iinnaTbl Mbl ocTasnReM nnsi 6ynymnx nccnenoea~nii. BeJlM9MHaMM, HaXOARTCR B HeCKOJlbKO MeHee ~ J ~ ~ ~ O ~ ~ P H R T H O M IlOJIOXeHMU, TaK K I K AJlR HUX ~ @ @ ~ K T M B H ~ R CTaBKa HWlOra Bblllle Te~yUefinOqTU Ha 1,5% (~UC.1.2, T ~ @ U K 2); Ocso6omne~ue OT YIlnaTbI HaJlOrOB U IlOpOr HyJIeB0ii CTaBKH IlPUBOART K nporpeccusHouy pacnpeAeneHntO Hanoroaoro 6peMe~kinpn npennarae~oiiHa 2007 ron enn~oiicTaaKe Hmora. Hanpu~ep,AJIR renoBeKa, 3apa6a~b1~atoqerononoBuHy cpen~eii3apa60~~oiiIlnaTbl no CTpaHe, ~ @ @ ~ K T M B H ~ R CTaBKa COCTaBnReT 6%. 3~0fi nPOTPeCCUBHOCTbtO CHCTeMbl Hen6311 npe~e6perb,YrUTblBaR, qTO 3apa60T~a~MaTa npuMepHo 76% HaceneHuR Hnxe c p e ~ ~ enoic-rpaHe. i PHCYHOICKasaxc~an:Cpennne ~ @ @ ~ K T H B cTasKn IlllH, 2003-2007 rr. 1.2: H ~ I ~ rpa@sv1: One~ovaiiHanoronnaTenbqsv -- C p c n ~ nronoean - 2003 - 3apa60~Hannna~a~a 01.2006 ..................... .+. - 2006 coc~aennna463 896 ~ e ~ r e Hanoroean peaop~a2007 r. . - ' ...................................................................................................... ronosa~3apa60~nannnaTa no ynepxannn nanoros (mnn.~enre) - 24 --2003 ......... - m L .- o Cpen~nnronoean ............ .......... - .................... - - - - -- 3 a p a 6 0 nna~a ~ ~ ~ 2006 ~a 0 1.2006coc~aennna Hanorosan p e h p ~ a2007- ,' ' - ...................F:................... ;;r........................ I _____-------· ............................................................................................................. 0 . 0 0 . 1 0 . 3 0 . 6 1 . 0 1 . 3 1 . 7 2 . 1 2 . 6 3 . 1 3 . 6 4 . 1 4 . 6 5 . 1 5 . 6 6 . 1 6 . 6 7 . 1 7 . 6 8 . 1 8 . 6 9 . 1 9 . 6 ~ 0 , 1 1.14 TOeCTb, p e @ o p M a : ( 1 ) nOBbICHT ~ O ~ O ~ nOO KBa 3~a T eI J l~b MnH ( ~ ~ 3 y a J l b Hn0O K a 3 b l B a e T TOT @KT, q T O JlHHHR H a W J l a I ~ - ~ ~ o L & ? H T H oe ~ n~H n 0 f i CTaBKH HaqUHaeTCR A a J l b l l l e OT OCH, H e x e n n npoqne n n H n n H a pnc. 1.1); (2) y n y q w a e T n o n o x e H n e n p a K T n q e c K n B c e x H U I O T O n n a T e J b I l l n K O B 3a UCKJllOqeHHeM r p y n n b l C HH3KHM N CPenHFiM YPOBHeM A O X O n a (XOTII 3 n e C b p a 3 H H U a Pi H e O q e H b 60nbllla~,T e M H e M e H e e , J l H u a , OTBeTCTBeHHbIe 3a @ O ~ M H ~ O B ~ H H ~ IlOJIHTHKH, A O n X H b l 0 ~ e f i3 ~ a ~ b ) ; (3) CTaBUT 60~1blll3.16 ~ O M O X O ~ H ~ C TBB ~ 6onee ~ e 6 n a r o n p n n ~ ~nonometine no o e c p a B H e H H m c n o ~ o x o 3 n i i c ~ ~OAHHOKHX (663 c e ~ b n nnu a ~ n ) (HO B c e pamo ynyqmaeT nx n o n o m e H n e B a 6 c o n m ~ ~Bob ~p l a x e H n n 3a n c m m q e H n e M y K a 3 a H H b I X Bblllle I'Pynn); ll (4) I l O M e p X H B a e T 0npeAeneHH)'Kl C T e n e H b IlpOrpeCCHBHOCTM H W K e cpemero no c r p a H e y p o a ~ nnoxona B cnny C o q e T a H H n nopora ~ y n e ~ oCTaBKn, 6a3o~or0 i i B b l q e T a H ~ A W H CTaBKn. O ~ ~ 1.15 C o u n a J l b ~ b l f iH a J l O r6bm qaCTbH) n a K e T a p e @ o p M b l CHCTeMbl neHClIOHHOT0 O ~ ~ C I I ~ ~ ~ H ) . I H , B B C ? ~ ~ H H O ~ ~1 RHBaPR 1999 r., M COCTaBnRn 26% BaJlOBOrO (no Y n e p X a H H R HUIO~OB) OKJIaAa A n n BCeX ~ ~ ~ O T H M K O B . H ~ C M Oa~H ~BRa H m H M e , nOCTynneHMR O T C O u H a J l b H O r O H a J l O r a HCnOJlb3yloTCX ann o6unx ueneii 6mnxe~a,npn TOM n e H c n n B b l n n a q n B a m T c n 3a c q e T C p e n c T B 061ue1-o 6tome~a. B TOT r O n ~ 0 l J I l a J l b ~ b l f i H a J l O r 3aMeHUJl B3HOCbl COuWaJlbHOTO CTpaXOBaHUR, CocTaBnRBurue 31,5% 3 a p a 6 0 ~ ~IlJla~bl.'~1 Umnn 2001 r. CTaBKa COuH2UlbHOrO Hanora 6bma 0 i CHMeHa no 21% mn BCeX pa6o~amqux.M H O C T P ~ H HP~~I~~O T H U KBU K ~ ~ x c ynnarnBamT T ~ H ~ ~0u~ZUIbHblfi HaJOr no CTaBKe, ~0~~a~n5lK3U&2ii50% OT CTaBKU MeCTHblX P ~ ~ O T H H K O B . 1.16 Pe$op~uposa~uecounanbHoro Hanora nponomnnocb B nHsape 2004 r.: mama Hanora onpenenmacb no urKane, no~nxamqeiicnc POCTOM AOXOAOB.A ~ a n o r ~ ur ~ no~ s u n y a n b ~ o ~ y nOAOXOAHOMy HZUIOQ', OCHOBaHMeM m5l paCLleTa K ~ T ~ ~ OCTaBOK COuUZUlbHOrO HtlJlOra P U # IlBJlRnCn rofl0~0ipacLIeTHbl#nOKa3aTenb. K)pkifluLIecKa5lO ~ R ~ ~ H H O C T ~ yIIJlaLIUBaTb3TOT HUOr BO3JlarL3JlaCb Ha pa60~0~aTenn,qTO OTHOCMTenbHO YnpOU&3JlOer0 aAMUHHCTpUp0BaHUe B $ o p ~ a n b ~ oceKTope ~ ~ K O H O M U K ~ ( n p e u ~ y u l e c ~ ~ oaHanorurHoe , u ~ n u ~ u n y a n b ~ o ~ y nonoxontioMy ~anory,ynepxusaeMoMy p a 6 o ~ o n a ~ e n(~a6n.1.4). e ~ ) Ta6n~ua1.4: C~pylcrypacouHanbHoro Hanora no H nocne p e @ o p ~ ~ p o s a ~ ~ ~ n o H~ucucnwla Hanoroaul roncrc, B nscromursi uoucwr (2006 r.) flpcnnaracuan nsnorossm pc$opua (2008 r.) amenenunx s 2004 r. (2003 r.) npenmbnam craara npeaenbwam craara Cononam uanoroobnarac (pc3uneur nepe3Mneur) - ronomoii uanoroobnsrsc (pc3unen~- n c p ~ l u n c u ~ l~ O D O B O ~ uanoroo6narsc u w i noxon, rcurc u u l noxon. n u r c - u b ~noxon, reurc l flpeaenbnam crssra I/ 1,4,5/ 21 nabas 21 - 1 1 HHWC 185400 20-11 Hnwe 2I I 860 13 orl85400no494400 15-11 or211860no564960 10 or 494 400no 2 472000 12 9 - or 564 960no 2 824 800 8 or2472000no7416000 9 - 7 or 2 824 800no 8 474 400 6 Cauue 7 416 000 11-5 Cauue 8 474 400 5 " ~ ~ c ~ o W ~ aUn oKr o:e b r t 4 KOneKC H Pecny6ne~uKmaxcra~,pa3nen 1 1. 21 B c o o T e e T c r e w w c n o c n a ~ w en~p e 3 s n e ~ 1 . aPecny6ne~uKa3axc~a~ 1 OT MapTa 2006 r . , H a q e H a n c 2008 r . CTaBKa H M O C a CHUXaeTCn H a 30% H 6 y n e ~O ~ U H ~ K O BHOA~n n HHOCTpaHHbIX, H MeCTHbIX P ~ ~ O T H W K O B . 31 P a c c q u ~ a ~ Ho a o c H o e a H n n ronoeoro p a c q e T H o r o n o K a 3 a T e n n H a 2007 r., c K o p p e n n p o e a H H o r o H a I l p 0 r ~ 0 3 H p y e ~ b l #YpOBeHb U H @ ~ ~ ~ UHUaU 2008 r .(7%). 41 B ~ n r n q a e TB3HOCbI B ~ O C ~ ~ ~ ~ C T B ~ H H ~ I # OH^ COUHMbHOrO CTpaXOBaHH5l (2% 06narae~oro~ o x o A ~ H I l n a T e X ) no COuMMbHOMy HaAOry. 1.17 O C H O B ~ H M ~a MBseneHm no~mcamqeicnur~anb~cTasoK aemocb cTpeMneHne m cTuMynnpoeaTb c o 6 n m n e ~ ~Hanoroeblx ~ p e 6 o s a ~coi CTOPOH~Inpennpm~niiu $ u s u r e c ~ ~ x e n nuu. 3 ~ uMeeT cMblcn, TaK KaK nnua, nonyramqne eblco~ym3apa6o~~ymnnaTy, 0 B n m 6 o ~ Cnyqae 6 y n y ~3aHMaTb CBOU AOXOAbI, TaKnM O ~ P ~ O M , yilJlarUBan HmOr no 3HaqnTeJlbHO 6onee H M ~ K O ~ CTaBKe. 3Ta Xe JlOrWKa UCnOJlb30Bt3JlaCb ApMeHMei npU BBeneHUM ~ H Z U I O ~ U ~ H O ~ ~ perpeccns~oii ur~anb~couuanbHoro Hanora. OAH~KO, APM~HUHnpM perpeccuBtioM B COuntlJlbHOM Hanore CylI&2CTByeTnp~rpe~~nBHbl#H W A M B U A Y U ~ H ~ I~~O~ A O X O A H ~ I ~ ~ HUOr - CoreTatiue, KoTopoe no3~0nne~nonyruTb ennwm ~ O ~ M T U B H Y ~ npenenbwm cTaBKy. B 2001 r. Ha TOM x e OcHoBaHMM Poccniic~aaOenepauna Tame Bsena perpeccnewm ru~anycTasKM B3HOCOB COUMUbHOrO CTpaXOBaHmII: OT 36% A0 5%. 1.I 8 1 nHsapn 2005 r. 1,5% ~a~10r006naraeM0#3apa60~~0# c~anoHanpaBnnTbca Ha npOrpaMMbl, aAMUHnCTpUpyeMbleMI.IHI.ICT~PCTBOMTpYAa H C O U W ~ ~ ~ H O ~ 3aqMTbl HaCeJleHMR, HO 0 6 q ~pa3Mep CTaBOK M3MeHeH He 6b1n. B 2006 r. qaCTb COUWaJlbHOrO HanOra, HanpaBJlneMaH i B MTC3 6bma ysennreHa no 2%. 3 ~ uo3 ~ e ~ e noBnnnno Ha pacnpeneneHne nocTynnesni ~ u e MeWy npaBHTeJlbCTBeHHblMM0praHU3auWlMHyHO He H3MeHnJIO 06qym HarPY3KY COUHUbHOrO tianora Ha onnaTy Tpyna. Ann ueneii ynpoqesnn B npuBonnMoM Hnxe a~ann3eM ~ Inonb3ye~cn TepMHHOM ( ( C O U U U ~ H ~ I ~ ~ HtlJlOr))mn0603HareHnn o6qe# HavY3KH. 1.19 Pe@op~a 2004 r. x a p a ~ ~ e p n 3 yue~ ~c ~e p e c ~sep~oii:o o f i H a o c T a e n H n a n o c T y n n e H u H OT H H A k i B U w a n b H O r O nOAOXOAHOr0 H a J l O r a U COqHWIbHOrO H U O r a B PaCnOpHXeHMki MeCTHblX O p r a H O B r o c y n a p c ~ ~ e ~BJlaCTU. T ~ K H06pa30~,ki3MeHeHUH 2005 r. (ti ~ o i i M I l O C J l e w I O l 4 U e , B 2006 r.), no c y ~ uossasanu , c o K p a q e H u e c p e n c T a , n p e n H a 3 H a q a s m u x c H n n H M e c T H b l x O p r a H o B ~ O C ~ ~ ~ ~ C T B BJlaCTH, #KOTOPbIe 3 a T e M 6 b 1 n u I I e p e n a H b l ~ H H O MHHWCT~PCTBY TPYAa H C O U H W I ~ H O ~ 3 a q u ~ b H1 a c e n e H u H . 1.20 B OTJlNYHe OT 6 0 J l b U l k i H c T ~ a CTpaH 03CP, me H e T BblYeTOB AJlH qeJlefi HWOrOB, aHaJlOrUYHbIX COqUWIbHOMy H W O V , B K a 3 a x c T a ~ epa3peUIaeTCH OTHOCUTb H a BblYeTbl 10- IlPOUeHTHble B3HOCbI B YaCTHble neHCMOHHble @OHA~I." M XOTH 3 T 0 O ~ O C H O B ~ HCOMHOTkiX TOYeK 3peHMH, T e M H e M e H e e , C J l e A y e T OTMeTUTb, YTO, H 0 CYTW, H a n o r o ~ b l i iKOAeKC nO3BOnHeT A B w b l OTHOCkiTb H a BblYeTbl IleHCkiOHHble B3HOCbI C13 OflHOrO U T o r 0 Xe AOXOAa. &lH JlYYUlerO nOHWMaHHH 3 T 0 r 0 M O M e H T a IIpeACTaBkiM, S T 0 ~ 0 ~ k i a J l b ~ bH1W O r - OTBeTCTBeHHOCTb ~ ~ ~ O T H U K ~ , # a H e p a 6 0 ~ 0 n a ~ ~ n H .3TOM CJlYYae B ~ ~ ~ O T HMMO X e T A B w b l BbIYeCTb neHCMOHHble B3HOCbl K (OAUH pa3 nepen ynna~oiic o q n a n b H o r o H a n o r a , a B T O P O ~- nepen ynna~oiin H n u B n n y a n b H o r o n o n o x o n H o r o ~anora)(CM. CT.152 n 3 16Hanoro~oro~one~car)o. c y n a p c ~ s e ~ ~ybYl pee X n e H m T a m e MOQ'T OTHOCkiTb H a BblYeTbl noc061.1~ no ~ ~ ~ ~ M ~ H H OP O nTa MU U Y X O n y 3a P ~ ~ ~ H K O M , C , a T a m e C O q k i a n b H b l e ~ O C O ~ HXRe H U M H a M Wlki M y X Y H H a M , yCblHOBJlHIOqUM ne~efi- I l p H 3TOM H e r O C y n a p C T B e H H b l e O p r a H k i 3 a q H k i T a K 0 f i JlbrOTbI H e HMeIOT. T a ~ u en 0 n O n H H T e J l b H b l e JlbrOTbl nO3BOJlHfOT IIpeJJnOJlOXUTb, S T 0 BO MHOrUX OTHOUIeHWHX ~ 0 q U W I b H b l f iH 2 U O r n p n 0 6 p e T a e ~BCe 60nbwe Y e p T , aH2UOrHYHblX UHnHBkiny2UbHOMy n O n O X 0 n H O M y HWOQ'. 1.21 Bam~oii~ ~ J l k i Y L i ~ e J l Y e~p~Tf0if i COqUaJlbHOrO HaJlOra B K a 3 a x c T a ~ eRBJlReTCH TO, S T 0 b n p e n n p k i R T u H HMefOT n p a B 0 ~ b 1 6 0 p aM3 pa3JlWYHbIX 6a3 H ~ U O ~ O O ~ J I O X ~ H W R e TOnbKO @OHA (a H 3apa6o~~oiin a ~ b ~n)n n H qeneii y n n a T b 1 H a n o r a . TO, no c y ~ u ,p e 3 y n b ~ a ~ pa3nuwmx y n p O q e H H b l X P e X U M O B , B B e n e H H b l X 3a IIOCJlenHUe HeCKOJlbKO n e T : 17 OAH~KO,~ O ~ X O A H M OOTMeTHTb, ST0 C CTpaHaX 03CP ~Oq~aJlbHblfiHaJIOr paCnpeAeJl5IeTCH Ha H KOHKpeTHble UeJln, SerO B Kasaxcra~eHeT. T a ~ x eCJlenyeT OTMeTUTb, 9TO U 3 BCeX CTpaH 03CP H N AecTpann~,Hn Hoea~3enaHAnR He B3nMatOT B3HOCOB COUW~bHOrOCTpaXOBaHHR - XOTR B A~crpanun eCTb 1,5-npo~eH~~blfiHmOr Ha MeAtlUHHCKOe 06cnymnsa~ne,B3tIMaeMblfi C ~~0r006Jlarae~0r0nOXOna. CM.03CP (2005 r.). Ha~1oroo6nome~nepa6o~at0mnxc e ~ e h : A H C T ~ H ~ ~ Ta~ann3.~C~OPHHK H B H I ~ ~ nccnenosa~nfino HaJlOr0~0finonnrnKe Nc12 (OECD (2005), Taxing Working Families: A distributional Analysis, Tax Policy Studies No. 12). 1.23 h a ~ b l no p e @ o p ~ k i p o B a ~ H lCOuHaJIbHOrO H a n O r a n a n e K 0 H e TaK M ~ C W T ~ ~ KaK IB, O H ~ 0THOU.IeHHki HHAHBHflyanbHOrO nOAOXOAHOr0 HWlOra, H e C M O v X H a TO, 'IT0 npe~IlpkiHHMaTeJlH, neflYTaTbl n a p n a ~ e ~bi ~~aO M O X O ~ X ~ ~ CqUTaK)T 3TOT H U O r CaMblM 0 6 p e ~ e H L i T e J l b H b 1 ~ C T B ~ HWlOrOM H a OIlJlaTy TPyna.18 ~ T HnpeTeH3HLi O ~ O C H O B ~ H ~ I , TaK KaK ~ @ @ ~ K T U B HCTaBKki ~ I ~ COUHWlbHOrO HaJlOra BCerAa 6 b ~ n k iBblWe, q e M CTaBKM HHAUBUAYanbHOrO nOAOXOnHOr0 HaJlOra no TeM ypoettx~noxona, KoTopble ~an60neeB ~ U K H ~ I mx H a c e n e H n x . 18 Ha OCHOBaHUM o6cyncne~uii6 0 BpeMIl flpaKTUYeCKOr0 CeMMHapa no CUCTeMaM H ~ J I O ~ O O ~ ~ O X ~ H U I ~ , o p r a ~ u 3 0 e a ~ ~ 6 rl oo n ~ e ~ ~~ooi~iu c c u eIilia p n a ~ e e~ anpene 2006 r., a T a m e Ha ocHoeaHuu ecTpey c o ~ a n p e n n p u H u M a T e n m u . 1.26 ~ P U B O ~ W M ~ I ~ ~ HUXe PWC. 1.4 llOKa3blBaeT 3BOJlMuHKl cpen~efi~ @ @ ~ K T W B HCTBBKW O ~ ~ counmbHoro Hanora B Brine npoueHTa OT 3apa60~~0iinnaTbl no ynepxaHwR ~ a n o r o ~Ha~ pnc. ' . 1.4 3aKOHOnaTeJlbHO YCTaHOBJleHHaR CTaBKa B pa3Mepe 21%, npeo6nana~maaB IlepHOA 2001- 2003 IT., COOTBeTCTByeT cpen~efi~ @ @ ~ K T H B H O ~ ~ CTaBKe B pa3Mepe 19%.~'PWCYHOK TaKXe 1.4 nOKa3bIBaeT, YTO B 2004 r. CPenHRR ~ @ @ ~ K T W B H ~ R CTaBKa 6blna CYUeCTBeHHO CHMeHa, npw6nwxa~cbno Mepe poc-ra noxonos K 8% 3apa60THofi n n a ~ bno ynepxaHwR HanoroB. ~ n p e m a r a e ~ aHanoroBarr pe@op~aewe 6onbme ~ C H U ~ W T cpenHwe s@@em-wa~breCTaBKu. 70Ecnn 6 b 1 ~ @ $ J ~ K T H B H ~c TRa B K a n 3 ~ e p ~ n a cBb snne npouema OT sa-rpaT H aonna-ry T p y n a ( ~ . e . H a OCHOBaHHki 6 a 3 b 1 , B K J l l O q a t O ~ e f i p a C X O n b lno COUHaJIbHOMy H a J I o r y ) , B2003 r.O H a 6 b l C o c T a B w n a OKOJlO 16%. 1.27 B n a H H O M p a 3 A e J l e MbI a H a n H 3 H P Y e M 0 6 ~ y mH a J l O r O B y m H a r P Y 3 K Y H a O M a T y T p y n a B p e 3 y n b ~ a ~ceo r e T a H w r r u H n u B u n y a n b H o r o n o n o x o A H o r o H a n o r a u c o u u a n b s o r o ~anora.~' PUC~HOK 1.5 n O K a 3 b I B a e T 3BOJlH)uHH) BO B p e M e H U cpen~efi ~ $ $ ~ K T U B H O ~ ~CTaBKH K O M ~ U H U ~ O B ~ H H OU~HOU B U n y a J l b H O r O n n O n O X O A H O r 0 HZlJlOra U C O u U a J l b H O r O H U O r a W R OflUHOKOrO H Z i J l O r O M a T e J l b U U K a . B 3TOM rOAY H U O r O B O e 6 p e ~H ~O a M a T y T p y n a 6b1no 3 H a r U T e n b H O C H W e H O - 30% no A 0 CpaBHeHUH) C 45% B 2003 r. Ecnu pe$op~an0fine.r TaK, KaK 6 b m o 06.b~sne~0, 2008 r. K 3 T a H a r p y 3 K a COCTaBHT MaKCUMYM 15% (6 B U n e cpea~efi ~ $ $ ~ K T U B H OCTIBKW). ~ ~ 1.28 H ~ ~ O B H O C T ~H JlUHUfi a AaHHOM P U C y H K e O T p m a e T n U 3 a f i ~K O M ~ U H U ~ O B ~ HCUCTeMbl H O ~ ~ H a n o r o a H a onnaTy T p y n a , a H e oruu6~uB p a c r e T a x . O a ~ ~ u r e cccyxa6uc~a~)) ~ u , (naxe B H a r u e M Y n p O U e H H O M n p ~ ~ e p eK)O M ~ U H U P O B ~ H H ~CRp e n H X R ~ $ $ ~ K T U B H ~ L I IC T a B K a 3TUX H U O r O B - p e 3 y n b T a T UeJlOrO P R n a HeCTbIKOBOK B 6a3ax ~an0r006n0xe~wrrp U a 3 p e l U e H H b l X B b l r e T a X .OAUH u3 n p u M e p o B H e x e n a T e n b H b i x p e 3 y n b ~ a ~~oe~~ y q eciuic T e M b r : c a M a R B ~ I C O K U no 2006 r. CpenHXR CTaBKa ( O K O ~ O 22%) IlpUMeHXeTCR K ~ ~ ~ O T H UCO CpeAHUM n O X O n O M ( O K O ~ O K ~ M 150000 ~ e ~ r e~) .~ P Y ~ UCJlOBaMH, K O M ~ U H U P O B ~ H H ~CUCTeMa P e r p e C C U B H O r O COlJUaJlbHOrO H a J l O r a U M H S I n p o r p e c c u a H o r o u H n u s u m a n b H o r o n o n o x o n H o r o H a n o r a H e R s n R e T c R HU nporpeccua~oti,HU perpeccua~oti,HO npu TOM o H a c K o p e e c t n p o T u a cepenHRKoa)). PHCYHOK Ka3axc~an:3eonmunu 1.5: K O M ~ H H H P O B ~ H H O ~ O nanora na onna-ry Tpyna, 2003-2008 rr. H H A M B M ~ & ~ ~ ~~OHA ~O X O A~ H ~ I #H&IlOr. I ~ C O Y ~ T ~~HA HH~O U # CTaBKU UHAUBUAY&llbHOrO IlOAOXOAHOrO H&IlOra ( ~ 0 ~ 0 p a lIUIaBHO IlOBbllUaeTCIl A 0 ~ A M H ~O$~$ ~ K T u B H o ~CTaBKU B l ~ 10%) U ~ ~ ~ ~ ~ C C U IUK&Ilbl #COUU&llbHOrO H&llOra IlpUBOAWT K I l p a K T U s e C K U ~ ~ M H OCTaBKe B H O # o6qero H a J l O r a &IlR AOXOAI, llpeBbllUaH)UeTO 800 000 T e H T e . OAH~KO CTaBKa K O M ~ U H U ~ O B ~ H H O ~ O H U O r a BCe-TaKU U M e e T H e 3 H a s M T e n b H O perpeCCUBH)'H) W K U y - M ((HbIPReT)) H a n O X O A e OKOnO 200 000 T e H r e . PHCYHOK K ~ ~ ~ x c~TO~MH~ :O 1.6: H ~K H MT~ ~H H~ H P O B ~ H H O ~ O O HanOra Ha OnnaTy Tpyna, npennonaraemorona 2008 r. - .......................................................................................................... Cpen~nnronosan 06uan cTasKa (MnH+CH) i -CpenHn~ 9 3apa60~HaRnnam Ha 2 25 ~ @ @ ~ K T u B H ~ R CTaBKa MnH ..............-06.2006coc~asnnna ................. --C C ~ ~ A H@R@R~ ~ K T H B H U CTaBKa CH 463 896 TeHre 1.30 Ecnu OCHOBHall U e n b p e $ o p ~ b l 200718 - Y C T P a H U T b B03MOXHOCTb IlPUHllTUll nPOU3BOJlbHblX p e l U e H U # HWlOrOBblMU O p r a H a M H U H e B e p H O r O TOnKOBaHHR H a J l O r O M a T e J l b U U K a M U , 6 b 1 n o 6 b 1 6onee I l p a K T I l r H O Tame BBeCTU U e A U H Y f 0 CTaBKY COUH&IlbHOrO H U O r a . TO n O M O r J l 0 6b1 AOCTUYb IlOJlHOCTbH) ~ A U H O # ( H ~ H ~ K ~ O H H O ~ ~ ) ~ $ $ ~ K T H B H O # CTaBKU B P a M K a X HaMHOrO 6onee IlpOCTOrO p e X U M a . B ~ e n e ~ uT eK ~ O # ~ ~ U H O G CTaBKU T a m e YCTPaHUT ( ( y x a 6 b l ) ) B K O M ~ H H H P O B ~ H HH&IlOraX H a O n n a T y ~ ~ X Tpyna. PUCYHOK 1.7 n o ~ a 3 b l ~ a eTO, ~ nse e n u H b r e c T a B K u cosnany~6onee npoc~o#p e m u M , H e x e n u cyU ~ C T B ~ roqee n p e a n o m e H u e . f l ~ ee n u H b r e c T a B K u 6onee p a s H o M e p H o 6 6 1 p a c n p e n e n R n u c b no cnempy Y ~ O B H ~AOXOAa,# o6ecnequ~a~o 6 n b m y r o CnpaBeJlJlHBOCTb U C H U X a R BO3MOXHOCTb ITyTaHUUbI U n P O H 3 B O n b H O ~ OTOIIKOBIHHA CO CTOPOHbl H a J l O r O l l n a T e n b U U K a (HAM HWlOrOBOrO U H C ~ ~ K T O ~ ~ ) . ~ ~ 1.31 HOC K O H ~ & ~ T ~ WH ~~H~ OU~H~H ~ M C T ~ ~ T U B H O # 3 p e H U R U A e W b H b l M P e l U e H H e M 6blj-10 TOltKU 6b1 n o c T e n e H H o e n o n H o e y- n p a 3 A H e H n e - couuanb~oroH a n o r a n ero s a ~ e ~ a 6onee B L I C O K O ~ ~ C T ~ B K OU~H~A U B U A y W b H O r O IlOAOXOAHOrO H W O r a ( ~ u c1.8). C K O H ~ ~ ~ ~ T ~ W ~ 3Hp OU#R . TOltKU e H , O I I T U M U b H O e P e U l e H H e - e A H H U CTaBKa H e A H ~ b 1 f iHWOF', T a K KaK 3T0 n O B b l U r a e T l l P 0 3 p a l t H O C T b H a n o r o e o r o p e x u M a ( T O ~ L K OOAUH an or H a onnaTy Tpy~a)n H a M H o r o 6onee G n a r o n p u ~ ~WRo ~ MWlOHMyulUX rpylln H a C e n e H U R , IlOTOMy l t T 0 ~ ~ ~ O T H HCK UHUSKHM YPOBHeM AOXOAa ( H W ~ nopora tyneeofi c T a e K u c y r e T o M 6a30~0r0e b ~ l t e ~ aH)e norVKHb1 6 y ~ ero~y y n n a l t u B a T b . C ~ ~ ~ M U H U C T ~ ~ T U TOltKM~ ~3PeHUR, B H O ~ A U H ~ I #H U O r n 0 3 B O n R e T H U O ~ O B O KOMHTeTy M ~ cocpeno-roltu-rb p e c y p c b l , B ~ a c ~ o ~ u l uMioiM e H T p a c n p e A e n R e M b l e H a 0 6 e c n e l t e ~ u e co6npae~oc~uT ~ H XABYX HWO~OB; npu TOM H a n o n o B n H y c o K p a T u n u c b 6b1 ~pe6osa~nn IlPeACTaBneHHR fie~napaIlJifi I l p e A n p H R T W I M U . M, H a K O H e u , e n u ~ b l f i U H ~ ~ U B H A ~ U ~ H ~ I ~ ~ I ~ O ~ O X O ~H~UHO~r ~C # 6onee B~ICOKO#CTPBKO# AOrVKeH IlPHHOCHTb HIMHOF'O 6 0 n b U r e HUOF'OBblX nocTynne~u#,H e x e n n no npeanarae~ofiB ~ a c ~ o ~ uMeofMie H T pe4op~e,T a K KaK H a n o r o B a n H a v y 3 K a OCTaHeTCR H ~ H ~ M ~ H H O #H,e 6 y A e IlOCTORHHO CHMXaTbCR a ~ no M e p e POCTa flOXOAa. B OTHOUreHUU eAHHOF'O HHAHBUAYliJlbHOF'O IlOAOXOAHOF'O H U O r a , OCHOBHaR 3 a A a l t a - TOltHO OIlpefienHTb I l O p O r t y n e ~ 0 #CTaBKU W R 0 6 e c I I e l t e ~ L i RAOCTaTOltHOMY KOnHlteCTBY PI~OTHUKOB C HUSKUM YPOBHeM AOXOAOB B03MOXHOCTH OCTaBaTbCR B ee I l p e a e J l a X ( 0 6 f l a r a T b c R no CTaBKe ((~0nb))). 2 ui5 - + f E c / - npennarae~uepe@op~b12007'08 s, - E n ~ ~ cTasna 20% M n H n 0% C H a n B Cpen~nnronoean m !O -~ 3apa6or~annnaTa I t; \I ~ a 0 20066 E cocTaennna I 3 463 896 EHre 5)s - J 1.32 T ~ K KaK p e @ o p M b l MHAHBMAYUbHOrO IlOAOXOAHOrO HlUlOra H COqMaJlbHOrO H N l O r a B 2004 r. 6blnt1 O ~ O C H O B ~ H ~~I O ~ X O ~ M M OY B eTH~W~l T b H C n co6nmne~ueH U O r O B b I X ~ p e 6 o ~ a ~ u f i , YMeCTHO CnPOCMTb, HaCKOnbKO OHM CMOrJlM nOBblCHTb C O ~ H ~ ~ ~ MWOl HCPaCUrUPUTb T ~ 6a3~AJIR 3TMX HUIOTOB. K COXaJleHHH3, MMeH3UUXCR AaHHblX H e AOCTaTO'4HO D H rny6o~oroa H W M 3 a , T a K KaK H a n o r o s b r f i KOMHTeT H e B e A e T y Y e T KOJlWIeCTBa IlOTeHUUaJlbHblX H @ ~ K T M S ~ C K U X IlnaTenbUJMKOB ( U H ~ U B ) . I ~ ~ ~ ' U ~ H~O~ ~ O T H M K O B , a H e 0 p r a ~ M 3 a ~ H f i ) M H ~ H B H A Y ~ b H O r O nOAOXOAHOr0 H U O r a U C O q H U b H O r O H U O r a . 1.34 ~ 0 J l b I U y K lO ~ ~ C ~ O K O ~ H HBbI3blBaeT C O K p a U e H H e KOJlH9eCTBa H U O r O I l J l a T e J l b U H K O B , O C T ~ a T a m e A O n H B o 6 q e ~KOJlHVeCTBe 3aHRTblX, KOTOPaR BblIlOnHHeT T p e 6 0 ~ a ~ 1 . 1 ~ AaHHblM no H W O r a M . B OTCYTCTBHe AaHHblX IlO HHAHBHAYanbHblM H M O r O M a T e J l b U H K a M , Mbl PaCCMOTpeJlM TeHAeHUHH H3MeHeHHR KOJlUlfeCTBa 0 p r a ~ H 3 a U H f i , T a K HJlH H H a 9 e y n e p X H B a l o U U X H ~ ~ U ~ b i ~ ~ a J l Ib~~Ob~lOf X O A HH~WI l~O~r i H y n J l a 9 H B a H 3 U U X ~ 0 q H a J I b ~ b l fHi a n o r . M b l T a M e PaCCqkiTanM K O ~ C / I C / I U ~ W ~ H T ~ ICO ~ H ~ ~ ~ M O CIIHAUBHAyaJlbHOrO T U n O n O X O n H O r O H a n o r a ki c o u u a n b H o r o H a n o r a OT 06qer0 PO HA^ 3apa60~~0n#nam no c T p a H e ( ~ 0 6 H p a e M b l eC T ~ B K ~ ) n CpaBHUJlH kiX C 3aKOHOnaTeJlbHO yCTaHOBJleHHbIMki CTaBKaMH. 1.35 Opraeesaqua. 3a nepuon c 2003 no 2005 rr. K o n u r e c T B o opra~usauuii, B b l n o n H R t O q u x T p e 6 o ~ a ~no~H u a n o r a M H a o n n a T y T p y n a , y B e n u r u n o c b H a 183 000 no U H A u B u A y M b H O M y IlOAOXOAHOMy H M O r y u H a 116 000 - no C O u U M b H O M y H M O r y . M3 06qero KOnUqeCTBa A O ~ ~ B U B L U U X C R 0 p r a ~ U 3 a u U # OKOnO nOJlOBUHb1 (1 59 000) nOJlb3ytOTCR C I l e U U M b H b l M U HM0rOBblMI.I P e X U M a M M U H e npUMeHRtOT C T a H A a p T H b l e CTaBKM M 6 a 3 b 1 HLUOTOB. T ~ KaK K O n p e A e J l e H H a R AOnR A O ~ ~ B U B L U U X C0Rp r a ~ U 3 a u u i ,I l P U M e H R t O q U X C T a H A a p T H b l e CTaBKU U 6 m b 1 H M O r O B , IIORBMnaCb B p e 3 y J l b T a T e BHelUHUX $ ~ K T O ~ O B ( ~ a n p U M e p , 6 b l ~ T p b l f i ~ K O H O M U ' ~ ~ C KPOCT M ~ ~ - B CpeAHeM, 9%), IlpeACTaBJlReTCR B03MOXHblM 3aKntOYUTb ( ~ a OCHOBaHUU TOJlbKO 3 T O r O OAHOrO ~ O K X ~ ~ T ~ JYTOH p) e,$ o p M b l ~ H e n p U B e n U K C y q e C T B e H H O M y nOBblLUeHUI0 C O ~ U ~ ~ ~ M O C T U 3TO CKOpee 3aCJI)'ra ( ~ . e . BBeAeHUR y n p O W e H H b l X P e X U M O B , a H e CHUXeHMR CT~BOK). Ta6nuua 1.5: H ~ M ~ H ~o6quxH o ~ a s a ~ e nnol 6 a 3 a ~HIIH H H n e H CH, 2001-2005 rr. P ~ ~ HMeXny~ u u 0 6 ~ ~ - B OPT-UH~, O M 181 197 182 222 ynnaqneammnx MnH n nonb3ymmnxc~cneu.pex. B c ~ 3aHRTblX (Tblc.), B TOM qWCne ~ o 6699 6709 6985 7182 726 1 CenbC~oeXO~RACTBOH ~ ~ I ~ O J I O B C T B O 2379 2380 2463 2406 2353 06pa6a~b1eammaanpOMbllllneHHOCTb 830 824 855 870 892 CTp0kiTen~ C T B O 264 268 329 38 1 416 ~ 0 ~ y n a p ~ ~ B eCeKTOpl f i ~ ~ b 1144 1162 1249 1320 1348 Toprosna n ycnyrn 1827 1821 1850 1955 2013 nposne 255 253 239 25 1 240 C o 6 u p a e ~ aC~T ~ B K ~ 7,l 6,7 6,7 5,5 5,5 MIIH, % 06qa11~ $ $ ~ K T U B H ~ R 7,l 7,l 7,l 6,O 6,O CTaBKa MnH, % P a 3 p b 1 ~no MnH 0,o 0,4 0,4 0,5 0,5 Co6npae~ancTaBKa CH, 12,2 1 1,0 10,9 9,O 8,5 % O6qan ~ $ $ ~ K T H B H ~ H 18,9 18,9 18,9 15,2 15,2 cTaeKa CH, % Pa3pbra no CH 6,7 7,9 8,O 6,2 6,7 kfcmolrtil4~: PaCqe~bl 6aH~aHa OCHOBaHtiM MH@OPM~UWH MUHMCT~PCTB~ @ W H ~ H C O BMA ~ ~ H T CnoTCTaTHCTWKe. B ~ n n a T b 1 no c T p a H e no y n e p x a H u s H a n o r o s nocne B ~ I ~ ~ T O BK) .a K n o ~ a 3 b m a e ~~a 6 n1.6, nocne . p e @ o p ~ b ~ 2004 r. TOT p a 3 p b l ~y B e n u q u n c H A n n u H n u B u n y a n b H o r o n o n o x o n H o r o H a n o r a u H e 3 H a q U T e n b H O Y M e H b U U n C R A n H COUUWlbHOrO H a J l O r a (XOTH B n e p U O A M e w 2004 U 2005 rOAaMH O m T b OTMeqaeTCR POCT). TO COOTBeTCTBYeT p e 3 y n b T a T a M n p e A b l A y q e r 0 a H a J l U 3 a no K o n n q e c T B y opra~usauuii. n p e n c ~ a s n ~ e ~ cTO, n c H m e H u e c T a B o K U H A U B H A ~ ~ ~ H O ~ O n o A o x o A H o r o H a n o r a H e npueeno K poc-ry co6upae~oc~u (qepes p a c w u p e H u e 6 a 3 b 1 ~mora).no COUHaJlbHOMy H U O V , C O ~ U ~ ~ ~ MnOBblCctnaCb OTHOCUTeJlbHO 6 a 3 b 1 H a J l O r a U ~ @ @ ~ K T U B H ~ I X O C T ~ CTaBoK, HO TO, c l c o p e e , p e s y n b ~ acosna~mc ~ n e u u a n b H b l x p e m M o s (~.e.H nepeb~iissrnnn a H e 3 a M e T e H POCT KOnUqeCTBa n p e ~ n p W I T u f i , @ ~ K T U ~ ~ C KI lUU M e H R I O q U X O ~ U ~ Y C T ~ H O B J ~ ~ H H ~ ~ ~ ~ P IlOpHnOK YIlJlaTbl COUUaJlbHOrO ~aJl0ra). 1.38 B K P ~ T UCKOpee ~ , BCerO, p e @ o p ~ b l 2 0 0 4 r. TOnbKO qaCTUqHO BblnOnHMnU CBOU U e n U : (1) H e K o T o p b l e npennpun-run 3 a p e r u c ~ p u p o s a n u c bH e B @ o p ~ au~Hen u e u n y a n b H o r o n o n o x o n H o r o H ~ J ~ o ~ ~ / c o U U ~ J HWlOra,~ O B CneUUaJlbHOM HWlOrOBOM P e X U M e m H TOrO, q ~ 0 6 b 1~ 3 6 e X a ~ b ~ ~ H O a ~ 0 u u W I b ~ b l HaJlOr; f i H 0 (2) o6qu# Y p O B e H b C O ~ U ~ ~ ~ M OHNlOrOB B C T p a H e He3HaqUTeJlbHO C T H BblpOC, W C T U q H O U no C O W a J l b H O M y H U O V . 1.39 ZITO K a c a e T c H s n u n H u n ~anoroso#p e @ o p ~ bH~a n p e m o x e H n e pa6oreii c u n b l , BO B c e r O n b l , y K a 3 a H H b l e B T a 6 n . 1.5. o6qan 3aHHTOCTb B 3KOHOMHKe CTPaHbl P a C T e T 3HaqUTeJlbHO M e n n e t w e e , H e x e n u BBIl B ~ e - H ~ @ T HTHp ~c IHXx O a n . TO no3Bonne-r n p e n n o n o m - r b , r T o o6qee I l p e m O X e H U e pa6oqeii CMnbl He3JlaCTUqHO OTHOCUTeJlbHO P ~ @ O ~ M . M XOTH 3TOT BOnpOC 3 a C n y X U B a e T I - J - I ~ ~ O K Oa~HOa J l U 3 a (C YqeTOM A ~ M O ~ P ~ @ U Y ~ C K U X A ~ H U U ~ , T ~ H JlUU, B b l 6 b l B a t O q ~ ~ c p b l H K a T p y A a , a T a m e o T n e n e H u n @ a ~ ~ o pnoxonos a OT @ a ~ ~ o pHa~ J I O ~ O O ~ ~ O X ~ H U J I , o ~ a 3 b l ~ a m q u sxn u n H u e H a n p e n n o m e H u e pa6oqeii c u n b ~ ) , ~ d n t ~ n a e ~T ebM~n bel p o c T a 3aHRTOCTH n03BOJlHtOT I l p e A n O n O X U T b , q T O p e @ o p ~ b lH e n p U B e n U K 3 H a q U T e n b H b l M U3MeHeHUHM 23 B n p e n n o x e H u u pa6oreii c u n b ~ . 1.40 f i n 06ecneqe~wJ ~ ~ # C T B U T ~ ~ ~ nOBblLlleHWI H O ~ O YPOBHH C O ~ U P ~ ~ M O C TUU YPOBHH ~ @ @ ~ K T U B H O C T U(C T o w n 3 p e ~ wP a c u u p e H n R n p e A n o x e H u H pa6oqeii cunb~)B pe3ynb~a~e HaJlOrOBblX pe@op~ 2007108 IT. BnaCTU JlOnXHbl C A e n a T b TO, Y e r O IlblTaJlUCb ~ 3 6 e x a T bC 2001 r. -C y q e C T B e H H O P a C U U P H T b 6a3y @ o p ~ a J l b ~ o (r oO ~ ~ ~ ~ C T ~ H O B ~ HaJlOrOBOrO PeHcUMa ~ H H O ~ O ) no UHAUBUAyaJlbHOMy nOnOXOnHOMy HanOQ' U COUUWlbHOMy HaJlOQ' U nOnHOCTbtO raPMOHU3MPOBaTb CTpYKTYPY 3THX nBYX HaJlOrOB. 1.41 3a nepuon, npowenwtiti nocne B s e n e H u n C u c T e M b l n o n o x o A H o r o H a n o r a B K a 3 a ~ c T a ~B e 1995 r., ma c u c T e M a 3 ~ a q n ~ e n by n~yoq w u n a c b . B T e q e H u e nocnemux H e c K o n b K u x n e T H ~ ~ J I I O A U ~ TeHAeHUUH C ~ C H M e H U H CTaBOK UHAUBUAyaJlbHOrO n O n O X O A H O r 0 H a J l O r a H COUUWlbHOrO H a J l O r a B yCnOBUHX 3 H a q U T e n b H b l X AOXOAOB, CBH3aHHblX C CblPbeBblMU T O B a p a M U . HO 3 T a T e H n e H U W I H e COnpOBOXUlaJlaCb YCMnUHMU no nOBblWeHUIO yp0BH.H C O ~ U ~ ~ ~ M O C T U no OCHOBHOMY, O ~ ~ ~ ~ C T ~ H O B ~P e~XHU M yO M ~ H . B M ~ C T O3 T O r 0 , CTaBKU IlOHWiCaJlUCb, U n a p a n n e n b H o p a c n p o c T p a M n u c b c n o c o 6 b l ccyxona))OT @ o p ~ a n b ~ ociu ic T e M b 1 ~ a n o r o o 6 n o x e ~ ~ 1 (no K p a h ~ e hM e p e , no COUUWlbHOMy HUOQ') qepe3 p a 3 n U q H b l e y n p O q e H H b l e P e X H M b I . K p o ~ e TOrO, M e m y cTPyKT)'pofi UHAUBUAyaJIbHOrO nOAOXOAHOr0 H a J l O r a U COUHWlbHOrO HaJlOra CyUeCTBytOT PaCXOXAeHWI B 6a3ax 3TUX HaJlOrOB, p a 3 p e W e H H b l X BblqeTaX, CTaBKaX U, C a M O e B m H O e - B aAMUHMCTpUpOBaHUU. C n e U ~ W l b ~ b l MeXaHU3Mbl e U P a C X O W e H H R MeUlaIOT 23 TO Bonpoc nnn 6onee n p u c T a n b H o r o u 3 y q e ~ u nuccneAoBaTennMu u YHuBepcuTeTaMu Ka3axc~a~a. 1.43 JIyswee BblpasuusaaHe - nonsaR uaTerpasuR. P e u ~ e ~ noe B s e n e H n u e n n ~ o i CTaBKW no MnH 3 a c n y ~ n ~ a eo~n o 6 p e ~ n ~ ,HO 6e3 T U a T e J l b H O r O BblpaBHWBaHWH WHAWBWnyWlbHOrO n O n O X O n H O r 0 H W l O r a C C O U H W b H b l M HWlOrOM BPHn AM MOXHO flOBblCHTb ~$I$I~KTWBHOCT~ HaCTOJlbKO, HaCKOnbKO HJlaHWpYeT ~ ~ ~ B W T ~ J ~ B CKOHTeKCTe nOBblUleHWH ~ T B O K O H K J ' ~ ~ H T O C ~ ~ O C O ~ H O C T W . Harua PeKOMeHnaUWH: flOnHOCTbt0 W H T e ~ W P O B a T b3TW A B a H W l O r a I3 u e n H x : 0 6 n e r q e ~ nc~a ~ o c ~ o ~ ~ e nybn ~a obili n T H a n o r a H a n o r o n n a T e n b u n K a M n , T a K KaK OHM CMOrYT COCpeAOTOqWTbCH TOJlbKO H a OnHOM HWlOre; 0 6 n e r q e ~ uanMUHWCTpWpOBaHWH ~ AJlH Hanoro~oroKOMUTeTa, T a K KaK OH C M O X e T COCPenOTOqHTb CBOU KaAPOBble P e C y p C b l H a C O ~ W ~ ~ ~ M O eCn H H C T B e H H O r 0 HWlOra;T W 1-44 C a ~ b l i~ ~ O C T O ~ cnoco6 HHTer'PMPOBaTb W H A H B M ~ ~ W ~~ ~ OHA~OI X~ O A HHWlOr ~ I ~ M c o ~ n ~ l b ~ Hb a~n of ri - cnwb ux q T e M n o c T e n e H H o r o y n p a 3 n H e H u H c o q n a n b H o r o H a n o r a n BBeAeHWH 6onee B~ICOKOH ~ ~ U H O CTaBKW # MHANBNHYWlbHOr'O nOAOXOAHOr'0 H U O r a . TO HeCnOXHO CneJlaTb, T a K KaK 3TW HaJlOrW c o 6 n p a m ~ cH~a YpOBHe n p e n n p c l R T W H . T ~ KM~e R p a npn6nn3n~H W l O r O B y l o CMCTeMY K a 3 a x c T a H a K H W ~ O ~ O BCWCTeMe O ~ ~ HOBO^ 3 e J l a ~ n U U ,KOTOPaR n p n 3 ~ a ~03CP, a KaK ~an6oneep a c n p o c T p a H e H H a R , ~ e i i T p a n b ~ a ~ n s @ @ e n n s ~can ~T c e M a CpenW C T p a H - W e H O B 03CP.24 Knmse~ofiX ~ ~ ~ K T ~ ~ U C TH HJKoO0~~ 0~f i CMCTeMbl a l r HOBO^^ 3 e n a H n k i W ( K O T O ~ ~ HB 3 H a ~ W ~ e n b H o fCi T e n e H M nPHCyTCTByeT M B A ~ c ~ p a n n nHBnHeTCH ) OTCyTCTBMe HWlOrOB C $IOHA~ 3apa60~~0fi flJlaTb1 ( C O U H W ~ ~ H ~HI X J ~ o ~ o B ) . ~ 24 CM. 03CP, 2001 r. Hanorn H 3KOHOMMKa: CpaBH~TenbHallOUeHKa CTpaH 03CP. C~OPHWK ~ccnefl0BaH~tino H ~ ~ O ~ O B O ~nOnHTUKe Ng6 (OECD 2001: Tax and the Economy: A Comparative Assessment of OECD Countries; OECD Tax Policy Studies No. 6). T a ~ x CM.ra6n. 1.1. e 1.45 Ha n y T u K non~ofiu H T e r p a q u u K n t o r e B b l M p e m e H u e M R s n R e T c R o n p e n e n e H u eo6qeii CTaBKu. Ha puc. 1.7. c p a s H u s a e T c R c y q e c T B y m q e e n p e n n o x e H u e n p a ~ n ~ e n b c ~noa s UHAUBUAYaJlbHOMY IlOAOXOAHOMY H a J l O r y U COuUaJlbHOMy HaJlOry C K O M ~ U H U P O B ~ H H~O A~U H O ~ ~ 20%-~0fiC T ~ B K OUHAUBHAyaJlbHOrO nOAOXOAHOr0 H ~ J ~ o ~ ~ c o ~ HaJlOra.~ ~ H oCTaBKa, ~ ~ u ~ J 3 ~ a~ o 3KBUBaJleHTHaR 15%-~0ficpefl~efi~ @ @ K T U B H O ~CTaBKe OTHOCUTenbHO 06unx 3 a T p a T H a O M a T y T p y A a , n p n s n e K a T e n b H anoU e n o M y p ~ n yn p u q u H : Mcmornu~:K a 3 a x c ~ a ~pacqeTbl B c e ~ w p ~ o6r oa ~ ~npyrne C T ~ ~ -H pacqeTbl03CP - a . ~ I ~ ~ P U W ~ W1 ~ H0 U ~ 6 CyMMa ~ HaJlOrOB Ha OnnaTy Tpyna, OTHOCHMaR Ha W3llePXKW npOU38011CTBa, BKJlH)'laeT ~ wwwennyanb~b~Anonoxon~b~tlHanor, neHcHoHHb1e B ~ H O C ~ I + pacxonbl pa6o~ona~ennno ynnaTe couwanbHoro Hanora n 83HOCOB COLlHUlbHOrO CTpaXOBaHWl f7pweranue I : l-pa@w~wno K ~ W O R cTpaHe nora3b1eam~o 6 ~ y mCYMMY Hanoroe Ha onna-ry Tpyna e npouewax OT 3 a p a 6 o ~ ~ onAn a w no ynepxaHwr Hanoroe, 3 ~ e w e a n e ~ ~onpeneneHHoMy npoueH-ry ( K ~y~a3breae~cne nerewe) ~ o A K OT cpenHero pamepa 3 a p a 6 o ~ ~cTawapTHoro p a 6 o ~ ~ we ~cTpaHe. Ann K a 3 a x c ~ a ~BaKaqecTee 3 ~ a ~ e ~ a ~~eRnT n06uwe a a B ~ I pacxonbl Ha onna-r). Tpyna ( e u m r a n counanb~brAHanor, YqnTbIean, TO ero ynnaTa- oTeeTcTeeHHocTb pa60~0flaTenR). f7pUMera~~e PacqeTbl lLlR Ka3axcTaHa BlcnloVatOT I O - ~ ~ O U ~ HB3HOC~ B~ qaCTHble IleHCUOHHble $ 0 ~ b l . PacqeTbl 2. T H A npyrwx cTpaH aumram-r neHcww, MennunHcKoe cTpaxonaHwe ti, noMwMo ecero ocTanbHoro, B ~ H O C ~ I CTpaxoeaHnn Ha cnyqaA 6espa6o~nub1. 1.46 Heo6xonn~oOTMe-rmb, TO H a pnc. 1.8 C y u e c T B y m u e e n p e m o x e H w e no pe@op~e 2007/08 IlpHBOflHT K ~ A M H O #C P ~ A H ~~#@ @ ~ K T M B H O #CTaBKe, I l p H 3TOM ~ O - ~ ~ O U ~ HeTA HH~a H H H mama H H A n e n A y a n b H o r o n o A o x o A H o r o H a n o r a mnHe-rcH, a a ~ ~ n q e c ~ 1 . 1 , nporpeccn~~oijTOM, B q T O CpeAHHH CTaBKa m H ~ ~ ~ O T H H3 Kp~a 6, a T b l ~ a l O ~ e r 0 a 67% C p e a H e r O YPOBHH 3 a p a 6 0 T K a , HeCKOJlbKO H W e , q e M AJlH TOTO, qe# 3apa60~0~B P a e H C p e A H e M y . K ~ K IlOHCHHnOCb B b I W e , 3Ta qepTa O T p H a e T K O M ~ H H H P O B ~ H H ~3@@eKT 6a30~01-0blqeTa H nOpOra H)'JIeBo# I # B CTaBKH Il0 HHAWBHAYanbHOMY nOAOXOAHOMY H a n O r y . Bb160pYPOBHH n O p O r a H)'JleBo# CTaBKH H 6a30~0r0 B b I q e T a - eqe OAHO M l O q e B O e P e W e H H e B C J I y q a e noJl~0fiH H T e r P a U H H 3THX ABYX H m O T O B , T a K KaK 3 ~ 1 . 1A B a n a p a M e T p a 6 y n y ~0npenenm-b nonm H a c e n e H w H , K o T o p a R H e ~ Y A ~0 6Tn a ~ a T b ~ H e A H H b l M HHAHBHA)'anbHblM IlOAOXOAHblM HanOTOM. 1.48 r a p ~ o a ~ 3 a qaanoroo6noxea~~rraoc~paasoii s ~ H ~ e c ~ n o ipa6o~eii canbl. i C y q e c ~ ~ y m q eHe a c e r o n H n n p e m o x e H n e no c o u n a n b H o u y H a n o r y n p e n y c M a T p n B a e T rapMOHW3aUWK) CTaBOK H H O C T ~ ~ H H O #W M ~ C T H O # pa6oreii CUnbl. K ~ ~ ~ x cA TJ ~X HH O l e MATH WMeHHO B 3TOM H a n p a B J l e H H H B H e 3aBWCWMOCTW OT npWCyTCTBWH 0@&i~WaJIbHbl~ IlpeACTaBWTeJlbCTB K O M ~ ~ H H M ~ n. n ~ n n y a n b ~ b ~r OiA O X O A H ~ I #H m O r H c o ~ W a J I b H b 1 f i H m O r ~ i AOJlXHbI IlOJlHOUeHHO IlPWMeHRTbCR P a B H b l M 06pa.30~K M H O C T ~ ~WHMH~OC~T ~H pa6ore# O ~ ~ CMne, ecnn n H o e H e n p e n y c M o T p e H o B c o r n a u e H m x no w36exa~nmn ~ o i i ~ o~r oa n o r o o 6 n o ~ e ~ n n . 1.51 Heo6xonw~oc o x p a H n T b nones~oen o n o x e H n e Hanoro~oroK o n e K c a , o r p a e n q n B a t o m e e BCe JlbrOTbl ( p a 3 p e U I e H H b l e ~ b l q e ~ b l )38 W C M I O ~ e H H e M6 a 3 0 ~ b 1BblqeTOB. , ~ OAH~KO,n H a o r o ~ b l i i KOAeKC A O M e H KOHKPeTHO Y K a b I B a T b , q T O p a 3 p e U l e H W e B b l q U T a T b CYMMbI, H a n p a B J l e H H b l e H a IlOraUleHWe B O 3 H a r p W e H W H no X M n W q H b l M 3 a # ~ a ~AOruKHO , IlpWMeHRTbCH TOJlbKO B OTHOUleHWM Tor0 XMIIbH, B KOTOPOM 3 a e M q U K n p O X W B a e T (HO H e B OTHOLUeHWW BTOpOrO MnW TpeTbeI-0 XWIbH). 1.52 n0p0r tIyJle~0iiCTaBKH. n0p0r HyJle~ofiCTaBKW H a Y p O B H e 25% c p e ~ ~ e3apa60~~0fi f i llJIaTb1 MOXHO CqWTaTb W e K B a T H b l M . B CO'leTaHWH C n p e A J I a r a e ~ o # H a 2007 r. HOBO# B ~ J I H ~ W H O ~ ~ 6a.30~01-0B b l W T a ~ ~ J ~ ~ U I W H C T ~ ~OO T H W K O3 B p, a 6 a ~ b l ~ a t O M eWH e~e nOJlOBWHbl ~ B a ~ c p e A H e f i 3apa60~~0# nJlaTb1, H e ~ Y A Y TO ~ J - I W ~ T ~ CWHAWBHAYanbHblM nOAOXOAHblM H HaJlOTOM. TO XOPOUlaH M e p a , T a K KaK OKOJlO 30% CaMblX M ~ ~ J ~ o o ~ ~ c I ~p ~a 6~ 0~ ~H~ H1 .~ 1HI ~ex 0AOJlXHbI ~ 6 y ~ yn ~e p A C T a M H T b A e M a p a U n n (WnW kix p a 6 0 ~ 0 f l a ~ e J l bH e A O M e H 6 y n e ~Y A e p X W B a T b W ~ ~ k i ~ W ~ y a J l bn ~0 b~ l0#~ 0 ~ H b Hfa ni o r ) , l q T 0 nO3BOJlWT H W ~ O ~ O B O KOMWTeW COCpeAOTO'lWTb M ~ p e C y p C b l H a 06ecneqeenn co6nto~eeurrHt3JlOrOBblX ~ p e 6 0 ~ a H k iJlWUaMH C BblCOKWM YPOBHeM i i AOXOAa. 1.53 XOTH BJlaCTW WMetoT BO3MOXHOCTb nOAKOPPeKTWPOBaTb B e n H q W H y n O p O r a H ~ J ~ ~ B o # CTaBKW W 6a30~0roB b l q e T a , Mbl 6 b 1 H e P e K O M e ~ O B Z U I WOTKa3blBaTbCR HH O T OAHOrO W3 3TWX n a p a M e T p o B ( ~ a ~ aB np e o n T H o c T b OAHO B p e M n p a c c ~ a ~ p n ~ a n a c b ) . 3 ~ nea n n a p a M e T p a nrpamT CBOK) P O n b B CWCTeMe, W Ka3axc~aHyH e T H~O~XOAWMOCTWT e P R T b ~ a ~ o i i - n W 6 H 3 WHCTPYMeHTOB0 CUCTeMbl H ~ ~ J ~ O ~ O O ~ J I O X ~ H M I I . ~ P W 3TOM O q e H b B W H O 0 6 e c n e q W ~ b a 6 ~ 0 n t o ~ ~e~n~oo6pa3ne o e o n p e A e n e H n R ~anoroo6narae~oroo A x o n a MH B c e x rpynn c T a B o K ( B M M ~ ~ H nopor Hyne~oii CT~BKH). B H ~ C T O H U H ~MOMeHT KOMnaHUIlM IlPWXOAWTCH H ~ O ~ O C H O B ~ H THpOaTWTb BpeMH H a ~ BblRCHeHWe C H ~ O I - O B KOMWTeTOM ~ I M HIOIHCOB OnpeAeJleHWR H U O ~ O B ~ I M KOAeKCOM AOXOAa AJlR ueneii nopora Hyneaoii c T a e K n . 1.54 AOXOA,He C B R ~ I H A ~CI T~ ~ Y ~ O B O ~ ~ neRTeJIbHOCTbI0. B P a M K a X c ~ I ~ ~ c T B ~ ~ OaI3 bU1 ~ #6 0 6 e c n e q e ~ uco6npae~oc~na ~ H n o r o e H H A H B H A ~ ~ ~ ~~H A O #X O A H L I ~ O ~ I ano or, no CYTM, HBnHeTcH H a n O r O M H a 3apa60~~yf0 llnaTy ( c o ~ u ~ ~ ~BMOCHOBHOM, B rOCyflapCTBeHHblX OpraHH3aqHHX ~ I M , n K P Y ~ H ~ I X n p e ~ n p n ~ ~ m x )n. p u o p n ~ e ~sanaqa ~ a ~ a n M n H n c T p n p o B a H w r r - o6ecnermb BbInOnHeHMe T ~ ~ ~ O B ~BCeMH# n p e A n p H H T W l M H ( B K J I B ~ ~TeX, MCnOJlb3yfOUHX C n e q H a n b H b l e H H H H a n O r O B b I e P e X H M b I , H BCe ( P ~ P M ~ ~ CXKO H~ ~~ H ~ C T B ~ ) no er0 y f i e p X a H H t 0 (H a y A H p O B a T b , B qaCTHOCTH, YPOBeHb AOXOAa H n o ~ p e 6 n e ~~n~ ~~ O T H H KlOpeBAnpHHTWl C B~ICOKO# l 3apa60~~0# nnami). B~opo#n p M O p H T e T 3aKJIfO.laeTCH B nOBbIUleHMH HCnOJlHeHIlH HanOrOBbIX 0 6 ~ 3 a T e n b c T ~ CaMOCTORTeJlbHO 3aHHTblMH F ' p m a H a M M (C OTHOCHTeJlbHO BblCOKHM AOXOAOM, T.e. nHI@ C B O ~ Q A H O # npo(Peccnn). 3a~a.raH a c p e A H e c p o r H y f O n e p c n e K T H B y - 06ecnesmb n o B b I m e H n e YpOBHH C O ~ M ~ ~ ~ M O HCmTOMr a C AOXOAa H a KaIlkiTaJl (T.e. P e H T H O r O AOXOAa UJlM AOXOAa C HefiBHXHMOTO H M Y U J ~ C T B ~ ) . T ~ K Hanoro~briKOAeKC yXe KaK OIlpeAenHeT, S T 0 T a K H e AOXOAbl T a m e RBJRBTCR O ~ ' ~ ~ K T OAMn R 0 6 n o x e ~ n ~HHAHBHAYUbHbIM IlOAOXOAHbIM H U O r O M , H a n o r o e b l i KOMHTeT AOJlXeH CO B p e M e H e M H a q a T b n p O B O n n T b ayAHTb1 HHAMBHnyaJIbHOrO nOAOXOAHOr0 H U O r a TaKHM O ~ ~ M O Mq ,~ 0 6 b 1MCTOqHHKH AOXOAa, H e CBH3aHHbIe C 3 a p a 6 0 ~ ~ 0 i IlnaT0#, A e K J I a p H p O B U H C b AOJlHcHbIM 06pa30~. O C T ~ B H T ~B (POPM~H er0 a n O r a C PO HA^ 3apa60~~0#l W a T b I IlO CTaBKe 2% ( 0 q e ~ b noxoxe H a ~e6onbmoiH U O r C @ O H A ~ 3 a p a 6 0 ~ ~noniT a b 1 , ~ A e p ~ H ~ a eB~ b l i A ~ c ~ p a n n n H a q e n H (PWH~HCHPOB~HURP ~ A ~ B O O X P ~ H ~ H M R ) ; 1.57 l l o ~ e pnoc~ynnen~iinnR MecTnbIx opranos rocynapcTsennoro ynpasnenm. T ~ K ~ KaK H H A H B M A Y ~ J I ~ HI~ O~A O X O A H ~ I #H M O r I M ~ 0 ~ 1 . l U b ~ b l fHi U O r B H ~ C T O H ~ H #MOMeHT H a n p a B n R m T c H B M ~ C T H ~oIp r~a H b 1 r o c y n a p c T B e H H o r o y n p a s n e H n R , n p e n n a r a e M o e pes~oe CHWXeHUe CTaBOK O C O ~ ~ H HOCTPO CKaXeTCR MMeHHO H a 3TUX O 6 m m e ~ a xB CUJly O X H n a e M O r O COKpaUeHMR n 0 ~ T y I l J l e ~ H(XOTR 3 T 0 C O K p a U e H H e M O X e T 6 b l ~ bHaMHOrO M e H b U l e I l p H yCnOBHH i OnHOBpeMeHHOrO p a C u l H p e H H R 6a3b1 HaJlOrOB, KaK 3 T O I l p e w a r a e T C H B HallleM Bb1~0fle). ~ ~ ~ B M T ~ ~Pa~CCMTaTBpHOBaeT BO3MOXHOCTb KOMneHCHPOBaHMR IlOTepb I l 0 ~ 7 y I l n e ~ HV# T e M B b I p a B H H B a B U H X C Y ~ C M A M H 3 ~ ~ C ~ ~ ~ ~ H K ~ H C K O OAHaKO, ~ 6 m w e ~ a , ~ O B C ~ ~ ~ ~ H ~ C ~ O V H O # nepcnewnse n n R M e c T H b r x o p r a H o B r o c y n a p c T B e H H o r o y n p a s n e H n H TO H e 0 6 ~ 3 a ~ e n bc a~Moo e llpHeMJleMOe P e U I e H H e . M ~ C T H ~pIr ~H O a b I r O C y A a p C T B e H H O r 0 y l l p a B n e H H R O T A a m T C y U e C T B e H H y B 9 a C T b ( ( n p M H a A n e X a U U X ) ) HM H a n O r O B B O ~ M ~H aH 0 6 e ~ a e ~ b'1Tep a ~ c ( P e p ~ b 1 , KOTOPbIe MOQ'T MeHRTbCH B 3aBHCMMOCTW OT IlOnHTMqeCKHX W 3KOHOMW'leCKMX YCIIOBU~. &H CHRTWR 3TMX O ~ O C H O B ~ H H ~ 0I Xn a ~ e ~ M~ iP ~ B M T ~ ~ ~ C O XBe O PaCCMOTPeTb M T T B03MOXHOCTb a n p e c H o r o H a n p a a n e H n x MecTHbiM o p r a H a M r o c y n a p c T B e H H o r o y n p a a n e H n r r r a c T n HAC ( ~ a l l p ~ ~ 25%,,e p HO ( P ~ K T H ~ ~ C KpUa #M 3 e p 6 y ~ e3aBMCeTb ~ OT O q e H O K MWHMCT~~CTBOM (PHH~HCOB 3~0iinOTepM l l 0 C T y l I J l e ~B~ p~e3yJIbTaTe CHHXeHMH CTIBOK). K ~ K yKa3bIBaeTCH B HeAaBHeM O T q e T e ~ H K I K a C a T e n b H O O T H O ~ ~ H U # M e m y pa3nMSHbIMM YPOBHHMM r o c y n a p c T s e H H o r o y n p a e n e H m , TOT n p u M e p B ~ R T u3 r e P ~ a ~ ~ u . 2Ta~oea 5 n p e c H o e H a n p a B n e H u e l i a c T u HAC u M e e T n B a n p e u M y q e c T s a : (1) HAC - TO ano or c U I U P O K O ~ ~ 6a30fi, K O T O p U C B ~ ~ C O KC TOe f~l e~H b t o BePORTHOCTU O T p W a e T Y p O B e H b I l o ~ p e 6 n e ~ U R , C l l e ~ O B a T e J l b H O , a, 6a3y n n ~~amnofi06nac~u; u (2) TO cM0me-r 0 6 e c n e l i u ~ b o n p e n e n e H H y t o n o a a e p m K y (no ~pafi~efie M p e , CO CTOPOHbl MeCTHblX O P r a H O B r O C Y A a P C T B e H H O r 0 y I l p a B n e ~ U R ) no H e C H U X e H U t o WC H m e n n a H u p y e M o r o H a c e r o A H R YPOBHR. 1.58 n p o m n b ~ ep e @ o p ~ bc K~ o p e e cosna~anu,H e m e n u ynpa3nMnu p a 3 n u l i H b l e BO~MOXHOCTU n n R O C B O ~ O W ~ H WO~T COUUaJlbHOrO HWIOra, l i T 0 T a m e flOnOpBaJl0 6a3y U H n U B U ~ i U l b H O r O flOAOXOAHOr0 HaJlOra. Pe3~0e C H W e H U e CTaBOK flpeflOCTaBJlReT P e A K y t o B03MOXHOCTb C y U e C T B e H H O P a C l U U p U T b 6a3y. no CYTU, 3TO 0 3 H a l i a e T Y f l p a 3 A H e H U e BCeX CfleuUaJlbHbIX P e X U M O B -O C O ~ ~ H HTeX, KOTOPbIe OTHOCRTCR K COUU2UlbHOMY H a J l O U . O TO, KOHeliHO, H e ~ Y A ~ T f l p 0 6 n e ~ o f i , e C n U ~ ~ ~ B U T ~ J ~ ~I l pCUTM eBTOP e I l l e H U e flOCTefleHH0 y n p a 3 A H U T b ~ 0 u U a J l b ~ b 1 f i H a n o r , T a K B COOTBeTCTBUU C C Y U e C T B Y t O U H M H ~ ~ O ~ OKOAeKCOM B ~ I M HHAUBUAYXI~~H~I# ~ ~ O A O X O A H ~HI U O r A O n X e H YAePXHBaTbCR C ~ ~ ~ O T H U Kf lOp UB # n m 6 o ~C n e u U a J l b H O M P e X U M e . 1.59 T a ~ o ep a C l I l U p e H U e 6 a 3 b 1 COKpaTUT H a r P Y 3 K Y AnA Hanoro~oroKOMUTeTa, T a K KaK e M y H e V X H O 6 y ~ ea ~6 p 0 ~ a ~COb C n e u U a J l b H b l M U P e X U M a M U . A0 HaCTORU(er0 MOMeHTa H a n o r o e b l f i KoMUTeT n e p e H o c u T p e c y p c b l ( m n p o ~ b ~ e ,T e x H o n o r u l i e c K u e , npoliue) c 0 6 e c f l e l i e ~ U A C O ~ U ~ ~ ~ M O C UHnUBUflyZlJlbHOrO T U IlOAOXOAHOrO H a J l O r a U COuUWlbHOrO H N l O r a KaK U H T ~ ~ ' P H P O B ~ H H OCUCTeMbI H ~ U ~ O ~ O O ~ ~ O X M aHTUb lRT P Y A a H a C03AaHHe A e n a p T a M e H T O B A n n # O ~ p a 6 0 ~ b 1 CO C f l e u U a n b H b l M U P e X U M a M U . T ~ K U M 06pa30~, IlOCTeneHHOe y f l p a 3 A H e H U e CfleUUaJlbHblX P e X H M O B UHAUBUflyNlbHOrO IlOnOXOnHOrO ~ a J l ~ r a / ~ ~ u t i Ha Wnl O r~a flO3BOnUT b ~ r ~ n e p e p a c n p e n e n u T b p e c y p c b l H a 6onee n p o n y l c r u B H b l e B U ~ A~e mI e n b H o c T u . 1.60 R P a M K a X 3TUX y c k t n u f i Hanoroeo~yKOMUTeTJ' C n e A y e T H a l i a T b O T C n e X U B a T b Y f l n a T y u ~ n u ~ u n y a n b ~ on ro on o x o n H o r o H a n o r a c TO'IKU s p e ~ mK o n u l i e c T s a @ U ~ U ~ ~ ~ C K U X nuu u 0 p r a ~ U 3 a u U f i . TO H e IlpOCTO, T a K KaK M H O r U e O P r a H U 3 a U U U , @ a K T U ' l e ~ ~ k i ,H e BeAYT y Y e T 3aHRTblX. Hanpu~ep,I l p a B U T e n b C T B e H H b l e O p r a H U 3 a 4 i U H e flOJIb3ytOTCA C U C T ~ M O@~ O P M ~ ~ ~ H O ~ O ~ @ O H A ~ 3apa60~~0fiI W a T b l B ~ a 3 ~ a l i e f i c ~U,B CnenOBaTeJIbHO, H e M O U T OTYUTaTbCR e n0 C B O e M y @OHAY 3apa60~~0fia T b l B p a 3 6 U B ~ eno U H n U B U n y U l b H b l M ~ ~ ~ O T H U(6e3 A O ~ ~ O J I H U T ~ ~ ~ H O ~ ~ M K ~ M p a 6 0 ~ b l no ~ ~ x ~ ~ J T T ~ ~ Uc KK aon pMO B~O M y ylieTy). T ~ K XeRCUTJ'auWl, ~ C K O p e e BCerO, C y U e C T B y e T U B @ ~ ~ M ~ ~ C XKOU~ X ~ ~ C T ti ~HXa MHOrUX IlpeAflpWlTUAX. A B Bsene~uee A H H O r 0 U A ~ H T U @ U K ~ ~ H O H H OH~OOM e p a m A @ H ~ H Y ~ C K H Xn U u , p a 3 p a 6 a ~ b l B a e ~ o r o A~~HTCTBOM no U H @ O P M ~ T U ~ ~ ~BU PUa M K a X I l p O r p a M M b l 3 J e K T P O H H O r O ' O P ~ B H T ~ ~ ~MCo TnB ~6 b, 1 O K m a T b r 0 3HaliUTenbH)'tO I l O M O U b Y C U n M M no C e p b e 3 H O M y MOHHTOPHHI")' 3TUX 6a3 (a Tame a y A U T U 0 6 e ~ f l e l i e ~ U M a T b l HaJlOrOB H a OCHOBIHUU Y e TO# HH@OPM~UHU). 25 CM.fiunnu~nxepH Y H ~ ~ SP.,M2006 r. K ~ ~ ~ x c TP~ ~H :~ O ~ M H (~POu cBK ~~ ~H~ U I ~O HT~H~ OI xW ~ H H ~ ~ M e x n y 6tonxe~a~u3 n u q H b l x y p o ~ ~ e f ione^ B c e ~ u p ~ o6 oa ~ N~33709-KZ. (Dillinger, William R., p a . r ~ a 2006, Kazakhstan: Reforming Intergovernmental Fiscal Relations, WBReport No. 33709-KZ) 2.1 K ~ KI4 B ~ o J I ~ I U M H C T BCTpaH, ~ 6 0 r a ~ b 1 npMpOnHbIMM ~ P e C y p C a M n , OTHOCMTenbHO 6onbrua~YaCTb AOXOAOB rOCYflaPCTBeHHOr0 6mnxe~aB Pecrry6nn~eK ~ ~ ~ x c T ~ H npLiXOnLiTCR H a H ~ J I O ~ O O ~ J I O X ~ HmHp n~n n q e c K n x nns, name ecnn MCKJIIOYWTL n3 a ~ a ~ 1 n 3 aH ~ ~ T I I H ~ I ~ K O M ~ ~ H H M . ~ ~ B Ta6nnse 2.1 CpaBHHBafOTCH IlOCTynJleHHR KOpnOpaTMBHOrO nOnOXOflHOr0 H m O r a B n p O s e H T e OT BCeX I l ~ ~ T y l l J l e H B fsie H T p a J I b H b l # ~ 61orwce~P R n a Pa3BMTblX M Pa3BMBaIOI4MXCR CTpaH. K ~ ~ ~ X C T ~ H CIlpOUeHT, K M # 4.9%, BblCOK n0 CTaHAaPTaM E3C HJlM CUA. ~ ~ ~ ~ ~ o ~ o x M TBBMnyI ~B ~HI C O K OM~ O ~ W J ~ ~ H O C TKWn M T m a , ~ J o ~ a CTpaHbl 3 a n a ~ H 0 # E ~ p 0 n b lM CUlA nonysam ~ e 6 0 n b L U 0 #o 6 ~ nocynne~niiOT e ~ ~ a ~ 1 o r o o 6 n o x e ~ ~ ~ ~opnopasnii.XOTR CTaBKM H U I O r a , H a n p H M e p , B CNA, H e H a M H O r O H M X e Ka3aXCTaHCKHX. ~ P W H H T WB ~ E3C BOCbMW C T p a H C OTHOCMTenbHO HM3KMMM CTaBKaMH H U I O r a A m 0 C T a p T n 0 C T y I l a T e n b H O M y C O K p a ~ e H H I O AOXOflOB O T KOpnOpaTMBHOrO n O n O X O n H O r 0 H a J I O r a (KnH), K O r n a n p y r M e C T p a H b l H a Y U I H C H H X a T b CBOH CTaBKM, Y T O ~ ~COXpaHMTb K O H K Y ~ ~ H T O C ~ O C O ~ H O @TK~M. A ~ ~ T c R ,YTO Y P O B e H b I C n o c ' T y n J l e ~ M # B E3C c~a6nnn3npye~c~ H a YPOBHe C m . C ~ ~ B H ~CHp H3 RM a B B a I O ~ H M H C R C T p a H a M H B 0 3 M O X H 0 , 6onee YMeCTHbI, HO M 6onee 3aTpYAHMTenbHbl. &OII~LU).IHCTBO 6 0 r a ~ b l x IlPHPOnHblMH P e C y p C a M M C T p a H B 3HaYMTeJIbH0fi C T e n e H H 3aBHCRT OT Il~~TyllJle~ki# no KnH - nOCMOTpMTe, H a n p M M e p , H a 3HaYeHMR no POCCHM. Hec~oTprrH a 3 T 0 , K a 3 a x c T a H OYeBMnHO 6 o n b r u e IlOJlaraeTCH H a K O P ~ O P ~ T N B H ~ II#~ O A O X O ~ H ~ I # HUIOT, q e M ~oJI~LUMHCTBOCPaBHMMbIX c T p a H . Ta6nuua 2.1 :Melrsaynaponnoe cpaBnenue C o u . Hanozosbie nocmynnewx s % o m BBn (2003) KIlH OTVHCJleH. C p e d ~ x xno E3C - I5 2.2 9.8 13.2 C p e d ~ x xno E X -8 2.3 5.6 12.3 Ka3axc~a~ 7.6 2.1 3.5 --B.T.V. H ~ - H ~ ( P T R H ~ I ~ 4.9 --B.T.V. H e - 1 1 0 6 b l ~ a K )(He(PTb H ~ H H e p a J b l ) ~ ~ 4.6 Poccnn 6.6 3.4 7.8 -- B.T.V. H e - H e @ T ~ H b l e 4.0 Cnoea~nn 2.8 3.3 13.9 2.2 K ~ K YaCTHble, T a K M r O C y n a p C T B e H H b l e I l p e n n p H R T H R (m)n O m e X a T ~ a ~ 1 o r o o 6 n o ~ e ~ n m B p a 3 M e p e 30% OT 06narae~oronoxona, 3a n c w r m q e t i n e M C ~ ~ ~ C K O X O ~ H ~ ~ C T B ~ H H ~ I ~ ~ ~opnopaun# 2.3 Hanoroea~ c n c T e M a Ka3axc~a~aH e n p e n y c M a T p u 6 a e - r 3aqn-ry o~qncne~wiiH a aMOPTH3al@fH) OCHOBHblX CpeACTB O T HH@~HUUH. C H C T ~aMOPTH3aUWH 6 y n e ~PaCCMaTpHBaTbCR M ~ H m e 6onee nonpo6~0.He n p e n y c M o T p e H a Tawe C y M M a n o n p a B K n H a u~@nnunto~m C Y M M ~ I H o M w H a n b H o r o nonra; B b l r e T y n3 ~anoroo6narae~oro noxona n o w l e m a T H o M n H a n b H b l e nnaTeHcM n p O u e H T O B H a CYMMY AOJlra, a H e TOnbKO P e W I b H b l e BblILNaTbl. 2.4 Ewe o n H a o c o 6 e ~ ~ o cK~abc a e T c R ~ 3 a u ~ o n e i i c ~M~ ue nm y W H A U B U A ~ ~ ~ ~ H ~ I Mu KOpnOpaTUBHblM H ~ o ~ o o ~ J ~ o X C ~ H H ~ M . Hau6onee B H H b I M K P U T e P U e M 3 A e C b RBnReTCR TO, H e A a e T JlU K O M ~ U H U ~ O B ~ H H UHnUBUnylLilbHaR ~ R U K O p n O p a T H B H a R HWlOrOBaR CUCTeMa npeMMyLUeCTB0 O A H O ~U 3 @ O ~ MKOpnOpaTUBHblX @ U H ~ H C O B nepen n p y r U M H . Ecnw T a K O r O n p e M M y l 4 e C T B a HeT, B 0 3 H H K a e T H a . J I 0 r 0 B b l i H ~ ~ T ~ W I H T ~ T . B ~ O ~ ~ U I H H C TCBT~p a H @ u ~ a ~ c u p o ~3a~cus ee a T K p e n w T o e u M e e T n p e u M y q e c T B o H a n @ n ~ a ~ c n p o e a 3ancseT ~ e ~ a K u H O H e p H O r 0 @ U H ~ H C U ~ O B ~ H HTHa,K KaK I l p O u e H T b l no 3 a i i M a M ~ O n H O C T b K l OTHOCRTCR H a BblqeTbl, B TO B p e M R KaK ~ e p a c n p e n e n e ~ ~ b l i i noxon mu n u e n n e H n b l sblre-ry H e noanema-r. B K a 3 a x c ~ a H eTO n p e n M y q e c T B o ewe y c n n e H o 3a c s e T y n e p m a H m 5% H a n o r a H a n n B u n e H n b 1 , B TO BPeMR KaK ~ ~ H KH eU ILNaTRT H m O r H a B O 3 H a r p w e H U e no 3 a e M H b l M UeHHbIM 6 y M a r a M , HZIXOAR~UMCR m p U n U q e C K U X n U u . y 2.6 ,@iB~neHnbl, H W l O r H a KOTOPble 6 b 1 n Y A e p X a H y MCTOqHHKa BblILNaTbl, OTHOCRTCR H a e b l r e T b 1 u3 H H A U B H A ~ ~ ~ ~ H oOn ~o xOo n H o r o n H a n o r a (MHH). H e p a c n p e n e n e ~ ~ b l i i noxon H e O ~ ~ Z I I - ~ ~ T CHCTOqHHKa BblILNaTbl, HO, C Y R npyr0i CTOPOHbI, n P H P O C T K a n H T a J l a H a I K u H U ~ o ~ n a ~ upeanu3ye~briia i i , K q u o H e p a M n , B w r m q a e T c r r B 0 6 n a r a e ~ b l i i u ~ ~ u ~ n n y a n bAOXOA.i i ~ b ~ ~ O C K O ~ ~ CTaBKa K Y UHAMBUAYkWbHOrO nOAOXOAHOr0 H U O r a T e n e p b Bblllle, q e M H U O r y MCTOVHUKI B b l n n a T b l , 10 M 5 npOUeHTOB HaqMHaH C 2007 rOAa, TO CUCTeMa n p H M O r 0 H ~ O I - O O ~ ~ O X ~ HB WKRa 3 a x ~ ~ a Huec K a x a e T ~b16opM e x A y H e p a c n p e A e n e H H b l M n o x o n o M u BblQ'CKOM HOBblX ~ K U MK I~K WCTOqHUKaMU $ M H ~ H C M P O B ~ H M HXOTH U H e 3 H a q U T e n b H O . , TO 0 6 b l q H a H x a p a K T e p w c T u K a ; nowu BO B c e x c T p a H a x M u p a B ~ I Q ' C K H O B ~ I X a ~ q u i i AHCKPHMHHHPYeTCH TOpZUAO C W l b H e e . 2.7 Ecnu H a n o r o a a H c w c T e M a ~ o s ~ a r p w aKes ~o a n H e p o e qepes n p u p o c T K a n n T a n a , a H e qepe3 B b l M a T y f l H B H ~ e H ~ O B $, U H ~ H C W P O B ~ THHBeCTHUUU ~ W T e M B b I W C K a HOBblX ~ K U U ~ CTaHOBUTCH HeBblrOAHO. CYU~CTBY~Ta A B a B p U a H T a @ H H ~ H C U ~ O B ~ H WBblIIJlaTUTb AHBUAeHAbl M I : BblQ'CTHTb HOBble a K q H U , nn60 BblnnaTWTb M e H b l l l e AHBHAeHAOB ( H ~ HH e I l n a T w T b ~006ule)H H C n O n b 3 0 B a T b C3KOHOMneHHble CPeACTBa H a nOKpblTMe KanHTWIbHblX PaCXOnOB. no n p H q U H e H ~ J I O ~ O B OAHCKPHMWHa~WH, H e B b l n n a T a ~ A u B u n e H n o e u ucnonb3o~a~uen p H 6 b l n H n n ~ @ H H X ~ H C H ~ O B ~ H WnFp W B e A e T K n P H P O C T y KanHTlUla, CTORUeMY I 60nbwe S e M AHBUAeHAb1. 2.11 C npyr0i CTOPOHb1, CTaBKa H W O r a H a n p O U e H T b l H n H B H n e H n b 1 OTHOCHTenbHO HH3KaSI. 3 ~ e c b ,OAHaKO, 60Jlee COBepllleHHaH CHCTeMa C y U e C T B y e T B C ~ O B ~ KmeH AWBUAeHnb1 H , H e 0 6 n a r a ~ ) ~ ~HHa n o r o M , T e M CaMbiM, npeno-rspauaa HX n ~ o i i ~ o~anoroo6noxce~ue.K ~ K e n o K w b m a I o T , H a n p n M e p , Poterba H Summers (1985), n ~ o i i ~ o~e~ o r o o 6 n o ~ new~e nnee w H n o B OKa3blBaeT C H M H ( ~ ~ W H ~ ~ 3 @ @ eH~a ~K O p n O p a T H B H b l e MHBeCTHUUH M Y B e n H q H B a e T H C K W e H H H n p H MeXCeKTOPHOM H BPeMeHHOM P a C n p e A e n e H H H KaIlnTWla. K p o ~ TOrO, e H a n o r o ~ b l i iKOMHT~T M H H H C T ~ ~ C T@HHIHCOB B ~ PK H 3 n U MHCTpYKUHH) 0 TOM, S T 0 B 0 3 H a T p m e H H e H a ~ ~ H K O B C K M ~ A e n 0 3 H T b l H e n O A J e X H T 0 6 n o x e ~ ~YmHCTOqHUKa B b l n n a T b I .OS~BWAHO,HCKilH(aK)UaH 3 T 0 U, c n e n o e a T e n b H o , H e x e n a T e n b H a H ' l e p T a ~ a 3 a x c ~ a ~ c~anoro~oii~ o i i CncTeMbI, n o c K o n b K y o H a 3 a T p y A H H e T pa3BMTHe PblHKOB IlPHMOrO @ W H ~ H C H P O B ~ H H RB MHTepeCaX @ M H ~ H C O B ~ I X IlOCpeAHHKOB. 2.12 Eqe O n H O B a X H O e OTJlMqMe B03HMKaeT B OTHOUleHUU p a 3 p e U l e H H b l X MeTOAOB aMOpTU3alJUM. B K a 3 a x c ~ a H ep a 3 p e U l e H TOJlbKO MeTOA ~ 6 b l ~ a t o q e rOCTaTKa (38 MCKntoqeHMeM 0 ~e~ponoJlb30~a~eJle# U WHBeCTMIJUOHHblX HpOeKTOB H M e t o U M X n p a B 0 H a UHBeCTMUHOHHble H U O r O B b l e n p e @ e p e H ~ M M ,UnM MHn), B TO B p e M R KaK BO BCeX O C T U b H b l X C T p a H a X IlpHMeHReTCR Tame p a ~ H 0 ~ e p ~ (b ~l k~ R M O ~ U H ~ ~M~e THO n~ aMOpTM3aUUU. ~ O C K O ~ ~MeTOA y 6 b l ~ a t o q e r 0 I # ) K Y OCTaTKa C a M no ce6e IlBnReTCR pa3HOBUAHOCTbto Y C K O ~ ~ H H O # aMOPTM3aUMM, a H e n p O n O n b 3 O B a T e n U U MHn - n p 0 e K T b lo6nanato~eqe 6onee ~ ~ ~ ~ O ~ ~ U RB03MOXHOCTRMU T H ~ I M U ( n o n ~ a R a ~ o p ~ u 3 aB ~T uq ~H e e n e n m u n e ~ ) ,K a 3 a x c ~ a ~ c ~Haa Ro r o B a R c n c T e M a B 6 0 n b m o # n C T e n e H k i C Y ~ C U A U ~ YMHBeCTUUUM B CpaBHeHMU C A P Y r U M H C T p a H a M U . 3 ~ M O X e T WCKa3UTb ~ T 0 MHBeCTUUUOHHble P e U l e H U R , pa3'henHHHR H a J l O r O B y t o a M O p T U 3 a U M t o M UCTUHHYto 3KOHOMUqeCKYto ~ M O P T U ~ ~ I J U I(CM. O Nam n Radulesco, 2003). 2.14 MOXHOT a m e OTMeTUTb @ Y H A ~ M ~ pa3JlMqMR~BH ~ I ~ H T U OTHOUleHMM UHBeCTMlJUOHHbIX n p e @ e p e ~ U u # M e m y K ~ ~ ~ X C T ~MH CPaBHUMblMM O M CTpaHaMU. B b l ~ a q y MHBeCTMUMOHHbIX HaJlOrOBblX n p e @ e p e ~ U u # ( C O K ~ ~ U ~ H H O m)B Ka3axc~a~eO M X H O X a p a K T e p U 3 0 B a T b KaK HeAOCTaTO'lHO KOHKPeTHYIO, CO CnUUlKOM Pa3MblTbIMU KPUTePUHMM COOTBeTCTBW, 'lTO T e M C a MblM C 0 3 A a e T B03MOXHOCTM K O p p y n U H M .B Apyr U X C T p a H a X Bblna'la UHBeCTUUUOHHbIX npe@epe~uu# B 6 0 n b m n ~ c ~ ~c ney l i a e B ~ ~ B U C M TOT xapawepa u M e c T o n o n o x e H n R WHBeCTWUMOHHblX npOeKTOB. B C J ~ O B ~ K M MH a n P U M e p , , OHM B b l A W T C R TOnbKO KOMnaHURM, OTHOCRUUMCR K ((CTpaTerM'leCKMM WHBeCTOpaM)), B POCCUU JlbrOTaMM IlOJlb3yeTCR B K n a n B KanMTaJl ~ O C C U # C ~ K ~OXM ~ ~ H U ~n 0~ J,l b U l a M ~ a Ku~afin O O q P R t o T UHBeCTMUUU B OTpaCnM, B 3KOHOMU'leCKOM CMblCJle O T C T a t o U W e O T O C T U b H b I X , T e M CaMblM U e n e H a n p a B n e H H O n O O U p R R UHBeCTMUUU B 3 T U 06nac~uH PerUOHb1. 2.16 Pacre~~an0r006narae~0r0 noxona mpunurectcoro nusa HaruHaeTcR c 6yxran~epc~ofi VHC'PO~~npu6blnu. Aanee BHOCRTCR KOPPeKTUPOBKU C YreTOM paCXOAOB, H e OTHOCUMbIX Ha BblreTbI &ilR IJeJlefi~ a n o r o o 6 n o ~ eY u~ ~ I. T KIlOHeCeHHble TeVeHHe ~ U , B IlPeAblAYIllUX 3 neT, MOVT 6b1~bnepeHeceHb1 Ha nocnenymuue nepuonbl u BblrTeHbr u3 ~anoroo6narae~oro noxona. ~ T Y ~ ~ I T KHe M O V T KOPPeKTUPOBaTbCR Ha YPOBeHb U~@JlRllUki, ~~0~30LLle~LLlefi38 IlePHOA U U nepeHoca. nonoxe~uiio nepeHoce Y ~ ~ I T K OHa B npoulnble nepuonbr He r ~ ~ e ~ y c ~ o ~ p e ~ o . ~ ~ 2.17 M3 CYMMLI, p a c c r u ~ a ~ ~ oB fOnucaHHoM i Bbwe nopHnKe, nenamTcR onpenenewble BblVeTbl. Hau6onee BElXHbIMU U3 HUX RBJlRlOTCR BblreTbl Ha UHBeCTUuUU (HHB~CTHUUOHH~I~ Hanorosble npe@epe~uuumu MHn), onucaHHble B cnenymueM pa3nene. 2.18 Hanoronna~enbuu~e H uMeeT npaaa OTHOCHT~B 3 a r e ~ Y M M ~ I C Hanora, ynepmaHHoro y UCTOVHUKB BbllUlaTbl. OAH~KO, HanOrU, YllJlareHHble 3a rpa~lluefi,MOVT 6bl~bOTHeCeHbl B 3areT. C Y M M3areTa no HHOCTPaHHOMY ~ HMOV PaCCrUTblBaeTCR B 3aBUCUMOCTU OT CTPaHbl ynnaTb1 H He npeBb1ulae-r C Y M M ~ IK ~ ~ ~ X C T ~ H C K O I - o Hanora, npuru-ramuerocn Ha noxon u3 HHocvaHHoro ucTorHuKa. Hanoro~b~fi K O A ~ K CHe npeAycMaTpuBaeT nonome~ufi, ~ ~ ' ~ R C HKaIKI ~ ~ U X B noc-rynan cnyrax, Korna cyMMa Hanorosoro sare~anpesb1uae-r CYMMY H ~ O r O B O r O 06~3a~enbc~Ba. Heflc~o, CyueCTByeT JlU BO3MOXHOCTb B03BpaTa U3JlUUIHe ynnareHHoro Hanora, unu oTHeceHuR ero creT B aBaHcoBblx nna~exefino ~anoryB cneAymueM rony. 2.19 A~opmu3ayuo~nbie8bllrembl OCHOBaHbl Ha CTOHMOCTH np~06pe~eHURU He KOPpeKTUPYtOTCR C YreTOM HH@IIRUUU. A M O P T U ~ ~ ~PaCCSUTblBaeTCR U R TOnbKO no MeTony y6blaam~ero OCTaTKa, JlJR uenefi KOTOpOrO BCe aKTHBbl F'PYnilUPYlQTCR nO VeTblpeM KaTerOpURM. Aanee, MeTOn y6bleamuero OCTaTKa IlpHMeHReTCR K H T O V n0 F'PYIlIle B UenOM. TO 0 3 ~ a r a eSTO np0ueH-r CTOUMOCTU ( C B O ~& i l ~ ~ , ~amnofirpynnb~) A O ~ ~ B ~ H ~KT C H pacxonaM Ha BblVeTbl U Bb19UTaeTCR OT CYMMbl CTOUMOCTH no rpynne. CTOHMOCT~ npki06pe~eHHbl~OCHOBHblX cpencTB no6aenne~c~ UTOV K no rpynne, sKnmraR pacxonbl Ha ycTaHoaKy, nposeHT no KpenUTaM Ha @ U H ~ H C U ~ O B ~CTpOUTenbCTBa, U TA. HaJloronnaTenbuki~MOXeT Ilepefi~UC H U ~ MeTOAa y6bl~amue1-0OCTaTKa Ha p a ~ ~ ~ ~ e p ~ ~ - n p R ~ ~ n U (HOe fHieH~ba~of6i o p o ~ )TereHHe H B CpOKa none3~0fiCJTYX~LIaKTUBa TOnbKO eCnM 06ual1CTOUMOCTb BKTUBOB B A ~ H H O ~ ~ rpynne He npeBb1rnae.r 300 MPll (KOTOPLI~~B 2005 roAy cocTaanRn npuMepHo 1000 TeHre, TO ecTb CTOHMOCTb aKTUBOB He AOJlXHa IlpeBbIUlaTb npU6nU3ki~enb~0 2500 nOnJlapOB C m , VTO B 60n1,rnu~c~~e cnyraea c y m a ~ e s ~ a r u ~ e n b ~ a ~ ) . llocne nepexona ocTaToK Ha 6ana~ceMoxeT 6blTb nOJIHOCTbl0 CDUCBH B TeSeHUe rOAa no BCeM aMOPTU3alJUOHHblM rpynnaM. 2.20 ~,Mn~pm~pyeMbleOCHO8Hble cpedCm8a aMOPTH3HPylOTCR Il0 Y A B O ~ H H O CTaBKe ~ ~ B nepab~firon sKcnnyaTaquu. B TereHue nepBoro rona a n u B YruTblBaeTcn OTnenbHo; no ero UCTeVeHUU, aMOPTU3UPOBaHHaR CTOUMOCTb A O ~ ~ B ~ H ~ TK CCOOTB~TCTBYIOU~~~~rpyllne. I I T ~ K ~ R BO3MOXHOCTb AOCTynHa KaK MeCTHbIM, TaK U UHOCTPaHHbIM pe3UneHTaM. 29n o nonoxeHuto o nepeHoce Y ~ ~ I T K O B Ha npoulnble nepuonbl, y 6 b l ~ ~ ue ~ y l q erona Moryr r o OTHOCUT~CR Ha noxon npenblnylqux nepuonos nnR nonyqeHuH ~ o s s p a ~( K ~npaeuno, a K ~ O ~ B O ~ R ~ T C R nepeHoc TonbKo Ha orpaHuqeHHoe KonuqecTeo npoulnbrx n e ~ )O c ~ a n a racTa MoxeT nanee ncnonb3oea~bc~ saqe~a . ~ a ~ an^ B cqeT 6ynylqnx ~anoroeb~xnna~exetino nonoxeHtito o nepeHoce Y ~ ~ I T K O B Ha 6ynylqne nepnonbr. 2.22 A ~ m u s b zs nusu~zecruTatoTca nepenaHHblMu no ycnoeunM @u~aecoeoro nu3u~ra, ecnu (a) AUCKOHTUpOBaHHaH CTOUMOCTb JlU3UHrOBbIX Ma~eXefiCOCTaBnReT He MeHee 90 IlpOueHTOB CTOUMOCTU aKTuBa, (6) nepuon nusu~racocTamneT He MeHee Tpex neT u npe~b1mae.r 75 npoueHToe cpoKa nones~ofic~lyx6b1aKTuBa, u (B) AO~OBOPOM npeAycMoTpeHa nepenara C O ~ C T B ~ H H O C T UB KOHue IlepUOna apetLqbl, no @ U K C U ~ O B ~ H HUeHe. YcJ~oBLU@ U H ~ H C O B O ~ O O ~ ~ nu3u~1-aHe npenycMaTpuBatoT BO~MOXHOCTM noKynKu, naxe no sapa~eey c ~ a ~ o e n e ~ueHe.f i ~ o CTOMMOCT~ aKTuBa, nepenaHHoro Ha ycnoeunx @ u ~ a ~ c o ~ nusu~ra, no6aenne~cn o r o K C O O T B ~ T C T B ~ ~ ~ ~ ~ #H a rpynne 6ana~ceapeHnaTOpa M BblrMTaeTCH U3 CYMMbl C O O T B ~ T C T B Y ~ ~ ~ ~ ~ ~ rpynnbl Ha 6ana~ceapeHnonaTenn. 2.23 npu6blnb OT nponaxu amuBos, pemu3osa~~b1x no ueHe, npeeblmatoqux CTOMMOCT~ c o o ~ s e ~ c ~ ~ y t orpynnbl Ha q e i i MoMeHT nponaxu, HBnneTcH racTbto ~anoroo6narae~oro noxona p a ~ ~ o icyMMe i npeBblmeHun CTOUMOCTM rpynnbl. TO npaBwo npennonaraeT, r ~ oB 60nbllruHc~BeCAyraeB npHpOCT KanUTUla Ha aMOpTU3UpOBaHHyto CTOUMOCTb He IlOAneXHT 06noxe~uto KIIH. 2.24 B Hanoroeo~ Kone~ce YKiUbIBaeTCH, lrT0 BblqeTbl Ha C ~ ~ ~ C T O U M O CTOBapOB T ~ peaJlM30BaHHblX CO CWWa OCHOBblBatoTCH TOnbKO Ha CTOUMOCTU npuo6pe~e~m, 6e3 YreTa YpOBHH U H @ ~ H ~ U U .BO~MOXHO,npaKTMKe, Ha B CnyltaHX, KOrna CTOMMOCTb n p u o 6 p e ~ e ~ u ~ YCTaHOBUTb Henb311, BMeCTO Hee UCnOJlb3YeTCHMeTOn moo.He IlpenyCMOTpeHa BO3MOXHOCTb YqeTa nO CTOUMOCTU 3aMeUeHUR UJlU KIKUM-TO APYrHM C ~ O C O ~ OIlPOBO~UTbKOPPeKTMPOBKY M Ha u~@nnuuto. 2.26 npenyc~0T'peHa KOppeKTUpOBKa Ha cnyrafi I I I O H K O ~KUnUMUJZU3UYUU, ~ HO OHa IlpUMeHUMa TOnbKO B OTHOUleHUU BblMaTbl IlPOUeHTOB MHOCTpaHHblM pe3HAeHTaM. B CJIyqae ecnu oTHomeHue sae~~ot-o KanuTana K C O ~ C T B ~ H H Onpesb1uae.r MaKcuManbHo n o 3 ~ o n e ~ ~ o e M ~ 3HalteHMe -- 4 (7 JlJH @UH~HCOB~IX yrpeme~ufi),BblIUaTa IlpOueHTOB Hepe3UneHTOB YMeHbllraeTCH B KOnUreCTBO pa3, PaBHOe npOU3BeneHUto OTHOllreHUH C O ~ C T B ~ H H OKanHTWIa K ~ O 3aeMHOMy U COOTBeTCTByto~erOMaKCHMaJlbHOrO 3HareHUH. O ~ H ~CyMMa K O IlpeBblLUeHUH He nenneTcn B non~oiiMepe nueuneHnaMu, nocKonbKy He 06narae~c~ HanoroM y wcTorHuKa ebuuaTb1, ecnu cnenKa cTpyK-rypuposaHa HamexaqwM 06pa30~ (~.e.ecnu npenycMoTpeHa 6a3o~oe nonroBoe 06~3a~eJlb~~B0).CyqeCTByeT KOHKPeTHblX npe,4enOB B He OTHOllreHUU 3aeMHblX MHCTpYMeHTOB C XaPaKTePUCTMKaMM aKuUOHePHOr0 KanUTUa (HanpM~ep,BbInnaTa npOueHTOB B 3aBUCUMOCTH OT YPOBHH npu6blnu), nu60 n0Jl0XeHkifi OTHOCUTeJIbHO T O H K O ~ ~ ~anu~anu3aquu B cnyranx BblnnaTbInpouemoe p e 3 u n e ~ ~ a ~ . 2.27 C Y ~ ~ C T CHCTeMaTaBaHCOBblX nna~exeiino B Y ~ KOPnOPaTMBHOMY HaJlOly. E X ~ M ~ C R ~ H ~ I ~ aBaHCOBble IlnaTeXH AOJlXHb1 PaBHRTbCR KaK MWHllMyM C y M M e aBaHCOBblX nna~exei npenblnyqero nepnona, nnn nna~exeiiycTaHoeneHHblx ~anoroeoiinewrapasnn B npenblnyqero neptlona. A B ~ H C OnnaTeXH B ~ I ~ MOlJ'T KOPPeKTPiPOBaTbCR n0 IlHCbMeHHOMY T ~ ~ ~ O B ~ H HHO )H,e K paHee qeM 6blna nonaHa newrapaunR 3a npenb~nyqnii ~anoroeb~ii nepnon. 3 a ~ o ~ npenycMaTpneaeT nonoxeHnR o ~ o s e p a ~n3nn~u~nxaBaHcoBblx nna~exeii,HO e TonbKo nocne ynna~bl Bcex nonnexaqnx onna-re mTpa@os,B~HOCOB n sanonxe~~oc~eiiBceM HanoraM (He no TOnbKO KnH) n OnpeneneHnR 06R3aTeJlb~TB no Km Ha c n e n y t o ~ ~ i i ron. Ha IlpaKTHKe 3T0 n0 Bcei BePORTHOCTH 03HaqaeT HeB03BpaTHOCTb HnH, no ~ e ~ b m e f i Mepe, 3HaqMTeJlbHble3anepXKH B sosepa~enna~exeii,npeablmarounx CYMMY @ ~ K T M ~ ~ C K0M6X~ 3 a ~ e n b c ~ ~ no KllH. I I p e n n p n ~ ~ n ~ YTBepXnatoT, qTO HeT PeCYPCOB AnR B03MeqeHMR IInaTexeH, ~peBbllUaK)~llX TeKyqMe 06~3aTeJlb~TBano KnH. 2.29 Pacxonb~Ha HayqHble MccnenoeaHnR, pacxonbl Ha o6yqe~ne~ ~ ~ O T H H K O B , npn ycnoenn, TO OHM np0nonxa-r pa6o~yHa HanoronnaTenbqnKa B TeqeHne, no ~pafi~eiiMepe, Tpex neT nOCJTe OKOHqaHWR 06yqe~n11, TaK Ha3blBaeMble ((COuHaJlbHblePaCXOnbl))(0'4eHb OvaHMqeHHaR W KaTerOpMR BblnJTaT, BK.JlK)qaROTWCK no ~ ~ ~ ~ M ~ H HHOPOnaM, npOM3BOflCTBeHHble TpaBMbl H C T M 60nbHMqHble) nOJlHOCTbK)OTHOCHTCR Ha BbISeT. 2.31 H ~ K O T O ~3TMX ~CXeM M3 ~ I 6blna BHeApeHbl HenaBHO, HO BCe M3 HMX C @ O P M Y J ~ M P O B ~ H ~ ~ CnMLElKOM OTKPbITO, ST0 BePORTHO MOXeT npMBeCTM K 3HaqMTeJlbHOMY COKpaUeHNtO H ~ J I o ~ o B o ~ ~ 6a3brKnH H CHMXeHMK) C P ~ A H BCTBBKM. ~ Cneyuanbnbie nanozosbiep e x w b i (CHP) 2.32 K ~ K$usnrec~ne,TaK n mpnnnqecKne nuua MoryT noananan noA onnH n3 pnAa yflpOqeHHblX PeHcUMOB H ~ J I O ~ O O ~ J I OKOrflaUUXH ,UHnUBUfly&UbHbleUJlU KOpIIOpaTUBHble X ~ H HanoroBble 06n3a~enbc~~aonpenenrrmTcn (npennonoxmenb~o)B y n p o u e ~ ~ oMaHepe. i i ~ T U pemMbl TonbKo qacTuqHo HanpaBneHbl Ha ynpoueHue co6nmneaun HanoroBoro 3aKOHOnaTenbCTBa; fipyrofi HX3anaqeii 5IBnReTCR I ~ o c T ~ ~ ~ H H ~ I ~ nepeBOfl n p e ~ n p k i ~ k i ~ a ~Han e i e 06blltHbl# PeXUM H ~ ~ O ~ O O ~ ~ O X ~ H W ~ no Mepe TOrO, KaK nx 6n3~ecPaCmkipHeTCH. 2.33 ITo nepso~y CHP, TaK HHrblBaeMoMy pa3os0,uy marloHy, npennpnHuMaTenn, pa6o~amuneB TeqeHHe MeHee 90 n ~ e Bi &aHHbliK U ~ H & ~ P H ~ I ~ rOA, M O Y T O C B O ~ O A M T ~ COT I I nm6brx KOPnOPaTHBHblX WnM WHAMBWAYanbHblX HUOrOBblX 06113a~enb~~~vTeM BblllJlaTbl ~e60nbUIofi CYMMbI, ~ n p e ~ e n e ~MeCTHblM MaCJlWXaTOM Ha OCHOBe W C C ~ ~ A O B ~ H W ~ ~ , ~ ~ f i nPOBeAeHHblX MeCTHblMW HanOrOBblMM OpraHaMH. n p e ~ n p n ~ k i ~ a ~ epa6o~amqneB AaHHOM n k i , pexnMe, Tame o c ~ o 6 o ~ a m OTcynnaTb1 counanbHoro Hanora. ~ n 2.34 ITo BTOPOMY CHP, cncTeMe name~mos,npennpnHnMaTenn BbmnaltnBamT 1% noxona B CqeT MITH H 1% OT nOXOna BClteT COuHliJtbHOrO H&llOra.O ~ H ~B3HOCbI K O B ~ O C Y A ~ P C T B ~ H H ~ I ~ ~ DOHAC O ~ W & ~ C~ T~~H~OX~OOB MOryTH ~ H U 6bl~bOTHeCeHbl B3alteT YnnaTbl COuU&llbHOrOHUOra. TO MY pexnMy n0mexa-r HanoronnaTenbquKn, qeii noxon 3a ron He npeBb1mae-r 2 MnnnnoHa TeHre (npn6nu3n~enb~o 000 nonnapoe CUlA 2005 ro~y). 15 B 2.35 YC~OBMH TpeTberO CHP, ynpozyeHHoz0 PeXUMa, 3aBMCnT OT TOrO, RBnReTCn nki HanoronnaTenbuuK mpMnultecKnM nuuoM nnn HeT (CM.Ta6nnlry 2.2). B o6onx cnyltax H&llOrOIMaTenbuMK BblllJlaltHBaeT 0npefleneH~blii npO4eHT OT AOXOAI, K O T O P ~ I ~ AenHTCIl nopoBHy ~ e w (i) m H (ann n p e ~ n p u ~ n ~ a ~ eHen e06pmymqnx mpnflnltecKoro nuua) m n y i i KITH (ann mpMnnltecKwx nnu) n (ii) c o u n a n b ~ b ~H~~ ~ O ~ C TM~.B KHanora nnrr O ~ npeflnpn~n~a~eneiHe 0 6 p ~ r y ~ tOpkinHqeCKOr0 nUUa MOXeT ~ U l b H e 6bl~bCHWeHa u ~ x B ~ ~ e ~ Ha 15% OT CTaBOK, nepeltnCneHHblX B TaGnnue, eCnH KOnMlteCTBO PI~OTHMKOB B03PaCTeT (MBKCUMYM -Ha flO10 3TOM YPOBHe AaeTCIl I l O J l H a1~ % - H uCKUAKI). HHX 0 6 b 1 4 H b l f iKnH no CTaBKe AJlH C ~ ~ ~ C K O X O ~ H ~ ~ C T Bn p~ eHn Hp~HIHX~ H f i . 3 T a CHCTeMa B n 3Ha'4HTeJlbH0fi C T e n e H H n p e n H T C T B y e T pa3BHTHlO HHnyCTpHH n e p e p a 6 0 T ~ H C ~ J ~ ~ C K O X O ~ H ~ ~ C TnBp O lHl yHK OH~H~, TaK KaK CO3DaeT 3 H a 4 l l ~ e n b H b 1 f i CTHMYJl K 1 1 e p e p a 6 0 T ~ e ~ U n p O n y K U H H TOJlbKO CBO& @ e p ~ b l . Nc nonb30na~ene~ii(THC) Aoxon (THC. TT) Hanorosoe 6 p e ~ n (OhBBn) Pa30sblA ranon 137 168 3.3 3 n a ~ e n ~ 92 159 1 6 2 \'npome~nblR p e x n ~@, ~ 3 .nnua 74 165 3 6 9 4.8% 3.5% Yn~omennblkD~XHM,~ p nuua . 4.5 I I 1.5 3 10.1% 5 7% 2.40 K ~ K llOKa3aHO B Ta6nnue 2.2 (A) ki Ta6nnue 2.3 (B), OXBaT yllpOqeHHbIX PeXHMOB pacLoMpHeTcx, Arne no Hasana nnaHnpyeMoro ocna6ne~n~ycnosnii npnronHocTn, npow3~ene~~oro B 2006 rony. 2.4 1 B Ka3axc~a~ecyuecTByeT uenb~ii pHn C33, yxe n e i i c ~ ~ y m q nnu60 x nnaHnpyeMblx. Mx KOHqenqHH llpHMeHHeTCH nOCTaTOsH0 PaCnnblBYaTO: HeKOTOPble OCHOBb1BatOTCH Ha r e o r p a @ u ~ e cnonoxeHnn, npyrne Ha oTpacnn ~ o ~ ~ K O H O M U K Unu60 snne nemenbtioc-rn, TpeTbn - Ha K O M ~ U H ~ UBblUleOnWCaHHblX llPM3HaKOB. ~ ~ H C ) ' ~ ~ C T B )TaWe C33, ' ~ T KOTOpaH 3aBHCHT TOnbKO OT AOnH ~06aBJle~~ofiCTOWMOCTW B 0 6 q e ~nOXOne llJItOC HeKOTOpble LUUPOKO OllpeneneHHble KPUTePMU, OCHOBaHHble Ha C ~ K T O P H OfleHTenbHOCTl4. ~ 2.42 r b l a ~ t l p y e ~ cOTKPblTb ~ C33 B A n ~ a ~ b 1 , me KOMnaHHH, 6a3upytoqwec~ Ha ~IH@OPM~IJ).~OHH~~XTeXHOnOTHHX, ~)'AYT WMeTb npaBO Ha ~ O - I I ~ O ~ ~ H COKpaueHHe T H O ~ Km ki O C B O ~ O > K ~ ~OTH ~ H HAC no cnenKaM B npenenax C33. Peanwsaun~Toaapos 3a npenenbl C33 llOnneXHT o 6 n o x e ~ mWC, YnepXHBaeMbIM y HCTOrHHKa BblnJIaTbl (HYJleBaH CTaBKa Ha 3KCnOpT l4 15% Ha BHyTpeHHMe O~OPOT~I)Ch"Tpb1~kieTOG . C33 Ha MOMeHT HanHCaHHH AaHHOrO oTYeTa (anpenb 2006 rona) 6b1nooTnoXeHo. 2.43 A H U O ~ M Y H ~ ~llnaHl4pyeTCH C33 O OTKPblTb AnH pa3BHTnH X , ~ O ~ K O B O nPOMbIUlJIeHHOCTl4, E Ha tOre CTpaHb1. C T P O ~ ~ T ~ ~C ~O COT~ B~ OX ~Ha TePPWTOPWH 30Hbl HaqUOCb, HO AaTa OTKPblTUH H H ~ ~ eqe He ycTaHoBneHa. 2.44 H ~ K O H ~CyUeCTByeT C33 U , Ha TeppHTOpHM MOpnOpTa Atcray, Ha K ~ C ~ H ~ C Mope.M K O OH^ yXe OTKPbITa, HO nOKa HW OAWH HUOrOllnaTeJlbUUK H e 3aperMCTpMpOB2UlCH AnH coBepmeHnH onepaunii B TOM cerc-rope, noToMy rTo caM nopT eqe He OTKP~IT. 3 ~ C33 a He 2.46 Hanoro~blfi Kone~c IlpeAyCMaTpHBaeT 3HaqHTeJlbHble HaJlOrOBble JlbrOTbl AnJl ~ o ~ n a ~ k imei , AOnn n06a~neHHofiCTOWMOCTW f B 0 6 q e ~AOXOAe COCTaBJllleT He MeHee 40 np04eHTOB. ,&la Tor0 q~06blBOCnOJlb30BaTbCII 3TWMW JlbrOTaMH, HaJ'lOrOMaTeJlb~HKAOsDKeH nOnaTb 3aSIBKY Ha PaCCMOTpeHHe HHB~CTHUHOHHO~OK o M ~ T ~ToqHble KPHTePHH 0~60pa T ~ . o ~ ~ ~ ~ J ~ H K o B ~ H ~ I He 6blnki. E C T~XiIbHefiul~ennaHbl no CO3AaHHIO C33, ~ C K O H ~ ~ H ~ H P O B ~ H H O ~ ~ Ha npOki3BOACTBe OCHOBHblX CpeACTB Ann H ~ ~ T H H O ~ npOMblUneHHOCTH, K K O T O P O ~ ~ He ~ Y A Y T npHMeHHTbCR TeppkiTOpHaJlbHble OrpaHHqeHUfl (WIHXe OHM nOKa He 6blnn Bblpa60~aHbl). a A e n ~ e n b ~ o c3a~npenenaMn C33 (He 6onee 10% o6qero noxona n OT peannsauuu TOBapOB, nPOW3BOAHMblX Ilpe~npWl~We~); Pernc-rpaunn; H ~ O ~ X O A H M ~ pernc-rpauwi HanoronnaTenbunKaB npenenax C33. 2.48 Orpa~nqe~nfino CoBMecTHoMy BnaneHnm npennpwiTnnMn ~ ~ y - r pnn3a npenenam C33 He CyqeCTByeT, qTO nORblUlaeT YI13BWMOCTb 3THX JlbrOT 3Jl0yn0~pe6JleH~H~nOCpeflCTBOM K -rpa~c+ep~~oroue~oo6paso~a~wi.,&ln pelueHnn 3~0finpo6ne~b1He npenycMo-rpeHo KaKnx- nn6o npaBWI nn60 IlpOBepOK. nbro~blno W C C03naloT pa3pblB B UenH HAC, TeM CaMbIM, Hapyluan uenocTHocTb Hanora (CM.Tame maBy 3 ~ o r ooTqeTa, nocBnqeHHym HAC). 2.49 ~ H B ~ C T W ~ W O H H ~ I ~ HanOrOBbIe npe4epeHukibI npeAOCTaBJlfltOTCH Ha HOBble npOeKTb1, OCy~eCTBJlHeMble HOBblMW nu60 Cy~eCTBytOUkiMkiKOMnaHwiMH. C O ~ J ~ ~ C H O CTaTbe 138.3 Hanoroeoro Kone~ca, B H O B ~ c 0 3 ~ a ~ a e ~ b lHanoronnaTenbqnKu e nonyqamT 100% 0~~060X.Qe~wi OT nOAOXOAHOr0 HUlOra npki OCyqeCTBneHHH HOBblX HHBeCTWlJUOHHblXIlpOeKTOB Ha nepnon neiic~snn npe4epe~unn. C y q e c ~ ~ y m q n eHanoronnaTenbquKn, KoTopble PaCUlnpHmT nn60 O~HOBILRIOT B O ~ ~ C 6n3~ec,IlOJlY9aK)T npaBO HCnOJlb30BaTb PaBHOMepHO- n p n ~ o n n ~ e f i ~ bMeTog a~op~n3aunnB ~ i i TeqeHne nepnona, Korna npenocTaBnnmTcn npe4epeHukiki (06blq~0nRTb n e ~ ) ,B3aMeH MeTOAa ~6blBaKluler0OCTaTKa no PynnaM, HO He oc~o6owam~cn noAoxonHoro Hanora, 3a ncKnmqeHneM racTnrHoro OT O C B O ~ O W ~ H H ~BI pe3ynb~a~enpnMeHeHnn H O B ~ I X npaBnn a~op~n3aunn(CM.CT. 138.4). 2.51 Mm BblAaloTCR Ha CpOK A0 5 neT, U M O V T IIpO~eBaTbCRMaKCHMYM ewe Ha 5 neT. B nepable 5 neT HHII Tame BKnto.ratoT o c ~ o 6 o x n e ~OT~Hanora Ha HMyqecTBo u e 3 e ~ e n b ~ o r o Hanora. 3 a ~ o ~nHBecmuuoHHbIx npe@epe~un~xn o c ~ a ~ o ~ n e ~auseu 06 u n p ~ e n b c ~ ~ a N2436 namT runpoKoe onpeneneme Kpmepuea ofiopa WReblnawi HHH, HO B KoHerlHoM more WIH BblnatOTCR no YCMOTPeHHlO ~ H B ~ C T N ~ U O H H OKOMHTeTa MUHUCT~PCTB~ ~ O HHAYCTpkiM U TOprOBJlU. Kpu~epunBblAaSM npe@epe~ulIfi KPHTePHU IlpOnneHHR IIePHOna HHBeCTH~HOHHb1X U IIpe@epeHu~fi ewe H a nrr~b neT Henoc-ra-rowoR C H ~ I . 2.52 Mcnonbso~a~ue npe4epe~uufi~ L I C T ~ O pac-re-r,npugeM uneT TeHneHunR K yeenuqeHnm, K a K KOnUSeCTBa IlpOeKTOB, TaK U HX pa3Mepa. B 2004 rOny 6b1no BblnaHO 84 JlH~e~3lIfi Ha 06wyl0 CYMMY MeHee 800 MnH. AonnapoB CLUA, B TO spew KaK B 2005rony ma cyMMa 6onee SeM YABOUJlaCb, COCTaBHB 2 MAPA. nOJlJl. C u A , a SHCnO npOeKTOB PaBHILnOCb 117 (CM. Ta6nuw 2.5). Ta6nuua 2.5: H H B ~ C T H U H O H H ~ I ~ npe@epeuuuu HanoroBble Ton n o n n ~ c a ~KonHqecTBo ~ ~ HHB~CTHUHHH O B H ~ CpencTBa B O C I ~ ~ o ~ ~ p a r c r a ~n PA.~ e ~ r e MJIH.nonn. CUlA B CooTseTcTBuu c ~ ~ K O H O M OT 28 PK aeepan~1997 rona ccO rocynapc~se~~oiinoanepxKe IlPRMblX H H B ~ C T H U H ~ ~ Y 38KnIOqeHO: 1997 I I 2,46 33,4 1998 72 17,9 229,5 1999 67 101,l 847,l 2000 76 34,6 243,5 2001 115 188,2 1 282,9 2002 2 0,126 0,822 llonu~or 343 344,4 2 637,2 B COOTBeTCTBHH ~ ~ K O H OPK C M OT 8 RHBaPR 2003 rOna ((06 HHBeCTHUHRX>>3alCnIOqeHO: 2003 64 52,95 361,9 2004 84 103,2 777,l 2005 117 290,8 2 171,9 2006 99 163,6 1 292,9 ~ O ~ H T O ~ 364 610,55 4 603,8 MTOTO 707 954.9 7 241.0 2.53 B nocnenHee BpeMR ~ O ~ ~ U I H H C Tnuue~3nfiKoHueHTpnpyeTcR B nepepa6a~bl~amwefi B O nPOMblUlJleHHOCTU, B OCHOBHOM B C T P O U T ~ J I ~HHHO~~C~T P H H . 2.55 h a ~ H 0 f i~ P U ~ H HAnX~ O ~ ~ ~ O ~ ~ ~ H HXBJlXeTCX O ~ O C T U KT KT UH+nXL(kiki H a U3AePHacU ~ + + ~ K T U B H O C T U U H e f i T p a J l U ~ e ~CUCTeMbl K O p n O P a T U B H O r O ~an0r006n0xe~nx. MH@IIRUMR BnUXeT H a n p e A e n b H y l 0 H a J l O r O B y I o CTaBKy Wpe3 HeCKOJlbKO KaHaJlOB. B o - n e p ~ b l x , UH@JlXutiX H e yqUTblBaeTCX n p U KOppeKTUpOBKe aMOPTU3aUklOHHbIX o T ' ~ u c J ~ ~ H u ~ ~ . eCTb, nOJlOXMTenbHiUl TO UH@J~XUUX C H W a e T AUCKOHTUPOBaHHyIO CTOUMOCTb aMOPTU3aUMOHHbIX O T ~ U C J ~ ~ H HU# T e M CaMblM ( ~ ~ ~ ~ ~ o J ~ o x Hu ~T H~ ~~ M~ ~H ~o ~IlOBbllllaeT HaJlOrOBOe H H O ) 6 p e ~ xH a K O p n O p a U H U . Bo- BTOpbIX, n e p e H O c Y ~ ~ I T K O BO T UHB~CTUUU# H a 6 y ~ y q u e , n p U 6 b l n b H b l e n e p u o n b l H e 2 KOppeKTHpyeTCX H a Y p O B e H b U H ~ J ~ X ~ U U . eTbUX, B- C y U e C T B y e T 1 5 - n p o u e H ~ ~ b l #HaJlOr H a BblIUlaTy B O 3 H a r p m e H M R + U ~ M ~ ~ C K JlMUaM M M U n0 M ~ X ( ~ ) M P M ~ H H ~3 IfMia M a M , y,QepIKki~aeMblfi y UCTOqHUKa BblllJlaTbl. TOT HaJlOr, OAHaKO, npUMeHXTCX K HOMUHaJlbHbIM, a H e P e W b H b l M IlPOUeHTHblM C T I B K I M . TO 0 3 H a q a e T , q T O n p U BblCOKOM YPOBHe U H ( ~ ) J ~ X U U@U ~ K T U ~ ~ CCYMMbl K U ~ BblIUlaT no H a J l O r a M P a C T y T , A r n e e C n U P e a n b H a X CTaBKa I I p O U e H T a OCTaeTCX H ~ M ~ M ~ H H O # (a HOMUHaJlbHaX CTaBKa P a C T e T C YpOBHeM H H ~ I I R U U U ) . 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Cornac~o Ka3aXCTaHCKOMy 3aKOHO,QaTeJlbCTBy, HOMMHaJlbHble BblllJlaTbl n p O U e H T O B OTHOCXTCX H a B b l q e T U 3 ~ a J l 0 r 0 0 6 n a r a e M 0 r 0 n 0 X O n a . O ~ H ~ UKHO~ J ~ X ~ U O H H ~ XA ~ ~ BBKHOMUHaJlbHblX nPOUeHTHblX H Z ~ n n a T e x a x npencTasnxeT co6oii B b l n n a T y(peanb~oii)C Y M M ~ IOCHOBHO~Ononra. T ~ K M06pa30~, M A a H H o e n o n o x e H u e n o n p a 3 y ~ e ~ a eTO, ~ B b m a T a o c ~ o ~ ~CoY iMiM nonra ~ I r t a c T u w o u A e T 3a c q e T rocynapcma, qepes c o K p a q e H u e H m o r o a o r o O ~ X ~ ~ T ~ J I ~BC T B ~ , cnyqae n o n o x u ~ e n b ~ o i i U H ~ ~ X U U U . TO eCTb, qepe3 3TOT KaHaJl U H ~ I I R ~ U XC O K p a U a e T HaJlOrOBOe 6 p e ~ x H a K O P ~ ~ O P ~ T ~K~anBUHTa~JlI, ~K~O T O P ~ I ~ ~ (no ~pafi~eiie M p e , ~ ~ C T M Z I H O~)M H ~ H C M P Y ~ T C31 C q e TX s a i i ~ oE~o.n b r u a x q a c T b cnenytoulero pa3nena n o c s x q e H a a~anu3yToro, KaK u~+nxum,qepes 3TU KaHaJlbl, B n U R e T H a 3 4 4 e CHCTeMbl ~ ~ KOpllOpaTUBHOr'O H ~ J ~ O ~ O O ~ J I O X ~ H M H . 2.58 A M O P T M ~ ~ ~ UOTqUCJleHUR~ O H H ~ I H e KOPPeKTMPYIOTCR H a Y P O B e H b M H @ I I R ~ M . B p e 3 y n b T a T e , npUBe,LleHHaX CTOUMOCTb nOTOKa aMOPTM3aUUOHHblX O T ~ U C J ~ ~ H3aBUCUT U ~ ~ OT YPOBHR HH@IIRUHM. Y ~ M BblUle 6 y n y q a ~MH@J~RUHR,T e M C W I b H e e CTOMMOCTb aMOPTH3aUHOHHblX 0 ~ q M c J l e ~ H f i(n, T e M CaMbIM, BeJlMqHHa COOTBeTCTBYtOUJHX BblqeTOB 1.13 ~ ~ o r o o 6 n a r a e ~ o r o A O X O A ~ ) COKpaUJaeTCR n O A B O ~ ~ ~ ~ ~ C TMH@IIRUMM. B M ~ M 3 @ @ eOTCYTCTBHR ~ ~ KOPPeKTHPOBKM aMOpTH3aUMOHHblX O T Y H C J ~ ~ HnHO~K a 3 a H B Ta6nnue 2.6: Ta6n~qa2.6: ~ ~ H @ I R ~HHCRT O H M O C T b a M O p T H 3 a ~ H O H H b l XO T ' # H C J I ~ H H ~ ~ kicmovnu~:pacvembz aemopa Ha ocnoee un@op~ayuuHanozoeozo K o d e ~ c au dannblx Hanozoeozo K o ~ u m e m a 2.59 K ~ K 0qeBl.mHO U 3 T a 6 n n u b i 2.6, HH@IIRUHR H M e e T 3 ~ a q H ~ e J l b ~ ~@@C?KTH a CTOHMOCTb b l k aMOPTH3aUHOHHbIX O T ~ H C J ~ ~ H W ~ CBR3aHHblX C HHMH H U O r O B b l X BblqeTOB. H ~ Y A H B H T ~ J ~ ~ H O , ~ a H f i 0 J l e e3 H a q H T e J l b H O e COKpaUJeHHe CTOHMOCTM CBR3aHO C aKTHBaMH, aMOPTH3MPYeMblMH n0 C ~ M OH ~H ~ K OCTaBKe: ~ ~ q e M M U H H e e n e p H O A aMOPTH3aUHH, T e M C M n b H e e MX CTOMMOCTb c o K p a q a e T c R n3-3a MH@IIRUMM. H a u 6 o n b ~ l ~ f i ynap n p H x o n n T c R H a rpynrry 1 ( ~ A ~ H H nR coopyme~tin);s n e c b CTOMMOCT~ nanae-r H e M e H e e s e M H a 66 npn cTaBKe UH@IIRUHM B 10 n p O u e H T O B , 75 n p O u e H T O B n p H CTaBKe B 15 n p O u e H T O B , M UeJlblX 84 n p O U e H T a n p H CTaBKe B 25 n p O u e H T O B , YTO KOHeqHO &llR Ka3axc~a~a RBJlReTCR O Y e H b BbICOKMM. rpynna C CaMblM KOPOTKHM CPOKOM c1lym6b1, rpynna 3 ( o @ ~ c ~060pyno~a~ne,T.A.)o e n H a m e H e e n o n s e p m e H a 3 @ @ e ~ ~ y M H @ ~ R U U W ,HO M 3 A e C b COKpaUJeHHe CTOUMOCTM B a P b H P Y e T OT 34 nPOUeHTOB n P M ~ J ' n e ~ o i M H @ ~ R U W U A 0 nOYTM 60 n P O U e H T O B n p M WH@J~RUHH 25%. ~ O C K O J ~ ~ aMOPTH3aUHOHHble K Y OTqHCJleHWR RBJlRtOTCR ~an6onee B a X H b I M Bbl'ieTOM M3 ~anoroo6narae~oroAOXOna, c o K p a q e H n e MX CTOMMOCTH n p H HH@IIRUMW npennonarae-r, TO H m o r o B o e 6 p e ~a ~AH ~ H H L I ~ y p o s e H b peanworo noxona n p H MH@IIRUUW ~ o s p a c ~ a eOqesw~o, TO ~ . H e H a M e p e H H o e CneACTBMe CTPYKTJ'pb1 K O p n O p a T H B H O r O H ~ O ~ O O ~ J I O ~B~ H H H K ~ ~ x c T ~OHH ~Y . K ~ H O ,eCJlU CTaBKa MH@IIRUHM 3 H a q U T e J l b H O CHH3UTCR, nPMBeAeHHaR CTOHMOCTb ~ Y ~ U J H aMOPTU3aUUOHHblX X O T ~ H C J ~ ~ O nH T~b BO3paCTeT. 3 ~ 0 CaMO H H , no ce6e, COKPaTHT P e U b H O e H U O r O B O e 6pe~rrH a HHBeCTHUHM. 2.60 CTOMMOCT~ aMOPTU3aUHOHHbIX O T Y H C J ~ ~ H Hn~p~e n, C T a B J l e H H a R B npeAbIAyUJeM p a 3 A e J l e , 3 T 0 nOyqMTeJlbHOe, HO H e nOJlHOe O n H C a H H e CMCTeMbl UHBeCTMUMOHHblX JlbTOT. ~ O M H M O n p O q e r 0 , CTOHMOCTb 3THX O T Y H C J ~ ~ H M ~ ~ 3aBHCHT OT CTaBKM KOpnOpaTMBHOrO H U O r a . 50Jlee B W H O , 3 T 0 COnOCTaBnReT CTOHMOCTb J l b r O T CO CTOMMOCTbtO M H B ~ C T H U M ~H,e TPYAHO CKa3aTb, KaK 3 T 0 BJlUReT H a HOPMY n p u 6 b l n u nJlaHHPYeMblX npOeKTOB. & B ~ T H a I l o c J l e ~ ~ MBOnpOC n a e T f i 6 o n b m e M H @ O P M ~ U H H0 @ ~ K T H Y ~ C K O JlbrOTHOM M 3 @ @ e ~P ~XeH e M a C Y ~ C H ~ ~ H ~ . HanOrOB, nOJlylteHMR C ~ ~ C U A UU~ ~T n, M H O P M O ~ n~ p u 6 b l n w H a TOT Xe n p O e K T C Y W T O M B b l r u e n e p e q u c n e H H b l x nna~exeii.~ @ @ ~ K T M B H ~ A npenenman c T a a K a H a n o r a - TO nonbma onpenenun c y M M a p H o e B n u n H c l e OT B c e x nonoxe~ufiK a c a T e n b H o ~anoroo6nome~~nu K a n T a n a . OH^ CpaBHMBaeT HOPMbl n p u 6 b l n u H a MHBeCTUuUU A 0 U IlOCJle H ~ J I O ~ O O ~ ~ O X ~~OHLU& H T. H ~ H ~ H p a 3 H u u a M e m y H o p M a M H n p u 6 b l n u no cc nocne H a n o r o a n e n n e T c n npenenbeofi ~ @ @ ~ K T M B H O ~ ~ c ~ a e ~ o iHia n o r a . Ecnn H o p M a n p u 6 b l n u nocne ~anoroo6noxe~uns b l w e , q e M no H e r o , n p e n e J l b H a R CTaBKa OKa3blBaeTCH H ~ ~ ~ T U B H TO~ ~eCTb, O ; C Y q e C T B Y e T CY~CMAMII. ,&In ~ o I ~ o ~ H M T ~ JM~H~@HOoP ~M ~~ ~ M M OCHOBe L i no MeTOAOJlOrUU P a C l l e T a n p e n e n b H 0 f i ~ @ @ ~ K T H B H O ~ ~ c T a a K u H a n o r a , c ~ . K i n gn Fullerton (1 984). 2.62 B ~a6nwue2.6 OTpiUI(eHbl p e 3 y n b T a T b I P a C q e T a I l p e A e n b H b l X ~ @ @ ~ K T U B H ~HIUXO r O B b l X CTaBOK m 5 l M H B ~ C T M ~BMpa3nM'4Hble B U n b l IKTMBOB, CeKTOPbl M UHBeCTUUMOHHble P e X U M b I B ~ ~ K a 3 a x c ~ a H em R T p e X BapMaHTOB YpOBHIl U H @ J ~ ~ U U UC. H a l l a J l a M b l PaCCMOTpMM n3CH ~ ~ O ~ K T O ~ K O M@~C I~HH~ H C~U~P Y ~ MIlOJlHOCTbtO 31 C q e T a K U M O H e P H O r 0 KaIlUTaJla U U3Y'4MM U , ~ ~ X 3aBMCMMOCTb rI3CH O T B U n a @ U H ~ H C U ~ ~ ~ MaKTMBa O ~ O H p a 3 n M q H b l X X a p a K T e p U C T U K H a n O r O B O r O 3aKOHOnaTenbCTBa. n0cne 3 T O r 0 , Mbl PaCCMOTPnM cnyqafi @ U H ~ H C U ~ O B ~HHaU ~ 50% 3a ClleT 3 a e M H b l X C p e n C T B H H a 50% 3a C q e T C O ~ C T B ~ H H ~ q~06b1BbIIICHMTb, A 0 I X , K ~ K OCTeIleHM E H a n o r o B a n c u c T e M a u c K m a e T ~ b 1 6 o C T ~ Y K T Y P ~ K a n u T a n a K o M n a H w w . p I 2.63 Ta6nuua 2.7 n o K a 3 b l B a e T , TO npn Ta6nuua 2.7 6asosble npenenbHble s@@emueuble C T ~ B K ~ u~@nnuuwB 0 n p o u e ~ ~npenenb~b~e a CTaBlCu ~ a n o r a(n3CH) ~ @ @ ~ K T W B H ~HaJlOrOBbIe I ~ CTaBKM TUIlUqHOrO I l p O e K T a CO ((CMeUlaHHblMW c~eJJIaHHb1fiIIpOeKT 0.34 aKTUBaMH)) I l p M 6 n M 3 M ~ e n b ~ 0 p a B H b l 3 n a ~ ~ ~ 0.30 3 a K O H O n a T e n b H O ~ C T ~ H O B ~ ~CTaBKe ~B ~ H H O 30 MaUZiHbI o~OPYAOBaHBe H 0.36 IlpOUeHTOB. n3CH 3 A e C b P a C C W i T a H a AJlH O@HcHoe060pynoBaHHe 0.43 npoerra, ~ o r o p b ~ fHi a 45% COCTOUT ~3 npoqee 0.24 3 n a H ~ f i , 45% - M a w U H M 060pyno~a~us, M ~cmorHuK:pacremu 10% - O + M C H O ~ O0 6 0 p y n 0 B a H M n . npew~ywec~san 6 a r o n p u ~ ~ ~ po erm0u M a ~ M O P T U ~ ~ M M npw6nw3n~enb~op y a B H o B e r u u B a t O T c n 1~ - I ~ P O U ~ H T H ~HI MU O r O M H a nMBHneHnbI. KT KT aMOPTH3al.lMOHHOrO P e X U M a CTaHOBHTCn OlleBUnHblM n p M PaCCMOTPeHMM n3CH IlpOeKTOB no aKTMBaM: A n n 3 ~ a H M iO H a 6onee HM3KaA, T a K KaK M a K C M M U b H O p a 3 p e W e H H a 9 H O p M a aMOPTM3aUWI.1 (10 ~ ~ O ~ ~ H T3 HOa qBM)T e n b H O I l p e B b l W a e T B e p O n T H y t O 3KOHOMW'IeCKYtO HOPMY aMOPTW3aUMM, KOTOpiUl A n n 3 ~ a H n f i0 6 b l q ~ 0 n p n H n M a e T c n 3a 2-3 n p o u e e T a . ,&In o+nc~oro060pyno~a~nn n3CH n B n n e T c n ~ a w ~ b ~ c wTeaiKi , KaK p a 3 H U U a M e m y ~ K O H O M I . ~ ' ~ ~ C KHO #HW~OTOBO# ~ M O P T I . ~ ~ ~ UMMH~M M a n b H a R . U # 2.64 B CUCTeMe C Y q e C T B Y t O T Ta6nuua 2.8: n3CH nnu neyx npoemoe non p83JIH'IHblMH ~ p y r n e pexuuauu no nepeHocy ~B~ITKOB,eo3epaTau H ynepxaunm A O n O J l H U T e n b H b l e Hanora Ha nnBnneHnbl aHOMaJIWW, KOTOPble BnMIIWT H a B e n n q u H y n3CH (CM. Ta6nwuy C~eIUaHHblfi M M ~ O ~ T H ~ I ~ 2.8). Hanpn~ep,6 a 3 0 ~ a A C T a B K a n p o e ~ ~ MO no CMelllaHHOMy I l p O e K T y (33.9%) Ten npoeK-ra/s@@eK-ree~m n a a e T H a n B a IlpOUeHTHblX craeKa rryHKTa, ecnn nepnon n e p e H o c a Ea3oem n3CH 0.34 0.36 - nepe~oc~ 6 6 1 ~ ~I50n0e ~ 0.32 0.33 Y ~ ~ I T K O B Y B e n n q k i T b C - H ~ T sanepa~eno eosepa~y 0.31 0.30 T e n e p e w H e r o y p o B H n B TPM rona, HaC Ha eMnopT TO o q e H b ~ a n o , AO 6onee - H ~ T ynepaa~en~ano1.a~a 0.14 0.14 Tpa,UHlJHOHHblX 15 J E T . TO llHBHlleHllb1 n o n o x e H n e 6 y n e ~O Ncmovnu~:pacvembl asmopa C O ~ ~ H H O 6 n a r o n p u ~ ~nnxoH ~ O B ~ I XK O M ~ ~ H H 6~6~1.4 ~ 0OHH n p 0 x o n H - r 0 qepes ~ p e x - ~ H T H ~nepwon H ~ ~ T H CTapTOBblX Y ~ ~ I T K O B ,q a C T b KOTOPblX M O X e T 6 b l T b B 0 3 M e l l l e H a 38 CqeT C H H X e H H O r O ~ a n o r o o 6 n o ~B en ~H~6 ~l p b n b ~ b l er O n b l . &R BHOBb C 0 3 n a H H b l X K O M ~ ~ ~ H IUl #e p ~ o ~ a q W b ~ b l i n e p H O A n p ~ 6 n ~ 3 ~ ~ enHTHb n~ e0T Y ~ ~ I T K OHBe HBnHeTCH q p e 3 M e P H b I M , IlOCKOJIbKy KOMnaHHH n n o ~ p e 6 y e ~HeCKOnbKO c ~ n p H 6 b l n b ~ b l xJ E T , q ~ 0 6 b 1B03MeCTHTb BCe H a K O n n e H H b l e Y ~ ~ I T K U . K ~ K MHHHMYM 10 n e T H ~ O ~ X O A H M O H JIbrOTHOrO H ~ J I O ~ O O ~ ~ O X ~HOBblX K O M ~ ~ S L H HH~ ~80 m H H H , MHOrHX C T p a H a X TpaAHlJHOHHO DPHHHT n e p H O A B 15 n e T . M b l BepHeMCH K 3TOMY BOnPOCY n p H O ~ C ~ X A ~ H C nHe U H U b H b l X H W O r O B b l X P e X H M O B H H MnH H W e . Ecnu YCTpaHHTb 3 a A e P X K Y B B b l n n a T esaqe~ano WC H a H M n o p T w p y e M b r e o c H o e H b i e cpenc-rea, H a n p n M e p qepes B H e n p e H n e CHCTeMbl O T n O X e H H b l X I l J I a ~ e X e f i , KaK n p e m O H c e H 0 B r J l a B e no HaC, B03HHKHeT ~ ~ ~ ~ J l ~ H ~ e J l b ~ b ~l ef 3i ~, a q H ~ e J I b ~ b l f i 6onee ~ I $ @ ~HKaTII3CH. 2.65 B COOTBeTCTBHH C 3aBHCHMOCTbm n3CH OT T H n a aKTHBOB, BnHHHHe 3THX ~ ~ K T O P O B 3aBHCHT T a W e OT T H n a IKTHBOB. BOBTOPO~~KOnOHKe Ta6nuub12.8 Mbl p a 3 J l O X W l H KOMnOHeHTbl n3CH AJIH n p O e K T a , ~ 0 ~ 0 p b l HCnOnb3YeT TOnbKO H M n O P T H O e O ~ O P Y A O B ~ H H ~ . f i TO 0 3 H a q a e T , qTO n e p H O n a M O P T H 3 a u H H 3 H a q U T e n b H O COKpalllaeTCH, B COOTBeTCTBHH C 6onee KOPOTKHM CPOKOM n0Jle3~0fiCJTYX~LI IKTHBB. &Ulee, Mbl l l p e A n O n O X H n H , q T 0 BCe HMnOpTHpOBaHHOe 0 6 0 p y ~ o ~ a ~ wOeC n T p a f l W 0 OT ~ 0 3 f l e f i c ~ ~ H3 aeA e p X e K C B03BPaTOM HAC H a CpeACTBa ~ ~ O H ~ B O A C T B ~ . 6 a 3 o ~ an3CH ~ B 35.8% (CM. T a m e Ta6nuqy 2.6) r o p a 3 A o c n n b H e e n o n B e p X e H a BJlHIHHm llPOJlJeHHH n e p H O A a I l e p e H O C a ~ 6 6 1 A~0 150J ~T - rI3CH ~ l e C H W a e T C H 6onee q e M H a 3 IlpOUeHTHblX Y H K T B . TO ~ ~ ' ~ R C H R ~ TeM,R q T O I l e p B O H a q ~ b H b l eY ~ ~ I T KBW0 3 p a C T a m T H3-38 T C Y C K O ~ ~ H HaMOPTH3alJHH. O ~ ~ M, KOHeqHO, IlpOeKTbl, KOTOPble B 6onbmefi C T e n e H H H C n O J l b 3 y ~ T HMnOpTHOe 0 6 0 p y ~ o ~ a ~Hu ef l 0 3T0fi IlpHqHHe HMllOPTHPYmT 6onbme 9 e M C M e U a H H b l e npOeKTb1, I l O J l y q a T 6 o n b m e BblrOAbl OT HeMe&rIeHHOrO B O 3 B p a T a WC H a HMnOPT. Hanpn~ep, &ilH n p O e K T a , ~ 0 ~ 0 p b l COCTOHT H C M m q H T e n b H O H 3 H H B ~ C T M U HH~ HMnOPTHOrO O ~ O P Y A O B ~ H U H , f i ~ B H e A P e H H e CHCTeMbI O T n O X e H H b l X nJla~e>icei no HAC H a H M n O P T OCHOBHblX CpeACTB I l p H B e n e T K C H H X e H H m n3CH H a 3 H a q H T e n b H b l e 2.8 npOUeHTHblX n y H K T a . 2.66 Hau6onbmero B O ~ A ~ ~ ~ C T BHI .a~ R TI3CH MOXHO A O ~ U T ~ C O T M ~ H Oy~A~e P X H B a e M O r 0 H y HCTOqHHKa B b l n n a T b l H U O r a H a nHBMAeHAbI. B K ~ ~ x c T1 ~5 Hn ~o - p u e ~ ~ ~ b lHf W O ri H a AHBkiAeHAbI 6 b 1 n C H H X e H A 0 5 IlpOIJeHTOB JnH ( P U ~ H ~ ~ C K JUl Xu H H H C K J I m r e H H 3 ~anoroo6narae~oiia 6 3 b 1 m~m p n n n r e c K n x nnu B C e p e n u H e 2006 rona. , Q ~ B H A ~ H A ~siBnHmTcH I cnoco6o~p a c n p e n e n e H n n K a n n T a n b H o r o noxona, TO e c T b ux ~ a n o r o o 6 n o ~nocneeT e ~ ~ o r o , KaK AOXOA yXe 6b1n 0 6 n o x e ~KOPnOPaTHBHblM nOAOXOnHbIM HWOTOM, n p e n C T a B J l H e T co6ofi A B O ~ ~ H O ~ ~anoroo6noxe~~e. M ~3~01-0H O T H ~ W O r a COOTBeTCTBeHHO C H H 3 W a rI3CH A0 14.1 n p o u e H T a , 6onee q e M B A B a pa3a M e H b l U e q e M ero I l e p ~ o ~ a q a J l b ~ bYlpfOi B e H b (CM. Ta6nuqy 2.8). A ~ H BCeX BMnOB aKTMBOB I l O n y q e H b l a H W O r H q H b l e pe3yJlbTaTb1, KaK n O K a 3 a H O B Ta6nuue 2.7 n y T e M n e p e c r e T a a~anu3anpoema, conepxaqero T o n b K o M a m u m 1 M O ~ O ~ Y A O B ~ H M R . O r ~ e ~ a H W O r a H a AMBHAeHAbI n 0 3 B O n H n a nMKBMAMpOBaTb A B O ~ ~ H O ~ ~ a n o r o o 6 n o ~ en~u~6 el p b n e f i , BbInJlaqHBaeMbIX qepe3 AMBMAeHAbI, H TeM CaMblM B H ~ K O T O P O ~C~T e n e H H BOCCTaHOBMna H ~ ~ ~ T ~ U HHTU~ O ~ O BCHCTeMbI. T O ~ ~ TO T a K X e 3HaqMTeJlbHO YflPOCTHnO IlpOIJeCC aAMHHHCTpHpOBaHHH KOpnOpaTHBHOrO nOflOXOflHOr0 H m O r a V T e M @ ~ K T H ~ ~ C K nOe p~eO O f l a H a X T a K H a 3 b I B a e M y l o CHCTeMy A B O ~ ~ H On~OOn O X O ~ H O r 0H W O r a : 0 6 n a r a ~ bH W O r O M T p y f l 0 ~ 0 f iAOXOA qept?3 H U O r H a 3apa6o~~ym HnaT)', a K a n M T a n -qepe3 K O P I ~ O ~ ~ T H HBUHO~T .~ ~ ~ T ~ K MOMP ~ ~ ~ O M , 06a H W O r a 3HaqHTeJlbHO y n p O W a m T C H , a HX 6a3a paCWHpHeTCH, q~06b1 ~ ~ C I - I ~n~p MXT~~H f i O e o 6 ~ e0 ~T n c ) ' n n e ~ H f i C nOHHXeHHblMM CTaBKaMH. O T n a f l a e ~H y W a B CnOXHblX KOPPeKTMPOBKaX, 3HaqHTenbHOrO CHWeHMII CTOHMOCTU 3afiM 1( ~ ~ ~ M + C O ~ C T B ) 0.50 aMOPTW3auHOHHb1X O T Y H C ~ ~ H0W ~ ~ ,So%, 30 n e ~~ ~ P ~ H O C KOTOPblX TOBOPUJlOCb BbIUle. Arne npH Y ~ ~ I T K O B C K P O M H O ~ ~CTaBKe HH$IIRUUH B 10 IlpOUeHTOB, HeHaMHOrO BblUle oHcnnaeMoro M c m o r ~ upacrembt aemopa ~ : YPOBHH 2006 rona, Il3CH Ha nonHocTbto c a ~ o @ n ~ a ~ c n p y e ~ b ~ e npoeKTb1 s s n e ~ a eno 64.5 npouema. To ecTb nepexon Ha s a e ~ ~ o$en ~ a ~ c u p o a a ~ n e ~ nefic~su~enb~ouMeeT s ~ a q e ~ n en, naeT ropa3no 6onee sblrontible pe3ynb~a~b1,qeM $ H H ~ H C H ~ O B ~ H U ~ IlOJIHOCTbto U 3 C O ~ C T B ~ H H ~ I X CpeACTB. Aaxe npH nepHOAe IlepeHOCa Y ~ ~ I T K O B Bcero Ha Tpn rona, Il3CH cHmaeTcn no (ece e u e ~ H ~ ~ U T ~ I50.7%,4~0,TeM) He MeHee, I ~ H ~ I X HaMHoro Hme, qeM npn nonHoM c a ~ o $ u ~ a ~ c n p o a a ~Ilponne~nenepuona nepeHoca n n . Y ~ ~ I T K O B CHWaeT CTaBKY Ha cue OAUH npoI&2HTHb1fiITYHKT. 2.70 K ~ Kn O K a 3 a H O BbIUle B Ta6nuse, n p H O ~ O H XM e T O n a X @ W H ~ H C M P O B ~ H H nRP H M e P H O n o n o B n H a y a e n n r e H m n3CH npn pocTe M H @ ~ R U U W~ b 1 3 ~ a ~ a no~epefiCTOHMOCTM p e r y n R p H b l x a M O p T H 3 a ~ M O H H b I XO T S M C ~ ~ H U&UlbHefiLUHfi ~ ~ . 3@@eKT B03HWKaeT nOCKOnbKY ~ M H ~ H C H P O B ~ H M ~ 38 C9eT 3 a f i ~ 0B~S I C T H B b l n n a T b l p e M b H 0 f i CYMMbl A O n r a ( ~ . e .W H @ I I R ~ W O H HKOMnOHeHT ~ ~ ~ ~ n p e A C T a B n e H ~ P O ~ ~ H TCHT ~OB~K~O ~H~n)e T H a B b l r e T M3 KnH, XOTR H a CaMOM Aerie O H 0 A O n X H O PaCCMaTpMBaTbCR KaK T a H 3 a K q H R C K a n M T M b H O r O C'ieTa. TO eCTb, UH.4eKCMpOBaHHe TM3 3 H a 9 M T e n b H O C H U X a e T B O ~ A ~ ~ ~ C T HB@UI I~R ~ N M H a H TM3. KOH~YHO,e H O T BCeX ~ @ @ ~ K T O B W H @ I I R ~ M M YAaeTCIl H ~ ~ ~ B H T ~eCC TRb, H A P Y r H e OTKJlOHeHMR O T H e f i ~ p a . J l H ~ e ~ a ,TaKWe KaK ~anoroo6nome~~eM H o u H a n b H o r o npnpocTa K a n n T a n a , M H @ ~ R U M O H H ~ I ~ noTepn npn n e p e H o c e Y ~ ~ I T K OHBa 6 y ~ y q u en e p H O A b l , H T a K A M e e . OAH~KO,O Y p B e H b U H @ ~ R U U UCIIHUlKOM HH30K AJlR TOTO, Y T O ~ O nI p a B A a T b B B e A e H H e nOnHOCTbH) 3 a q H q e ~ H 0 f iO T U H @ ~ R ~ UHU~ J ~ o ~ o BCHCTeMb1. ~ o ~ ~ n p 0 ~ 6e y n e ~A O ~ H T ~ C H 6onee HM3KOrO YPOBHR U H @ I I R ~ U UH COOTBeTCTBeHHO CKOPPeKTHPOBaTb MaKP03KOHOMW~eCKYH)nOJlHTtlKY. 2.71 c y q e c T B y m q n x H a n o r o n n a T e n b q u K o B kIHn c a o n a T c R K p a 3 p e m e H n m H C n O n b 3 0 B a T b p a B H 0 ~ e p H b l f M e T O n a M O P T H 3 a ~ H HBMeCTO MeTOAa Y M e H b U l a I O q e T O C R OCTaTKa i n0 r p y n n a M B T e r e H w e MTW n e T . TO n o n p a 3 y M e B a e - r enw~b~iie p m n M ~ M O ~ T M ~A~ ~~ RBMc eM x rpynn, r ~ oM w e e T nsa n p e n n o n o m n T e n b H o ~ e s a n n a ~ u p o ~ a ~ ~ b r x nocnenc-ram. npeme B c e r o , C T e n e H b C ~ ~ C U A H ~ O B ~ H U H 3aBWCMT O T B H A a IKTMBI, B K O T O P ~ I ~ ~AenatOTCR HHBeCTHUHH. Bo- BTOPbIX, C T e n e H b C Y ~ C N A W P O B ~ H W R K m n O r O KOHKpeTHOrO BKTHBB B 3 H a ~ k i ~ e J l b H 0 fCiT e n e H H 3aBHCMT O T YPOBHR U H @ ~ R ~ U N . Ta6nuqa 2.10 H a r n R n H O H n n t O C r p H p y e T 06a a p r y M e H T a . n0n cy6cunnefi kIHn Mbl n O H M M a e M C O K p a q e H H e CTOMMOCTH a M O P T M 3 a ~ H O H H b 1 X O T S U C J I ~ H H ~A~n n n p O e K T O B C MHn, B C p a B H e H H H C n p O e K T a M H 6e3 Mm,AnR K m A O r O B H A a aKTHBOB H n p O U e H T a M H @ ~ R ~ M M . Ta6nnqa 2.1 1: 3@@emnusecTnqnouublxuanorosblx npe@epeuqnil(MHII) Ha npuseneuuyw CTOHMOCTb aMOpTH3aUHOHHblX O T ~ H C ~ ~ H H ~ Hcrnoqnu~:pacqernbl aemopa 2.72 n e p B b l # apryMeHT, 3aBUCUMOCTb 3 @ @ e ~ ~ a Mm OT KnaCCa aKTUBa, ~ ~ C O ~ K I T H O OqeBUAeH U3 T a 6 n u u b 1 . Y p 0 B e H b cy6cunuu HaU60nee BblCOK &nX A o n r o xusyqux aKTUBOB K n a c c a I (sna~uau T.A.) U, B ~ e ~ b w CTeneHu, e # ma K n a c c a IV ("nporue"). Ha aKTuBbI K n a c c a 11, MaWUHbl U O ~ O P Y A O B ~ H H ~ , Mm 6 0 n b W o r 0 3 @ @ e ~H~e anpOU3BOnRT, B TO BpeMX KaK HanOrOBOe 6 p e ~a ~O H @ H C H O ~0 6 0 p y A o ~ a ~ UOT BBeneHUX e Mm B O ~ P ~ C T ~npUrUI-Iy ~ T ! 3TOMY HeTPYAHO H ~ # T H . MHn BBOnRT e ~ u ~ b l f i rpa@ki~ aMOPTH3auHOHHblX O T ~ U C J ~ ~ HNU #R BCeX K n a c c o B aKTuBoa; TO A a e T 6 0 n b ~ 0 en p e u M y q e c T B o B cnyrae m u H H o r o nepuona a~op~u3auuu, HO W M OH KOpOre, TeM M e H b W e n p e U M y ~ e C T B 0 . ~ O ~ T O M aKTUBb1 Y KnaCCa 1, 3AaHUX, nOJlb3ymTCX H a u 6 0 J l b W U ~I l P e U M y ~ e C T B O MOT MHn, MaWUHbl W O ~ O P Y A O B ~ H IlpaKTHqeCKH H ~ HHKaKOrO 3@@eKTa H e HCnbITbIBamT, a B OTHOIlleHUU O@HCHO~OO ~ O ~ ~ ~ O BU~KOMnbmTepOB H H X n p U HCnOnb3OBaHHU @ ~ K T U ~ ~ CB03HHKamT nOTepU. K H 2.73 M e w ~ a p ~ n H b l fOnblTi (Delong U Summet's, 1990) HanpRMyKl CBX3blBaeT POCT np0nyKTUBHOCTU C YpOBHeM UHB~CTHI~,U#B TO, 'IT0 B K a 3 a x c ~ a H eIlpenCTaBJlReT KnaCCbl aKTHBOB I1 H 111. ~ O ~ T O MTOT Y @am,TO ~ T H~ n a c c bH~e n0nyram.r n p e u M y q e c T s a OTkIHn, mu naxe HeCyT nOTepU, OTHOCUTCX K H a U 6 0 n e e HeXeJlaTenbHbIM XapaKTepUCTHKaM K ~ ~ ~ X C T ~ H C K O # CHCTeMbl MHn. 2.74 B Ta6nuue 2.12 H m e T a m e n p o m n m c T p u p o B a H a B T O P ~ , n p e n n o n o x u T e n b H o ~ e s a n n a ~ u p o ~ ax~a ~a aTae,p p K u c T u K a CucTeMbl M H n , ee s a ~ u c u ~ o OT~ bc u~@nauuu.B u e n o M , UH@nXuWI YCMnUBaeT n e p B o H a q a n b H b l # 3 @ @ eMHn ( 3 @ @ en~p ~ ~ ~ U I-IyneBofi U H @ J ~ X ~ H U ) . 3 @ @ e K T H H @ J ~ R ~ HTUa m e XBnXeTCR B B~ICOKO# CTeneHH H ~ ~ W H ~ # H ~ I M . 0 3 H a q a e T , r T 0 TO O A H H ~ K O B ~ IPOCT H H @ I I R ~ H HHMeeT pa3JlHqHbl# 3 @ @ B 3aBHCHMOCTH OT TOrO, IlPOHCXOAHT AH # e ~ ~ OH HaqHHaR C I-IyneBo# CTaBKH H H @ I I R ~ H HMIlH H a 6onee BblCOKOM YPOBHe. H~HB~ICUIH#@ e ~ ~ 3 @ IlpOHCXOAHT H a IlepBblX AeCRTH IlpOueHTHblX Y H K T a X HH@JIX~HH; N R ~ A ~ H H YPOBeHb # C Y ~ C H ~ H ~ O B ~ H H Xnorm y n s a u s a e T c a . Y p o ~ e ~ b c y 6 c u n ~~~o s p a c ~ auenanee, npn 6onee ~ B~ICOKOMn p o u e H T e u~@nauuu,HO yxe ropa3no 6onee M ~ ~ ~ I M H waram. 3@@ema H M a w n H b r H 06opynoaaaue OCTaeTCR ~ e 6 0 n b W k i MU B e n e T ce6a B ~ O C T ~ T O ~ H O # CTeneHH He3aBUCHMO OT YpOBHX U H @ ~ X ~ H UHO n p H , n m 6 o ~YpOBHe OCTaeTCR He3HaqHTenbHbIM. Hanor H a O @ H C H O ~ o ~ o ~ ~ ~ o B B~b 1H3 bHl ~~a e, ~ b l # m,3HaqHTeJlbHO B03paCTaeT n0 M e p e POCTa HH@~XUHW, C ~ e 6 0 8 l b I l I U ~ 2.6% n p H I-IyneBo# H H @ I I R ~ H H A 0 OqeHb 3HaqHTenbHOrO YPOBHX n p U 25% UH@JIRUHH. N c m o r ~ upacrembr asmopa ~ : 2.76 E q e O ~ H OX ~ ~ ~ K T ~ ~ U C T H K OHBnHeTCH Mm ~ OTCYTCTBHe l l P 0 3 P a q H O C T H I l p O ~ e C C a B b l n a r n . P e I I I e H n e @aKTwqec~nn p H H a A n e X m P ~ ~ O T H M K ~ M K O M U T ~ TM~H B ~ C T H ~npw~ H M H H U C T ~ ~UHAyCTpHH C T B ~ H T O p r O B n H H OCHOBbIBaeTCH H a O q e H b O ~ ~ KPnTePWHX. M X 3 ~ 0n0 , CYTW, OTKPblTaH CTpYKTJ'Pa, q T O CO3AaeT OnaCHOCTb C T o rKW 3peHWH @HCKUO ~KOHTPOIIH. ~ H O K p o ~ eT o r o , o T c y T c T s w e npo3paq~oc~un II p e B b l r u e H n e n o n ~ o ~ o q Bn is b l n a q enpe@epe~qwi OTKPbIBalOT A B e P b K O P P Y I l ~ H H . 2.77 B n H H H H e Mm H a n p e n e n b H y m Ta6n~ua2.13: II3CH n p H yCnOBHH H 6 e 3 HHBeCTHUHOHHblX ~ @ @ ~ K T M B H ~ I O CTaBKY H U O r a B H ~ ~ O ~ O B ~ I X n p e a e p e ~ u ~(HHn), i i C ~ U ~ C T B Y ~ U H ~ 6onbruoi c ~ e n e ~ wa ~ u c wOT s ~ T O ~ O , Y o M n a H u u p a c c M a r p n s a e M n u M ~ I H O B ~ I ~ npoem n0JlHblfi 3 a q e T Y ~ ~ I T K OBBPaHHUe U ~ U n p O e K T , O C ~ ~ ~ C T B J ~ R ~ M ~ I ~ rOAbl CYW ~ C T BtY ~ ~ e i , n p w 6 b l n b ~ o i 6 e 3 MHn C MHn ~ o ~ n a ~ n eHmoro~oe 6 p e ~ n i . H a c y q e c ~ ~ y m q w e@ W P M ~ I C H ~ ~ ~ T C H ,100% s n a ~ u ~ l 0.29 -0.06 ecnw n ~ ~ n n e ~ ~ w in e p n o ~ I ~ ~ H M O ~ U H ~ ~ H O a~M O p T H 3 a q H M , 100% MarUUHbl H 0.32 0.36 I l p e f l y ~ ~ ~ T P e H ~ b l i p e X H M y no MHn, 0 6 0 p y ~ O B a ~ ~ e A ~ # C T B U T ~ ~ ~AHa eOT n p e H M y q e C T B 0 B N c r n o r ~ upacrembr asmopa ~ : C p a B H e H U U C 0 6 b l 9 H b I M MeTOAOM (Ta6nwqa 2.13). M H B ~ C T W ~ W OnHOHe ~T~b ~, p K l C O C T O H q U e B OCHOBHOM 1.13 3 n a H H i , n o n y q a m T 3 H a r H T e n b H O e I l P e M M y q e C T B O ; n p M YCnOBMM B03MOXHOCTU n O n H O r 0 OTHeCeHUH Y ~ ~ I T K OBB3 a q e T TO M ~ Y A ~HTa 6 n ~ f l a T b c H AnH C y q e C T B y t O U H X n p k i 6 b m b H b 1 ~(PHPM), CTaBKa H U O r a 3 H a q H T e n b H O C H m a e T C H . OAH~KO @WPM &IIH WHBeCTHPYtOUIHX r n a B H b l M O ~ ~ UBO M MarUHHbl H 06opynoaasne n3CH @ ~ K T H ~ ~ CBO3paCTeT. K U 2.78 A n H HOBblX @ U ~ MC U T y a q H R A p y r a H , ~ O C K O J ~ ~ K Y Y HHX H e T n p u 6 b l n e H , H a KOTOPble M O X H O n e p e H e C T H Y ~ ~ I T K M , MHn p a 6 0 T a 1 0 ~ n o - A p y r O M y : BMeCTO Y C K O ~ ~ H Ha M O~p T H 3 a U H H . O @ H p ~ an 0 n y r a e T ocso60m4e~neOT H U O r O B H a n H T b n e T . ~ O C K O ~ ~~ K ~Y~ I I I H H C TK OO M ~ ~ H H ~ ~ O B B I l e p B b l e M T b n e T CBOerO CyUeCTBOBaHUR B nto6o~C n y q a e TepIlHT Y ~ ~ I T K UO, C B O ~ O ~ ~OTH U ~ H a n O r O B HM 6 0 n b w 0 # BblrOAbl H e IlPUHOCUT, U M O X e T A M e I l P U q U H U T b BpeA, IlOTOMy q T O OTCYTCTBHe 0 6 ~ 3 a ~ e n b ~ KOPnOpaTUBHOMY no ~ ~ IIOAOXOAHOMY H a n O r y 0 3 H a q a e T , q T O BnOCneACTBUU ~ U P M e ~C M O X e T IlepeHeCTU y 6 b 1 ~ ~ 1 .B1 C q e T AOXOAOB ~ Y A Y U U X IlepUOAOB. H B TOM cnyqae n3CH y e e n u s u B a e T c a npu p e x n M e MHn. T ~ K U06pa30~,cM T O ~ K M 3 p e ~ nO~B H ~ I X K O M ~ ~ H U # mn p a 3 p a 6 0 ~ a ~ H 1~ ~ + + ~ K T u B H o . b Lonee TOrO, B CUCTeMe CYUeCTBYeT HeCKOnbKO UCKM~HH#, AUCKPUMUHUPYtOUUX UHBeCTUUHU B MaUlUHbl U O ~ O P Y A O B ~ H H ~ . OHUAOBOnbHO 3 H a q U T e n b H O C T p a A W T H3-3a HeB03MOXHOCTH a A e K B a T H O r 0 IlOnyqeHUH BO3BpaTa WC H a U M n O p T U p y e M b l e KanUTaJ'lbHble TOBapb1; y HUX M e H e e 6 n a r 0 n p U H ~ ~ b lPWe X U M a M O p T U 3 a U U U U OHU M e H e e BCerO ( e c n U ~ o o 6 q eB)b l H r p b l B a t o T OT MHn. 2.81 Apyrue CTPaHbl B 06nac~uKOPIlOPaTUBHOrO ~ a n o r 0 0 6 n 0 x e ~~ub~1 6 U p a t o ~OAUH U 3 ABYX p a 3 n U q H b l X MeTOAOB. no < < K ~ ~ C C H ~ ~ C K OCUCTeMe, # > ) I I p U ~ e ~ e ~ oB f i C O ~ ~ ~ H H ~ H H ~ I X W T ~ TK~O , P ~ ~ O P ~ T U BAOXOA ~ H ~ I ~ 06narae~c~a H n O r a M H ,a A H B U n e w b l U IIpUpOCT K a n U T a J l a H a a w u u 06narato~c~a ypome H u H n u s n n y a n b H o r o n o n o x o n H o r o H a n o r a (npupoc~K a n u T a n a - no ~ L T O T H O # C T ~ B K ~ ) .B 0 3 H U ~ a t o U e e B p e 3 y n b ~ a ~ e nsoii~oe ~ a n o r o o 6 n o x e ~+~oep ~ u p y e ~ arperamoe ( ~ o p n o p a ~ n ~u~ ouew n ~ u ~ y a n b ~ oHea)n o r o s o e 6 p e ~ ~o ,n T n q a t o l u e e c R OT 0 4 U ~ U i 3 J l b H 0 f i CTaBKU UHAUBHAYaJlbHOrO IlOAOXOAHOrO HaJlOra; CTHMYn K YAePHCaHUtO AOXOAa U UCnOnb3OBaHUto KPeAUTHOrO I$H H ~ H C U P O B ~ H U HB3aMeH aKUUOHePHOrO; H C K M e H U H B I l O n b 3 y TpyflOeMKOrO npOU3BOflCTBa B KOpnOpaTUBHOM CeKTOpe A 0 T e X n O p , n O K a A B O ~ ~ H O ~ H ~ O ~ O O ~ ~ O XIlOBbllllaeT ~ H H ~ H ~ ~ J ~ o ~ o o ~ ~ o x ~ H u AHCKPUMUHIUUKI KallUTaJla; ~ IlPOTUB IlpOflyKTOB KallUTaJlbHOrO CeKTOpa. 2.82 T ~ O ~ ~ T Uu ~e ~n CH Ke He n a b o p u e H n e ~ T H X npo6ne~,noman u H T e r p a u u H ~anoro~ofi CWCTeMbI, BePOHTHO HepeaJ'lbHa C ~ A M H H H C T ~ ~ T H B HOOr~K~U 3 P e H W l . T OAHBKO,H M O r U e C T p a H b l (B TOM qncne Qpaauw, M ~ a n nB~ e, n n ~ o 6 p u ~ au~rme p ~ a ~ mc )o u n n b 3 y t o . r M e H e e a ~ 6 H 4 ~ 0 3 ~ b l f i IlOAXOn K HHTerpalJHH KOpIlOpaTHBHOrO H H w H B U n y a J l b H O r O IlOAOXOAHOrO H U O r O B -aKlJHOHep n o n y r a e T s a l t e ~H a CYMMY K o p n o p a T u B H o r o H a n o r a , n p u r u T a m u e r o c n H a AOXOA, c K o T o p o r o 6 b l n U YlTnaqeHbl AHBHAeHAbl. TOT nOAXOA q a C T H q H 0 H H T e r P H P Y e T A B a H U O r a , IlO ~ p a f i ~ e f i M e p e B racTu p a c n p e n e n R e M o r o noxona 143 K o p n o p a T w e H o r o W c T o r H H K a , w c H n x a e T W c K a x e H u R W H e p a B e H C T B a K J I ~ c c u ~ ~ c K oCWCTeMbI. ~ H ~ K O T OCTpaHbl,~ P ~ ~ B O C O ~ ~ H H O C T Wr e p ~ a H W R , IlpWMeHHWT C H W e H H y W CTaBKy K p a C n p e . 4 e J H e M O M y H W I O r y , B O T J I U ~ U e O T H e p a C I l p e n e J I R e M O r O . ( r e p ~ a H W R W ~ ~ ~ B J I H ~ TOCT H~ B O ~ ~ H HOW~I OO~ O O ~ J I O X ~ H W Hn U B W n e H n O B rryTeM C H n x e H m c T a B K n H a p a c n p e n e n ~ e ~ b ~ i noxon w sare~aa K q w o H e p y H a B e n w r w H y C H ~ I X ~ H H O ~ ~ CT~BKH). Bce 3TW MeTOnbl 3 H a S W T e J b H O Y B e J H S W B a W T EinMWHWCTpaTHBHOe 6 p e ~ ~ KOpnOpaTWBHOrO H W I O r a . P ~ B H o ~ H ~b ~e HHoa ~H~~ W I ~ p ~ RBnReTCH B b l g e T W3 H W I O ~ O O ~ ~ ~ ~ ~ ~ M O ~ O o f i AOXOAa K O p n O p a U U W H a (WCT~) AWBWAeHAOB, BblllJlaWiBaeMblX a K q W O H e p a M . 2.83 ~ O C K O J I ~ K BYb l n n a T a B03HaTPaXQJeHHH WAeT H a B b l g e T W3 H W I O ~ O O ~ J ~ ~ n~O~X MnO ~ O O a K o p n o p a s w w , HO H e 06narae~c~a H n o r o M y n o n y r a T e n R , o H a , no CYTH, 06narae~c~e H r a T H B H b r M HWIOrOM, ~ 0 ~ 0 p b l f i (POPMWPY~T WCKElXeHWe B nOJIb3y 3 a e M H O r O + W H ~ H C H ~ O B ~ H H H .3 ~ 0 w c K m e H w e M o m e T n p H H e c T w ewe 60nbure yqep6a, r e M K n a c c H r e c K a R c w c T e M a (me B b l n n a T a B 0 3 A a r P W e H H H OTHOCWTCH H a BblSeTb1, a nOX0.4 06narae~c~ HWIO~OM). no KJIaccwrec~ofi CWCTeMe IlpeWMyuleCTBO B n O J I b 3 y 3 a e M H O r O (PWH~HCHPOB~HHRB H e O 3 p a C T a e T 3a C g e T WH+JIRUHW 3Ha9WTeJIbH0, eCJIW I ~ ~ o ~ ~ H n 0TXH n~ HI ~PaCXOAbl O PaCCMaTpWBaWTCR CHMMeTPHSHO: W 0 6 J I a r a e ~ b l ni O X O n , Pi B b l W T b l B 0 3 p a C T a W T BMeCTe C WH+.JIR~Wefi H H O M W H W I ~ H O~POLV~HTHO# ~ ~ C T ~ B K O ~ . O ~ H ~eCJIWOH K W I O ~ O O ~ J I O X ~ H HnHp 0 s e H T H b l X BbInJIaT y I l O n y r a T e n H H e IlpOWCXOnUT, HnM IlpOMCXOAWT B HeAOCTaTOgHOM 0 6 ~ e ~B03HMKaeT e , 3 H a ~ M ~ e n b H bCTHMYn K K p e n H T H O M Y l i ~ H H ~ H C W P O B ~ H ~ . 2.85 KOH~SHO,T O T @KT, S T 0 CWCTeMa HHBeCTHUWOHHblX n p e + e p e H ~ H f i C O K p a u l a e T HWIOrOBOe 6 p e ~W~3 B 6 p a H H b 1 ~PerWOHaX H CeKTOpaX 3KOHOMWKW, H e AOSDKeH H a C YAWBJIHTb: B KOHegHOM C S e T e , 3 T 0 RBnHeTCH I&3.ilbW CWCTeMbI. ~ O B ~ A ~IlpeAeJlbHbIX ~ + + ~ K T W B H ~ ICTaBOK H H ~ X H W I O r a HBJIHeTCR p e 3 y J I b T a T O M ~ 0 3 H a ~ e J I b H 0 fWi H B ~ C T H U H O H H O ~nO.JlWTHKW, ~ H a l l p a ~ J I e H H ~ fHi a I l O O ~ p e H H ePa3BHTHR B KOHKpeTHbIX PerWOHaX, CTWMyJIWpOBaHHe P O C T a OTneJIbHblX CeKTOpOB n p O M b I u I n e H H O C T U H IlOJIJePXK)' (POPMWPOB~HWR KanWTWIa B UeJIOM. O ~ H ~MWIOBepOHTHbIM K O KElX&TCR TO, S T 0 661~10 IlPHHRTO C 0 3 H a T e J b H O e P e u I e H W e C + O ~ M H ~ O B ~+~KTHWCKW T ~ C y u l e C T B y W u l y W M O n e n b IlOBeneHHR HWIOrOBblX CTHMYJIOB (Pi U I T ~ ~ + O B ) . O ~ ~ B H A H ~ I M I l p H M e p O M 0 9 e B W n H O H e H a M e p e H H O r O 3 + + e ~ ~HBJHeTCH a B ~ I C O K WH~W~I O r H a nepepa60~~y C ~ J I ~ C K O X O ~ R ~ ~ C T Bn~p H fHl yOK~~ W W , O C H O B ~ H H ~H Ia ~TOM + E ~ K T ~ ,ST0 C ~ J I ~ C K O X O ~ H ~ ~ C T B ~ H H ~ I ~ O ~ ~ a n o r o ~ b l neb r o T b 1 n o n o x e H b 1 T o n b K o ~~~~~~~~~HHM, n e p e p a 6 a ~ b r ~ a ~ 1n.pqo~n ~K y s m o C O ~ C T B ~ H H OnpOW3BOflCTBa. ~ O K ~ K TOJlbKO (Pep~aPeUIPIT O T m T b bepepa60~~ya H CTOPOHy, TaKSUI n e H X J I b H O C T b n p y r O r 0 1 - 1 e p e p a 6 0 ~ r W ~ a 6yne~0 6 J I a r a ~ b c R no BbICOKWM KOPnOPaTHBHblM CTaBKaM HWIOra. B TO Xe B p e M H n p a B U T e J I b C T B 0 CTaBWT I l O ~ e p X K y 11epepa60~~~I C ~ J ~ C K O X O ~ H ~ ~ C T B ~ H H O ~ npO@'KUWW AnR nOBblUIeHHR n 0 6 a ~ J I e H H o f iCTOWMOCTW B CeJIbCKOM X O ~ R ~ ~ COT ~B ~H O ~CBOWX W3 seJlf3i;OAHaKO, A O C T M e H H W 3 ~ UenW~I l p e n R T C T B y W T HWIOrOBble JIbTOTbl, l l p e A H a 3 H a S e H H b I e 0 I l O M O r b CeJIbCKOMy X O ~ R ~ C T B Y . 60nee BePOHTHblM KElXeTCR, ST0 M ~ C U I T ~ ~ BO3MOXHO a , H a n p a B J I e H U e MHOrHX J I b r O T OKa3WIWCb HeHaMepeHHbIMW. 2.86 E C T ~AOJlR n p a B A b l B a p V M e H T a X 0 TOM, q T O O n p e A e n e H H O e BMeWaTenbCTBO B PblHOqHble CUnbl M O X e T 6 b l ~ b O n p a B A a H O T O r O , q~06b1IlOOULPHTb Ka3aXCTaHCKHX npennpn~n~a~eneiib ~ i 3a~npenenb~-rpaqnqno~~b~xT ~ i n C e K o p o B , r A e OHH ~ Y B C T B Y ~ T c e 6 ~ KOM@OPTHO. OAH~KOV M O T B03HklKHYTb COMHeHHIl B MYAPOCTki T a K H X WIF'OB, KIK, H a n p H M e p , P W H q H b I e HaJlOrOBbIe (Hnki, T O q H e e , H ~ H U O ~ POXBM~bII ~ ) CeJlbCKOF'O e H HJlR X O ~ H ~ ~ C T B ~ . K ~ ~ ~ X C T ~H HU C KO~B O ~ ~n o n m n K a 0Tnae-r n p e n n o r T e H n e H e p a 3 B n T b I M p e r n o H a M n HeKOTOPbIM O T p a C n R M 3KOHOMHKH. OAH~KOO T a K e n O O w p e H H e B n e r e T 3a co6oii 3KOHOMHqeCKNe ki3AepXKki. ~ p e ~ n ~ n ~ ~ k i3Tki e HHBeCTkiUHOHHbIe ~ n b ~ ~ , JlbrOTbl H Y X H b l nOTOMy, qT0 nOOt.UpReMbIe n p O e K T b 1 HMeKlT 6onee HH3KYKl HOPMY n p n 6 b l n n , q e M U b T e p H a T H B H b I e n p O e K T b l , B KOTOPbIe W ~ ~ H b l CeKTOP C T U f i 6b1 HHBeCTkiPOBaTb 6e3 P e r H O H U b H b I X JlbrOT. O U ~ H U3Tki ~ T 3KOHOMHqeCKHe H 3 A e P X K H H e B O 3 M O X H 0 , n O C K O n b K y Mbl H e 3 H a e M , K a K H e n p O e K T b l 6 b m u 6b1 ~ ~ O @ H H ~ H C H ~ OBBOTCYTCTBkie n b r O T . ~ H ~ I OAH~KOW C Y T O M 3 H a q H ~ e n b H 0 f i P a 3 H U U b I B H O p M e npn6b~nn,B ~ I ~ B ~ H HnbF'OTaMI.1, O # M O X H O Y T B e P W a T b , '(TO 3KOHOMHqeCKHe U 3 A e P X K U RBJlRKlTCR BbICOKkiMki. 2.87 Heo6xonn~o Tame YnOM5lHYTb HeCKOJlbKO A P Y r H X @OPM AUCKPUMUHaUklki. C Y U L ~ C T B Y K ~3TH a r H T e J l b H b I e O T n H r W l B H ~ ~ O ~ O O ~ J I O X ~pH3Hn H q H b I X BHAOB PKTHBOB ( ~ A ~ H ~ L R , a H MaUIHHbI, U T.A.). B o - n e p ~ b l x , Ka3aXCTaHCKkie UHBeCTOPbI nOOqPRK)TCR K HCnOnb30BaHkiKl MaUIkiH H O ~ O P Y A O B ~ H U I I MeCTHOrO nPOH3BOACTBa B nPOTHBOBeC HMnOPTHOMY. fln@@epe~unaun~ nponcxonnT B p a M K a x y n n a n . 1 WC: s a ~ e p x ~cnB O ~ B ~ ~ T O M nna~exefino HQC npennonarae-r pa3nnrm B npe~nonarae~ofiT c a e K e H a n o r a H a n o K y n K n p a 3 n n q H b l x MeCTHblX H UMnOPTHbIX K a n H T U b H b l X TOBIPOB. Ta6nnua 2.8 HJlJlKlCTPUpyeT A H @ @ ~ ~ ~ H U H ~ O B ~ H U O ~~O O ~ J I O X ~ H HMeCTHblX H O ~ H HMllOPTHPOBaHHblX KanUTaJlbHblX TOBapOB. M M ~ O ~ T H ~ O B060pyno~a~mBMeCTO ~ H H ~ H C n O n b 3 0 B a H U R MeCTHbIX M a W U H Y B e J l H r U B a e T H U O r O B O e 6 p e ~I ~TI O r H H a 10IIpOUeHTOB. TO 5lBJlReTCR W C T b K l H H A Y C T P H ~ ~ ~ H O ~ ~ IlOJlUTUKll AAR n O O ~ p e H H R Ka3aXCTaHCKOrO npOki3BOACTBa MaWkiH H 0 6 0 ~ ~ ~ 0 ~ a ~ 1 . 1 1 1 . Ee HeAOCTaTKOM RBJMeTCR TO, '(TO O H a M O X e T I I O n O p B a T b K O H K ~ ~ ~ H T O C ~ O C O ~ H O C T ~ CeKTOpOB, B p e 3 y J l b T a T e TO# IIOJlHTHKH 3PBHCRwHX O T 6onee A O p O r H X HMnOPTHPOBaHHbIX KanllTaJlbHbIX TOBapOB MnH M e H e e ~ @ @ ~ K T U B H OMeCTHOrO O~OPYAOB~HHII. ~ O Bo-BTOP~IX, HHBeCTHUklH B 3 A a H W l nOJlb3yKlTCR n p e U M y ~ e C T B 0 M no C p a B H e H H K l C UHBeCTkiUWlMH B M a W H H b l U O ~ O ~ ~ A O B ~ H U ~ , repe3 P e X H M aMOPTU3aUHH. TO IlpOTUBOpeqkiT I.&?JlH IlOAAePXaHHR O T e q e C T B e H H O r O MamwHoc-rpoeHnR. XOTRmnmne H a p a c n p e n e n e H n e H H B ~ C T H U H ~M~o x e T 6 b 1 ~ bo n p a s A a H o , H a n p H M e p , m R T o r 0 q ~ 0 6 b Il l O ~ e p X H B a T bA O C T ~ T O ~ HY~p OI B~e~H b A H B ~ ~ C H @ H K ~B~ TOprOBJle, H H HeRCHO, n O q e M y cy6cnnnn pa3JlHllaKlTCR no T H n a M aKTUBOB. 2.88 Tame, HHBeCTHUHOHHble n p e @ e p e H U k i H 5lBnRKlTCR HHCTPYMeHTOM p e r H 0 H U b H 0 f i IlOJlHTHKW; 3 T 0 0 3 H a q a e T , q T O Ka3aXCTaHCKHe ~ H ~ H ~ C MI l O~OHP~R KIl T C R K HCnOJlb30BaHHH) ~ r p e 3 M e p H O KanHT2lJlOeMKHX MeTOnOB npOH3BOACTBa, B T O BpeMR KaK n p a B H T e J l b C T B 0 CTaBHT I l e p e A co6ofi U e n b IlOBblCCITb 3aHRTOCTb. 3 ~ a IlOJlHTHKa B b l m R A M T O C O ~ ~ H H~O~ O T H B O ~ ~ ~ U B O ~ ~ , ecnn ~ b l ~ 3 r n ~a ~B e ewe H c e ~ e b l c o ~ n f iy p o a e H b 6e3pa60~nubrB c-rpase, 3a n p e n e n a M n r n a s H b l x r o p o A o s , n c y r e T o M n p e n n o n a r a e M o r o x e n a H n R n p a s n T e n b c T s a n o o u l p n T b p a c c e n e H n e B ~ P U O P H T ~ T H ~pIeXr n o t t a x . 2.89 Aanee, TOT @aKT, q T O H YpOBeHb, U CTPYKTYPa C Y ~ C U A HB~ T~~ K O G 6 o n b ~ o kC T e n e H H J ~ B U C R T OT YPOBHR WH@~IIUHH,O q e B n A H o , R B n R e T c n ~ernena~enb~oii x a p a ~ ~ e p n c ~ n ~Kopfoi .~ e TOF'O, H U O F ' O O ~ J ~ O X ~ HaWU~ H O H e P H O r 0 AOXOAa C e p b e 3 H O 3aBHCUT O T YPOBHH HH@IIII~HH. K TO H e X e n a T e J l b H O no HeCKOnbKHM I l p U q U H a M . B o - ~ ~ P B ~ 3TO, I X CO3AaeT 3HaqHTenbHJ'Kl HeOnpeAeJleHHOCTb B IlPHHRTHH HHBeCTHlJHOHHblX p e L I l e ~ H # : H a J l O r O ~ a T e J l b U l H K yH ~ O ~ X O A H M O 6 y n e ~C n p O r H O 3 H p O B a T b H H @ J ~ R ~ ~ uHKa~ ~ o n r n kCpOK, q ~ 0 6 b 1O U e H H T b B ~ P O I I T H ~ I ~ ~ 0 6 h e ~ HanOTOBOrO 0 6 1 1 3 a ~ e J l b ~ ~ BHa COOTBeTCTBeHHYH) HOPMY n p u 6 b l n n H a n p 0 e K T n 0 C n e ~ a n 0 r 0 0 6 n 0 X e ~ k i R . Bo-BTOP~IX, 3T0 HMeeT H e X e J l a ~ e n b H b l f iM ~ K P O ~ K O H O M H ~ ~ C K H ~ ~ 3 @ @ e ~ ~ . 2.91 E a 3 0 ~ l U l C T p y K T Y p a Km B K a 3 a x c ~ a H e OTHOCUTeJlbHO npaBMnbHlUl. H ~ T AUCKPUMUHaUUU no C e K T O p a M 3a OAHUM ( 6 0 n b ~ l n ~ UCKJIIOqeHUeM &lIH CeJlbCKOrO X O ~ H ~ ~ C T B ~ ; ) MeCTHble H HHOCTpaHHble UHBeCTOPbI UMeIOT P a B H b l e n p a B a . OCHOBH~H npo6ne~aJ l e X U T H e B C ~ M O #H W I O ~ O B OCHCTeMe, ~ ~ a B O ~ U I H P H O MK O M n n e K C e CneUUWlbHbIX P e X U M O B , oc~o6ome~ufi U HWIOrOBbIX J l b r O T &lIR OTAeJlbHbIX n p O e K T O B , ~ O ~ T O MOCHOBHOe llpe&lIOXeHHe Y COCTOHT B 3 a M e H e C Y U e C T B e H H O r O CHWXeHHR CTaBKH H a 3 H a q U T e n b H O e COKpaUleHHe 3TUX CTUMYJlOB. 2.92 E a 3 0 ~ l U l CTPYKTYpa H e H Y m a e T C R B U3MeHeHUIlX, HO Mbl PeKOMeHAYeM yCOBepUleHCTBOBaHUR B T p e X 06nac~ax:B ~ ~ H M O ~ ~ ~MeHcAy B U ~ U ~ C T KnH Wm qepe3 H W l O r N y MCTOqHWKa BblWlaTbl H a AUBUAeHAbl U B b l W l a T y B 0 3 H a I ' p m e H U I l $ U ~ U ~ ~ C K UJlUUaM; M 0c06a~ H W O r O B a R CTaBKa AJlR C e n b C K O r O X O ~ H ~ ~ C T B3aBUCUMOCTb ~ ; KJIIOSeBblX X a p a K T e p H C T U K H W ~ O ~ O BCUCTeMbl O T UH$IISI~UN. O ~ ~ K p o ~ eTOrO, n p H J'CJlOBUU PaCUlUpeHUIl H W l o r 0 ~ 0 f i 6a3br e C T b BO3MOXHOCTb 3HaqllTeJlbHOTO C H U X e H U I l HWlOrOBblX CTBBOK; O T M e H a O C B O ~ O X A ~ H U ~H? npe$epeHIJufi, KOTOPble BbIrnRAIlT H ~ ~ $ $ ~ K T U B H ~ ~ M nUU H A w e n p O T M B O p e q a T UeJlRM n p a l 4 H T e n bCTBa, IlpenOCTaBJlRIOT &lIR 3TOTO 6onbUl0fi nPOCTOP. T ~ K pe$op~a ~ R Bbl B e A e T K ~ ~ ~ x c Te ~T HMWPOBblX B U H p T ~ H A ~ H I JBM~~~ $~ O P M U P O B ~ H MKN PnOpaTUBHOrO H W O r a , KOTOPbIe O CTPeMIlTCR K CHUXeHUIO CTaBOK 351 C q e T PaCUlUPeHMIl H W l 0 ~ 0 ~ 0 f i 6a3b1.~ O C K O J ~ ~UKCY ~ U K ~ I O U H ~ ~ K s + + e ~H ~n a o r a ~ o s p a c ~ ano~M e e p e y B e n u s e H u H c T a a K u B reo~e~puqec~ofi nporpeccun, C H U X e H H e CTaBOK n p U O n H O B p e M e H H O M paCUlUpeHMU 6a3br C O K p a U a e T U 3 n e p X K H ~ + $ ~ K T U B H O C T U H ~ J ~ O T O BCUCTeMbI. O ~ ~ 2.93 HBA no H e A a B H e r o B p e M e H u m n x n c R UCTO~HUKOM A B O ~ ~ H O ~HO~ J I O ~ O O ~ J I O X ~ H U ~ AOXOAOB, B b l W l a q U B a e M b l X B BUAe AHBUAeHAOB, H T e M CaMblM HCKlUKWl $ U H ~ H C O B ~PeUleHHR I ~ ~opnopasufi.MHB~CTHUMU,u ~ a ~ c u p y e ~3a~ceq $ b e T 3 a e ~ ~ o rKoa n w T a n a , n36eraw~s ~ o r o H W l O r a , e C n H K P e ~ M T O p O MRBJlReTCR 6 a H ~ . K p o ~ eTOrO, B 0 3 H a I ' p a X A e H U e a K U U O H e p O B 3a C q e T n p u p o c T a K a n u T a n a ( r r y ~ e$ ~HH ~ H C U P O B ~ H U I I3a c q e T ~epacnpenene~~ofi npu6bmu, unu qepes n p O r p a M M b l B b l K y n aa~rlufi)CTaHOBUTCIl 6onee npUBJleKaTeJlbHbIM, q e M B b I n J l a T a AUBUneHAOB. B T O ~npo6ne~aC HBA, ~ R CBR3aHHaR C T e M , S T 0 OH Bb13bIBWI K ~ C K ~ A H $~ $I e~ ~~ ~nOCKOJlbKy 3 , B3UMaeTCR T a m e U C aKUUOHePOB - IOPUAUSeCKWX JlWU, TaWe 6b1na Y C T p a H e H a B CJleACTBHe BHeCeHHy M ~ M ~ H ~ HBHHWlOrOBOe 3aKOHOAaTeJlbCTBO B C e p e A H H e # 2006 rOAa. 2.94 C 1 RHBapR 2007 r O A a B Pecrry6nn~e Ka3axc~a~JlHKBHAkipOBaHO A B O ~ ~ H O ~ ~anoroo6noxe~neAkiBkiAeHAOB, BblWlaqkiBaeMblX tOpHAHqeCKkiM n k i u a M . n o CYTH 3T0 T ~ ~ H C @ O P M H PHaJlOrOBytO Y ~ T CHCTeMy Ka3axc~a~aB A B O ~ H Y ~ OCkiCTeMy, me K a f l k i T U o6narae~cnK o p n o p a T n B H b l M ~ a n o r oa~~, p -yqepe3 ~ H a n o r H a 3 a p a 6 0 ~ ~ ymaTy nnn MI1H. m TO Tame 3 H a q U T e n b H O Y f l p O U a e T n p O u e C C H U l O r O B O r O aAMkiHkiCTpHpOBaHI.trr. 2.95 Ecnn B 6nnxafiu1ee B p e M R H e OXkiAaeTCR n a e H k i e HH@IIRUWW A 0 O q e H b HH3KOrO YPOBHR Id ee c~a6unn3aun~a H 3TOM YpOBHe, H ~ O ~ X O A H MPOa C C M O T p e T b BO3MOXHOCTb KOPpeKTHPOBKW H U I O ~ O B OCHCTeMbl W R CHIWteHWR ~ ~ ee qYBCTBWTeJlbH0CTI.I K YPOBHtO WH@JIRUHH. B p e 3 y n b T a T e I ~ H @ J I H ~ H Hn e p e C T a H e T 6 b l ~ bB W H b I M , HO flOJlOCTbtO flPOW3BOJlbHblM W H e n p e A C K a 3 y e M b l M MeTOAOM YBeflHlteHHR f l o c T y W l e ~ l 4 8 . B H B C T O R ~ H ~ MOMeHT H H @ ~ ~ R U U I I C'beAaeT aMOPTH3aULiOHHble OT'lHCfleHlU, O C O ~ ~ H HAnR aKTkiBOB C HW3KWMW CTaBKaMW aMOPTW3auklH. O M H A ~ K C H ~ O BaMOPTki3aUkiOHHblX ~ H H ~ o ~ q n c n e ~ 1 . 1fl03BOnWT PelllWTb 3Ty 8 npo6ne~y.K p o ~ e TOrO, O T W H @ ~ ~ R U HCTpaASUOT CYMMbl n e p e H O c a Y ~ ~ I T K OBBC q e T n p n 6 b l n e f i ~ Y A Y ~ flepHOAOB. W L ~ X B Ka3axc~a~e 3T0 nOKa H e RBnReTCR 3 ~ a q k i ~ e J I b ~ 0 f i npo6ne~oB,T a K KaK flepkiOA f l e p e H O C a P a B e H B C e r O T p e M rOAaM. OAH~KO Mbl P e K O M e H A y e T Y B e n H q H T b 3TOT flePHOA f l 0 ~pafi~efie M p e A 0 AeCRTki neT, q ~ 0 6 b 1 06nerqn~bCY4eCTBOBaHWe BHOBb C03AaHHblM @ H ~ M ~ M . 3TOM C J l y q a eB n H n e K c n p o B a H n e n e p e H o c n M b l x CYMM T a m e n p n o 6 p e ~ e ~s ~ a q e ~ n e .nocnen~e8 X ~ ~ ~ K T ~ ~ H C H U ~KOO~ O BCWCTeMbl, T H ~ O # qepe3 KOTOPYtO WH@IIRUWII BnWReT H a 0 6 ' b e ~HaJlOI-'OBOrO 6 p e ~ e ~ kRBflReTCR i , O T H e C e H H e H a B b l q e T b l H O M U H U b H b l X , a H e P e U l b H b I X n p O U e H T H b l X CTaBOK. Koppetcrnpo~~a~ 0 8n 3 p 0 6 f l e ~ b 1BO3MOXHa, XOTb 3T0 H HeflpOCTaR 3 a a Y a (CM. n p ~ n 0 x e ~ H e 7) H A O n X H a PaCCMaTpHBaTbCR T O n b K O eCflH k i ~ @ J l R ~ I . tYBeflWYWTCII CBePX T e K y U e r O YPOBHR. r r npodnenue nepuoda nepenoca y6blmK08 Ha 6ydyu(uezodbl 2.96 B H a C T O H 4 e e BpeMR Y ~ ~ I T KOTHOCHTCR B M 3 a ~~eY~A Y ~ Wn Xn p 6 b l n e f i TOflbKO H a Tpki r O A a B n e p e A . &lR 60nblllbi~c~~a @WPM 3 T 0 H e WMeeT 6onbuloro 3HaqeHklR, 38 HCKntOYeHUeM BHOBb C03AaBaeMblX. B 6 0 J l b l l l k i ~ c ~HOBblX @WPM ~ ~ o ~ o x w T flOTOK~ CPeACTB# B03HWKaeT T O n b K O ~ e ~ ~ H ~ I qepe3 TpH-'IeTblpe r O A a I l O C n e B03HWKHOBeHUR, a IlPWHOCiiTb AOXOA OHM H a q H H a t O T e4e qepe3 rOA. B ~ O ~ ~ W H H CC TyBq a~e B HM n ~ p e 6 y e ~6onee c ~ OAHOrO r o A a AnH TOrO, q~06blIlOnHOCTbtO OTHeCTU B 3 a q e T BCe Y ~ ~ I T KflpOUlnblX IlepHOAOB. M TO o 3 ~ a l t a e ~q T, O 60nbula~W C T b Y ~ ~ I T K O B HOBblX K O M ~ ~ ~H eHMUO ~X e T 6 b 1 ~ O T H e C e H a B 3 a q e T n p n 6 b 1 n e 8 , ki 3TOT H ~ O ~ ~ K ~~ H TO KCPOK~ b I ~ W n e p e H o c a n r p a e T ponb A o n o n H n T e n b H o r o H a n o r a H a H o e b l e +WPMLI. n o c ~ o n b ~TOT y c e r M e H T AeflOBOrO coo6qec~~a RBJMeTCR, KaK n p a B M n 0 , ~an6oneeAbiHaMHltHblM, H a M KrUKeTCR O C O ~ ~ H H O Hepa3YMHblM IlOBblUlaTb kiX HaJlOrOBOe 6 p e ~YCT~HOBJI~HH~A ~ . I l e p H O a f l e p e H O C a Y ~ ~ I T K O B , n0 ~ p a i i ~ eM8e p e , B 10n e T peulnno 6 b 1 3 ~ y npo6ne~y. Bsedenue sosspamos unu saremos Ha umuurneynnarennbie asancosbie nnameacu 2.97 B H a C T O R U e e BPeMR I $ W P M ~ I H e MOrYT IlOnYqUTb B 0 3 B P a T nu60 3aqeT H a H3JlHUIHe y n n a q e H H b l e a B a H c o B b l e n n a T e x n . no cyTn TO npeAcTaBnNeT co608 y e e n n l t e H n e~anoro~o8 CTaBKLi H a @ k i p ~ b lB ~ e I l p n 6 b l n b ~ b rOAbl, q T O RBJlHeTCR, BePOHTHO, H e H a M e P e H H b l M H l e npOTHBOpeqMBblM HeAOCTaTKOM HaJlOrOBOrO 3aKOHOAaTenbCTBa. OHOIlOBbllllaeT H M O r O B O e 6 p e ~a 6onee c H ~ n a 6 b l e @ W P M ~ I , n B T O x e BpeMR H e npUHOCUT ~OJILUIWXn 0 ~ T y W l e ~ H ~b l. M P e K O M e H n y e M B H e A p i i T b CkiCTeMY B 0 3 B p a T a H 3 n H U l H e Y W l a l t e H H b l X aBaHCOBblX Wla~exefiUJ'Iki, no ~ p a 8 ~Mee8p e , p a 3 p e u l w T b K O M n a H l U M OTHOCHTb kl3flUUIHe Y W l a q e H H b l e CYMMbl B 3 a W T H U I O r O B O r 0 0 6 ~ 3 a ~ e n (ki aBaHCOBbIX W l a ~ e x e f i )B IlepiiOA, ~ n e n j ' t O 4 H f i n O C f l e TOrO, KaK b ~ ~ ~ a 2.98 K ~ ~ ~ X C T ~ CTaBKa ~HSLTIOraH C K H B 30 I I p O s e H T O B RBnReTCR OTHOCllTeJlbHO B ~ I C O K O ~ . ToJI~KoKmae B O H a HeCKOJlbKO BblUIe. B T O Xe BpeMH POCCHR~ H O J T ~ U I U H C T B OC T p a H 3anan~oi E s p o n b r n e l z m y T c R K c T a B K e npn6nn3n~enb~o25%, a B B c T p a H a x L ( e ~ ~ p a n b n~ oBOCTOYHO~i E s p o n b r C p e n H R R CTaBKa PaBHReTCR 20 IIpOUeHTaM. Ka3axc~aHy C T O m P a C C M O T p e T b BO3MOXHOCTb CHMXeHHH 6a30~0iCTaBKH A 0 25 n p O q e H T O B , q~06b1IlPHCOeAHHlITbCR K M H P O B O ~ TeHAeHUkiM M3MeHeHHH 6a30~0iCTaBKH HIIH, eCJlH n03BOJlRMT AOXOAbI, A 0 20 IlPOUeHTOB. C B R ~ ~ HcH ~~ RH M T n o T e p R n o c q n n e ~ n i 6 y ~ er ~c a T n r H o , ecnn H e n o n H o c T b m , CKOMneHCWPOBaHa 38 CqeT IlOBblUIeHHR HSLTIOTOBO# CTaBKH H a C ~ ~ ~ C K O X O ~ R ~ ~ C T B ~ H H O ~ npOH3BOflCTBO A 0 TO^ Xe 6a30~0iCTaBKH (BO~MOXHO C T e q e H H e M B ~ ~ M ~ HHH O) T M ~ H O ~ C n e U H a J I b H b l X Ha.JlOrOBblX P e X H M O B AnR BCeX HSLTIOrOnJlaTeJlbUlHKOB 3a HCKJltOqeHHeM MenKHX @ep~epos. a. n p 0 6 n e ~ b 1K ~ ~ ~ X C T ~ H CHCTeMbl~ KOpIlOpaTHBHOrO H U ~ O ~ O O ~ J ~ O H C ~BH OCHOBHOM C K O ~ H R 3 a K J l M q e H b l B CIIOXHO# M 3aqaCTJ'm KOHT~HHT)'HTHBHO~ C e p H H C n e U H U l b H b l X P e X H M O B H H H B e C T H ~ H O H H b l Xn p e @ e p e ~ s H f l ,KOTOPble OCTaBJlRMT ~ O ~ ~ U I H H C T B U l O r O I l n a T e J l b ~ H K O BB H e H O nonx 0 6 b l r e o r o KnH. P~CCMOTPHM n X no IlOPRflKY. 2.99 C n o p ~ b l i BOnpOC, CTOHT ntl OTMeHRTb BCe BaPHasHH n p e ~ e J l b ~ 0~i@ @ ~ U T H B H O ~ H U ~ O ~ OCTaBKH m R Pa3nWqHblX CeKTOPOB 3KOHOMHKH H PerHOHOB. B O ~ OAH~KOH B a C T O I l U e e BpeMX M b l ~ a 6 n t 0 f l a e MP a C n p O C T p a H e H H e P e r H O H a n b H b I X , CeKTOPHblX H O ~ U H XJIbrOTHblX CXeM. Bce OHH ~ L I C T ~ yOB e n H q H B a M T C R , HO M H O r H e t l M e M T H e n p O 3 p a q H b l e KPHTepHH o~6opa,q T O n p H B O A H T K MeUlaHMHe J b T O T , B KOTOPO~ TpYAHO YCMOTpeTb eAHHYH) HHAYCTpHSLTIbHYM c T p a T e r n m . 2.100 C p e n M HHX CneUHSLTIbHble P e X H M b l H ~ ~ O ~ O O ~ J I O X ~ HnpOHBHnMH R c e 6 ~O C O ~ ~ H H O H ~ ~ @ @ ~ K T H B H ~BI MnHa H e A O C T M e H M R nOCTaBJleHHblX I l e p e A HHMH n sene#. ~ ~ ~ B o H ~ ~ &OHMI ~ H o J 6 b m n 3 a m M a H b I KaK Y T H n n a B H O r 0 IlepeBOfla H&JlOrOnJlaTeJlb4HKOB H a 06uy10 CHCTeMY y n n a T b 1 KnH qepe3 C e p H M nPOMeXJ'TOqHbIX 3 T a n O B ( C H C T ~ Mp~a 3 0 B b l X TSLTIOHOB, naTeHTOB, c n e u n a n b H o r o pexma, n o n H o r o nepexona H a Km).O n ~ a ~ oa ~Aon ia H M u K n nepexona H e ~ a 6 j I f 0 n a e ~ c R . Hanpn~ep,3 H a q H T e J l b H O e q H C n 0 KPYnHblX @BPM A 0 CHX n O p p a 6 0 ~ a eno ~ CHCTeMe IlaTeHTOB, me H 6e3 Tor0 HH3KOe HUlOrOBOe 6 p e ~ ~ CHOBa C H W e H O , H e M e H e e q e M H a 80 n p O s e H T O B . K p o ~ eTOrO, TOT (Paw, q T O @ e p M b l M O V T IlpHMeHIlTb n b r o ~ ~ b H i ~ ~ O T O B ~ I ~ ~ l p e x m T o n b K o n n R 1-1epepa60~~M C O ~ C T B ~ H HnOp o~n y l c s n n , n o n p a 3 y M e s a e T T m e n o e H a n o r o e o e 6 p e ~a ~H H e 3 a B H C H M y m H H n y C T p H m 11epepa60T~H. T ~ K HOM~ P ~ ~ Or oMc y, n a p c T B 0 CaMO, sepe3 CHCTeMY C ~ ~ ~ C K O X O ~ R ~ C T B ~ H H ~ I X RBnHeTCH 3nefiUIHM IlPOTHBHHKOM C B O ~ ~l@XH cy6cnnni, Xe - n o n n e p x K n 1 1 e p e p a 6 a ~ b l B a M U l e i n p o M b l m n e H H o c T n . C n e n o s a ~ e n b ~ o c, n c T e M a naTeH-roa A O n X H a PaCnpOCTpaHRTbCR TOnbKO H a A ~ ~ C T B H T ~ MenKHX @ ~ P M ~ ~ O BBCe OCTSLTIbHbIe ~ ~ H O a , AOJlXHbl n J l a T H T b KnH H a o6qnx OCHOBaHMIIX. 60Jlee TOrO, I O - ~ ~ O ~ ~ H CTaBKaR HSLTIOra H a T H ~ CeJlbCKOe X O ~ H ~ ~ C TAOJlXUia CpaBHHTbCR C B O 6a30~otiC T ~ B K O # ,B 0 3 M O X H 0 , n 0 3 T a n H O . 2.101 P e r ~ o ~ U l b ~ nbblr Oe T b 1 Tame B e A y T K n p 0 6 n e M a ~ . npeXCAe BCerO, HeRCHO, O T p a l K a M T n H OHM e A H H Y t 0 H H m C T P H U l b H Y H ) CTpaTeTHH) MllH RBnRMTCR p e 3 y n b T a T O M p a 3 0 6 ~ e ~ ~ b l x 2.103 K p o ~ Teo r o , n c n o n b 3 o ~ a ~ n e npe@epeaunii6 b l c ~ p op a c T e T-B2005rony OHO 6onee lreM YflBOWlOCb. n p a B k i T e J l b ~ T B 0n O J l X H 0 nOHMMaTb, 4 T O 6 0 n b u l e n b r O T m R O A H O ~r P~Y n n b l 0 3 H a ' l a e T M e H b w e n e H e r m~npyrnx: KTO-TO nometi 3a B c e TO nna-rn-rb. ~ L I C T ~ Opac-ryuee c o K p a u e H n e H ~ U ~ O ~ O 6Ba Ob~1 ~0 3 H a r l a e T 4 T O T e , 3 KT0 M a T H T , IUIaTRT CnMUlKOM MHOrO. Ka3axc~aHyCTOMT nPMCOeflMHMTbCR K O ~ ~ ~ M M P O B O MflBIWCeHMIO B H a n p a B n e H H M CHIWCeHHblX CTaBOK H Y 6onee 06mnp~oiiH ~ O ~ O B O ~ ~ 6~61. 2.104 C e p b e 3 ~ 0 e BHUMaHMe H y X H O YAeJlHTb B O n p O C y OTMeHbl BCeX CneUH.ianbHblX y n p 0 u e H H b l X H ~ O r O B b l X P e X H M O B , B O ~ M ~ HHa 3HalrMTenbHO CHUHCeHHyIO CTaBKY K o p n o p a T n B H o r o H a n o r a . OXB~TM ~ T Xp e x n M o B n p o c T n p a e T c H n a n e K o 3a n p e n e n b l pa3y~~01-0, M saiine~eue nanbwe, ecnn K p n - r e p n n 060pa 6 y n y ~p a c w n p e H b 1 , KaK yxe 6 b m o c n e n a H o B TOM r0ny. K O M ~ ~ HCMSHCneHHOCTbH) H P ~ ~ O T H U K O B 0A 50 lrenOBeK MMeIOT BCH) H ~ O ~ X O A M M Y K ) M H @ O P M ~ ~ M HlrT06b1 3 a n O n H R T b AeKJlaPaqMM ) , no Km;no 3~0fiIlpMqMHe, y HHX H e T H Y W b l B C n e q M W l b H b l X HWlOrOBbIX P e X H M a X . B 6 0 n b l l l ~ ~T~p ~H ~CneUHaJIbHbIX C a e P e W M O B n0 Y n n a T e Km M H e C y u e C T B y e T , 3a MCKJllOlreHHeM M e n K H X @ e p M e p o B , PblHOlrHblX T O P r O B U e B N TOMY 1 1 0 ~ 0 6 H b l ~H&llOrOMaTenbuHKOB. Ka3axc~aHyCTOMT P a C C M O T p e T b B a p H a H T C B e n e H H R MHOrOqUCJleHHbIX ClleUManbHblX P e X M M O B K IlPOCTOMY P e X M M Y A I R M e n W X @ e p M e p o B M n e f i ~ T B L i T e n b H 0M U b l X ~ p e ~ ~ p M R ~ 4L ~i #0 6, b 01 6 n e r l r ~ ~IlepeXOfl kt3 H e @ ~ p M a n b H ~3KOHOMUKM b f i B @0pMZIJlbHyH). K ~ KB M 6 0 n b U l L i ~ c T ~CeT p a H , 3TOT P e X M M H e A O M e H RBnRTbCR 0 6 ~ 3 a T e n b H b l ~ , ki n p e m a r a T b C R KaK a n b T e p H a T H B a 0 6 b 1 4 ~ 0 ~ ~ KnH. 2.105 A H W l 0 r c l 4 H b l e n p 0 6 n e ~ b lCyLIJeCTBytoT B OTHOUleHMU CneUMWlbHblX 3KOHOMMlreCKMX 3 0 H M HHBeCTMUHOHHb1X n p e @ e p e H ~ M f i . B H a C T O R U e e B p e M R OHM p a 6 0 T a H ) T H e TaK, K a K 6 b 1 n o s a n y ~ a ~Mon,n c K p n M n H n p y m T B H O B ~ cosnaeae~b~e npennpm-rm, l r ~ o n ~ o 3 ~ a l Hr e~ o sxonnno B n n a H b l n p a e n ~ e n b c ~ s a . 3 a ~ e ~~ceiic a n c T e M b 1 H a ropa3no 6onee npoc-rym c x e M y MHBeCTUUMOHHblX BbllreTOB B n e p ~ b l kr O n , B COlreTaHHH CO 3HalrMTenbHblM IlpOAJleHMeM C p O K a n e p e H o c a Y ~ L I T K O B n p o u l n b l x n e T no, no ~pafi~efi e M p e , 10 ne-r norUKHb1 n p n s e c T n K B O ~ H M K H O B ~ H ~ H ) 6onee n p o c T o r o B a n M n H n c T p t i p o B a H n n M M e H e e n n c ~ p n ~ n ~ n p y t o u e h CMCTeMbl J l b r O T 2.106 H ~ K O T OC~p~HIb ~ T a l MCnOJlb3YH)T B K a 4 e C T B e ~ b T e p H a T H B H O r 0 n O n X O n a m R KOPPeKTMPOBKM HCKSUfCeHtLR B n O n b 3 y K a l l H T ~ O e M K O ~ OnPOM3BOACTBa O C B O ~ O X A ~ H WOT ~ H ~ O ~ O aBn p n 6 b 1 n b B T e l r e H n e H e c K o n b K n x n e T . H H ~ ~ O C T ~ T O Ke 3~01-oM T o n a COCTOMT B TOM, TO OH c o 3 ~ a e~~~ n p o ~npoc-rop n f i ~ a ~ n r r y n ~ uTn~f ~i H C @ ~ P T HU ~~ IHM~ UBMc M n e n K a x M e w ' s n e H a M n a l $ l $ n n n n p o e a ~ ~ b ~rpynn. 3 x ~ oac ~x n o H o c T n x c n p e n o T s p a u e H n e M ~ a ~ n n y n n q n i i T ~ ~ H C @ ~ P T H ~ I M HB MewYHaPOAHblX CnenKaX, 6bmo 661 ourn6~oiiIlepeHOCHTb 3TY ueHaMI1 npo6ne~y eqe n Ha MeCTHYK3 IlOqBy. C YqeTOM BCeX @~KTOPOB,IM H KBKeTCR npennoqTnTenbHee nonaraTbcR Ha o 6 q ~ e HHsecTnunoHHble HanoroBble npe@epe~unn, MaHHrTyJlkipOBaTbKOTOPblMH 6onee 3aTpynHHTeJlbH0, '4eM nepeXOnHTb Ha MeTOA O C B O ~ O W ~ H H H OT HUlOrOB, IlPkiHkiMaR BOBHHMaHHe AO~OJlHHTeJlbHOe6 p e ~ KOTOpOe naneT Ha HWIOrOBble ~ , opraHb1npH TaKoM nepexone. Cnossen, S. (2005), "Hanoroo6nome~~eKanwana nocne pacurnpeHnrr E X " , MaTepnanbl CeMnHapa ABCT~H#CKOTOH ~ I J u o H ~ ~~IHKI,oN!?6. H o ~ DeLong, J. Bradford n Summers, Lawrence H. (1990), "MHB~CTU~UBUO ~ O P Y A O B ~ H H ~ n ~ K O H O M U S ~ C K W ~ POCT",Pa6oqnii ~ O K Y M ~ H T NBER N! W3515. l70n pen. King, Mervyn A. n Don Fullerton, Hanozoo6noxe~uedoxoda Ha Kanumay (Yn~aro: H3naTenbCTBO Y H K ~ ~ C Y O ~HOB ~ ~ C 1984). T ~ K H U T ~ Nam, Chang, W. n Doina M. Radulesco (2003), "Ponb ~moroeo#a ~ o p ~ n 3 a u nB n nHBecTnqnoHHbIx PeureHngx: CpaBHeHne e~pone#c~nxcTpaH nepexonHoro nepnona", Pa6oqnii AOKyMeHT CESifo N?847. Poterba, James M. n Summers, Lawrence H. (1985), ' L 3 ~ ~3 @~@ e~~ ~~ ~ ~ e ~ ~ ~ # ~ a n o r o o 6 n o mAUBUA~HAOB",Pa6oqn# e ~ ~ ~ ~ ~ O K Y M ~ H T NBER N!W1353. 3.1 B K ~ ~ S C Tn~p HM~e u m e T c n c o s p e M e H H m c u c T e M a WC, c u c n o n b 3 0 s a ~ u e ~ saqe~oau C q e T O B @ a ~ ~ y p . no CYTM, H U l O r O B a H 6a3a PaBHHeTCH n o ~ p e 6 n e ~ ~ tTO. o AOCTMraeTCH ITyTeM BblAaql4 3 a p e r M C T p M p O B a H H b l M W l a T e J l b 4 M K a M IlOJlHOrO M HeMeAJleHHOrO 3 a l t e T a HAC H a CpeACTBa npOU3BOACTBa (BIUlloltaH OCHOBHble C ~ ~ A C T B ~0 )6 ,n 0 X e H H b l e H a n P e A b l A Y 4 U X 3 T a n a X npOM3BOACTBa M P a C n p e A e n e H W l , M MCnOJlb3yeMble B npOM3BOaCTBeHHblX UenHX. O ~ B 0 6 0 ~ e H b l OT H a n o r a O ~ U ~ C T B ~ H H O nones~b~e ycnyrw, T a K H e KaK s~paeooxpa~e~ue M 06pa30sa~we,a Tame yCJlyrM, KOTOPble THXeJlO a4MUHMCTpMPOBaTb, TaKWe K W , @ M H ~ H C O B ~YCJlYrW I ~ M CTpaXOBaHUe. W C B3MMaeTCH H a C T a 4 U U ~ 0 3 H M l t H 0 f i p e U l H 3 a u M M , HO ~ ~ 6 ' b e M a~n ob r l0 ~ 6 ~ 3 ~ e c a MOQ'T H e CTaHOBMTbCH H a YqeT no HAC, e C n M UX B b l P Y q K a 31 I l p e ~ b l ~ y 4 M rfOi A H e n p e B b l L U a n a 1 5 0 0 0 - ~ p a ~e~n yq ~H MPn, B u M y p a a H o r o 1030 T e H r e (1 20 000 nonnapos CUIA). n p e n n p ~ n ~ u n arpo6~3~eca06naralo~cn H U O r O M , HO ( K p y n H b l e ) C ~ ~ ~ C K O X O ~ H ~ ~ C npeAllpUHTUH~ UT B ~ H H ~ I @ e p ~ e p c K M eX O ~ H ~ ~ COT CB ~B O ~ O ~ ~O TH ~ I HAC. BM~CTOO 3 T r 0 , OHM WlaTHT a n b ~ e p H a ~ M B H b l fi 3 e ~ e n b H b l f iH U l O r WlM B b l K y n a l o T n a T e H T , COOTBeTCTBeHHO, A r n e e C n U UX 0 6 0 ~ 0p~e n B b l l U a e T CYMMy O C B O ~ O ~ ~ H AllR U H C Y ~ L ~ K T O BM a n o r 0 6u3~eca. K ~ KU B A p y r U X C T p a H a X , H ~ J I O ~ O O ~ J I O X ~ H3KCnOPTHO-MMnOPTHblX U ~ 0 n e p a u U f i BeAeTCR no IlpUHUMrT)' C T P a H b l H a 3 H a q e H W l , T O e C T b 3 K C n O P T 0 6 1 1 a r a e ~ c H no H y n e B 0 f i CTaBKe, a MMnOPT 0 6 n a r a e ~ ~ Hfa P a B H b l X f yCJlOBHRX C T O B a p a M M M YCnYraMM MeCTHOrO nPOM3BOACTBa. H a l t u ~ mC 2001 r O A a , 6bma B s e A e H a e A u H a R c T a a K a H a B c e 0 6 0 p 0 ~ b 1 ,K o T o p a R B H a c T o R q e e B p e M R C o c T a B n R e T 15 n p o u e H T o B . ~ ~ ~ B U T ~ J ~ H aCM eTp eBBOe T C H CHU3MTb 3TY CTaBKY A 0 ~ a 14 n p O u e H T O B B 2007 U A U l e e A 0 13 W l U 12 n p O u e H T O B B 2008-2009 r 0 A a X . 3.2 3 ~ am a B a p a c c M a T p w s a e T QU B o n p o c a . n e p ~ b ~ fu3 i HUX K a c a e T c R U c n o n H e H u n n 0 ~ T Y I l j l e H U f i HAC. HAC RBnReTCH MAeUlbHblM HWlOrOBblM P b l q a r O M YBeJlMlteHWl I l ~ ~ T Y W l e H k i f i B CJlYltaRX H ~ O ~ X O A M M O C T HAOnOJlHMTeJlbHblX H ~ - H ~ @ T I I H ~ IIlocTJ'nJleHUfi. X WC U C K i l X a e T ~ K O H O M U ~ ~ C K W ~ ~ 6 ~ 1 6 0M~e H b l l l e lteM ~ ~ J ~ ~ L L I M H C TABYOr U X P @OPM H ~ O ~ O O ~ J ~ O X ~ H U R , I ~ O T ~ ~ ~ M T ~ paCXOAbl U ~ J ~ ~ C K RBnHloTCH 6onee c ~ a 6 W l b H o f iH U l 0 r 0 6 0 f i 6a30fi, l t e M AOXOAbl, U n o c . r y n n e H m 6 b l c ~ p e epeartipym H a y s e n u r e H u e c T a s K u wore H a n o r a .HaC R s n R e T c R Tame HaWlYltUIMM C ~ O C O ~ OB03MeCTHTb IlOTepM n 0 ~ T Y W l e ~ M Bf iCBff3U C M nu6epanusauwefi TOprOBJlU U T ~ ~ ~ O B ~ H W ~~MTM n n e H t i t 0B no c y BTO. C n e ~ o a a ~ e n b ~ o , orem BUHO o n p e A e n w T b , ucnonbsye~ n M HAC secb caofi n o T e H u t i a n . B~opofiB o n p o c C B R ~ ~ Hp a c n p e A e n e H w e M 6 p e ~ e H U c WC. C l t u ~ a e ~ c'(TO, ~ W C p a c n p e A e n e H p e r p e c c u B t i o B O T H o u e H u M A o x o A a . n p y r u ~ ucnoeaMl.1, 6 e ~ H b l eIljlaTHT 3TOT H U O r n P O n O P u U O H a n b H 0 60nbue, q e M 6 0 ~ a ~ b l e . COOTB~TCTB~HHO, 6 b 1 n o I l p e ~ O X e H O BBeCTU CTaBKy WC HcuKe C T ~ H A ~ ~ T H aO ~n M 4 e B b l e H ~ ~ p O A y K T b l , KOTOPble 3 a H U M a l o T 6 o n b u y l o a O n l o B ~ O T ~ ~ ~ J I6~eH~ M bUCJlOeB HaCeJleHUH. ~ l x OAH~KO, KaK n O K a 3 a H O B A a H H o M O T q e T e , WC p a c n p e A e n R e T c H c n e r K a n p o r p e c c u B H o , u ~ O ~ T O MCYT p y K q p a A B O # H ~ I X CTaBOK HaMM H e PeKOMeHAyeTCH. B - T ~ ~ T ~PWC Xp , C a n O T p a H e H U e C n e u U W l b H b l X CXeM M AOrOBOpOB K O H ~ ~ C C U ~ ~ , KOTOPble pa3pyulaloT 6a3y WC U CO3AaloT 3 a A e p X K M B ypeQ'nUpOBaHMM 3 m B O K H a B 0 3 B p a T H a n O ra, IlOApblBaloT u e n 0 C T H O C T b HAC. no 3 ~ 0 inpUqUHe HaMU PeKOMeHAOBaHO I l e p e C M O T p e T b p a 3 n M l t H b l e O C O ~ ~ H H O C T U p a 3 p a 6 0 ~U ~ ~ aAMMHUCTpMPOBaHUR H a n O r a . 3.3 WC RBJlReTCR BTOPbIM no BeJlHqHHe HCTOqHWKOM rOCYAaPCTBeHHblX AOXOAOB B K E I ~ x c T ~ H ~ .COCTaBJlReT 26 OH n p O U e H T O B O ~ U H XH ~ - H ~ @ T R H ~~I X c T J ' I ~ J I ~BH M ~ ~ o 6t0we~,HJlH 4.6 npoqemoa BBII B 2005 row (CM. Ta6nuuy 3.1). 3 ~ 6nu3~0K o YPOBHH) B 4.7 npoqema OT BBn B 1998 r O A y , K O r n a CTaHAapTHaR CTaBKa PaBHRJlaCb 20 n p O u e H T a M , a K P Y ~ H p~ ~I r~a ~ b l f i CKOT, lITHl&i M 6 o n b ~ ~aaC ~b q T n M 4 e B b l X n P O w I C T O B06nara~1ucbno CTaBKe 10 npOUeHTOB. K ~ K n O K a 3 a H O B Ta6nuue 3.1, B UeJlOM WC RBJlRJlCR C T ~ ~ U J I ~ HMCTOVHMKOM ~ I M ~ o c T J ' M ~ H u3~~~o.r o CJleAOBaJIO O X H A a T b , nOCKOJlbKY n0CT)'nJleHHR HAC, KaK n p a B H J l 0 , P a C T y T T e M H Xe T e M n a M M , q T O H 3KOHOMHKa B UeJlOM; APYrHMM CJlOBaMH, 3JlaCTHSHOCTb WC BBn K A O J l X H a PaBHRTbCR 1. 3.4 O ~ H ~ KaOynnsneene, cTpymypa noc~ynne~nfi H , WC 3a n o c n e n H n e r o n b l ~ H ~ V M T ~ J I ~ H O M3MeHUJlaCb. K ~ Kn O K a 3 a H O B Ta6nuqe 3.1, B 1999 rony OTHOLUeHMe HAC K BBU no BHYTPeHHMM O n e p a ~ M R MCOCTaBJlRJlO 3.1 JlpOUeHTa, B TO BpeMR KaK HAC H a M M n O p T PaBHRJlCR 1.3 I I p O q e H T a . A p y r u ~ nCJlOBaMH, H a KiUKJlble 3 T e H R W C a H a H M n O P T nPMXOAHJlOCb OKOJlO 7 T e H r e n o c - r y ~ e ~ uHAC f i OT B H y T p e H H n x onepasufi. C ~ p y r oCTOPOH~I, 2005 rony HAC i B H a M M n O P T COCTaBJlRJl 3.4 I I p O q e H T a BBU, a H a BHYTPeHHMe O n e p a q H H npHXOnl.mOCb TOJlbKO 1.2 I l p O u e H T a BBn - OTHOLLleHHe COCTaBJlReT IlOqTH 3 K 1. OS~BUAHO, BlUCHOCTb ABYX KOMnOHeHTOB 6 ~ 1 6 1 HAC KaK MCTOqHHKOB I I o c T J ' I ~ J I ~ H u ~ ~nOJlHOCTbtO n o M e H R n a c b . XOTR C ~ O PIlOJlOBHHbI n 0 ~ T J ' n J l e ~ M h HAC H a 3Tane M M n O p T a H e RBJlReTCR qeM-TO H ~ O ~ ~ I ~ CHTJ'aqMR, H ~ I M , I l p H KOTOPO~~ AOJlR HAC H a MMnOPT COCTaBJlReT T p H VeTBepTM OT o614wx nocTJ'nJle~Mfi, 3aCJI)'XHBaeT ~ a J I b ~ e f i L U e rMCCJleAOBaHHR. 0 B O h OT noc~ynne~utina 6a3ea C T ~ H A ~ P T - CHII- B B ~ I n o v . B B ~ I ~ I O T ~ . HaFi XeHHaR Bcero M ~ n o p ~ 1995 20 10 3.3 4.7 0.17 0.24 2005 15 4.6 3.4 8.8 0.3 1 0.59 MC~OVHUK: AaH~blenpenocTaBneHbl ~ ~ ~ B H T ~ ~ ~ C T B O M Ka3axcra~a " ' ~ a c c r w ~ aKaKo noc-iynneHwn %OT BBn wnw norpe6ne~wn,neneHHbre Ha cTaHnapTHym cTaeKy HAC. ~ B 3.5 3TJ'~ e 0 6 b 1 9 H y t OTeHAeHqMtO M O X H O O ~ ~ R C H UPRAOM @~KTOPOB.T ~ 1995 r O n y (39 n p O u e H T O B B 1999r) A 0 M e H e e 10 I l p O u e H T O B B 2005 rOAy. B T O BpeMH KaK ((IlpO'iUe ~ o T P ~ ~ u T ~ ~ ~ c 06nararo~cnH TOBapbl)) K u ~ U O r O M H a CTaAHM H M n O p T a B n O n H O M 06be~e,I l p e A n O n O X H T e n b H O , 3 H a q H T e n b H a R U C T b A O ~ ~ B ~ ~CTOHMOCTH H H O ~ ((npOqUX ~ o T ~ ~ ~ H T ~ ~TOBapOB))X MeCTHOrO ~ c K U npOH3BOACTBa O C B O ~ O W ~ ~ T C RO T H ~ O ~ O O ~ ~ O H CB~ CBR3U CO 3 H a q H T e n b H b I M O C B O ~ O ~ ~ H OHT ~HMn O r a C Y ~ ~ ~ K T O B H U R a M a n o r o 6 ~ 3 ~ e c a ; 3a TOT Xe n e p H O A AOnR IlPOMeXYTOqHbIX TOBaPOB H K a n H T U b H O r O H M y U e C T B a B 06We~0 6 w ~ eH M n O p T a B O 3 p O C n a C 44 IlpOUeHTOB B 1995 A 75 0 IlpOUeHTOB B 2005. B n p H H u H n e A a H H b l e T O B a p b l 06naram~cnH U O r O M H a CTaAHH U M n O p T a , B T O BpeMH KaK saqe~no ~anoryn p e A o c T a B n R e T c n H a nocnenymwnx B q q e H H n x 3~anax~ P O U ~ B O A C T B ~ unn peanusauuu. APY~UMUn C o B a M n , c 6 0 p b 1 HAC H a 060po~b1no u M n o p T y yeennruaatwcn 3a c q e T c6opo~H a B y T p e H H n x 3~anax~ P O U ~ B O A C T B ~ u peanusauuu. C ~pyr0fiCTOPOHb1, AOnR H ~ @ T I I H O H ~ 3~epre~uqec~ofiA n p 0 y K U H U B 0 6 U e ~06be~e U M n O p T a COKpaTMnaCb C 18A 110 IlpOUeHTOB; B COBOKynHOCTH, 3 T U U3MeHeHHR B C T P Y K T y P e H M n O P T a A 0 0 n p e ~ e n e ~ ~C0e#l T l e H H O ~ L R C H R ~ O T n p e 0 6 n a n a ~ U e O ~ O ~ O T O B no u M n o p T y B 6a3e WC. OHU Tame C ~ O C O ~ C T B ~ ~HCnOnHeHUtO O T no WC, IlOCKOnbKy B 3 U M a H H e HAC B MOMeHT U M n O p T a OCYUeCTBnReTCR OTHOCUTenbHO n e r K O . K p o ~ eTOrO, H M n O P T e P b l U n H MeCTHble n p O U 3 B O n H T e n U CTPeMRTCR 0 6 e ~ n e q ~ n~~bn ~ b l f3ia q e T WC H a U M n O p T N p y e M b l e TOBapbl, q ~ 0 6 b l IlOnY'IUTb B 0 3 B p a T H a n ~ ~ n e ~ y t O u l BHYTP~HHM#C ~ ~ I Tq T, O T a m e H # I l O m e p X U B a e T Y p O B e H b B b l n O n H e H H R T ~ ~ ~ O B ~ H H # no WC; nepexofl C I l p H H u H n a CTPaHbl I l P O U C X O w e H H R H a I l p U H u U n C T P a H b l H a 3 H a q e H U R , COCTORBLUU#CH B 2001 r O n y B OTHOLUeHMM MMnOpTa U 3 POCCUM,0 B 3 M O X H 0 , I l p U B e n O K 'IUCTOMY AOXOAY no HAC, n o n y r a e M o M y K ~ ~ ~ X C T ~ Hn OCM0 , b O K n K y K ~ ~ ~ x c T ~ H 3KCnOpTUpOBLUI 06narae~ym no CHI.DK~HHO# CTaBKe c ~ ~ ~ c K o x o ~ R # c T B ~ H H ~ ~ O n p o n y l c u u m , n p o u 3 ~ e n e ~ ~ yBHYTPU m C-rpaHbI, a n M n 0 p T n p o B a . n no~pe6u~enbc~ue T o a a p b l n p o u 3 ~ o n c ~CHI', ~ a 0 6 n a r a e ~ b l e no 6onee ~ b l c o ~ oCTaBKe; i i BO~MOXHO,P K ) ' ~ H ~ # U U M - BO BCRKOM C n y q a e , C a M b l M C e P b e 3 H b l M @~KTOPOM, IlOApblBatOUUM BHYTPeHHtOtO 6my HAC, RBnReTCR O C B O ~ O ~ ~O TH H ~ - H a q U H a R C HAC 1 RHBaPR 2005 r. - n e p B 0 # npOAFlXki BHOBb nOCTPOeHHblX XHJlbIX ~ A ~ H M # , T a m e a BBeAeHHe vepe3 r o A nocne 3 T O r 0 OCBO~OW~HHR OT HAC HOBblX WH$P~CTP)'KT~PH~IX npOeKTOB (pa3pa60~~a IlpOeKTa, CTpOHTeJlbCTBO H M O H T a X H b l e p a 6 0 ~ b l ) , p e a J l n 3 y e M b l X qaCTHbIMH IlOApRAqHKaMW OT HMeHH JlpaBHTeJlbCTBa. 06e 3TM JlbrOTbl COKpaUlatOT BHYTPeHHtOK) 6 ~ W3C ,~ XOTR O C B O ~ O X A ~ H HOT ~ HAC HOBblX MH$P~CTPYKT~PH~IX nPOeKTOB H e BnMHeT H a qMCTble HaJlOrOBble nOCTyIlneHMR OT W C ( e c n H 6 b 1 n0ApRAqkiK s b r n n a q n s a n TOT ~ m o rOH , H a ~y xe CYMMY yaennrnean 6 b 1 c q e T , n p e a - b ~ ~ n ~ e ~ b ~ k COOTBeTCTBytOUeMy PaCXOJQ'tOUeMy BeAOMCTBY n p a ~ t l ~ e n b c ~ ~Oa C .B O ~ O W ~ HOT ~ ) H HAC X H n b l X 3 ~ a H H k , KaK npeACTaBJlReTCH, H e IlOBnMRJlO H a o6-be~HNlOrOBblX nocTynne~n#OT W C B 2005 r. - BO~MOXHO, B cnny s $ $ e ~ ~saqe~a. B nt06o~ a C n y l r a e , B 6 y ~ y U l e M3 T H JlbrOTbl nPHBeJQ'T K C e p b e 3 H b l M HCKFlXeHMBM B HaJlOrOBbIX I l O C T y M e H H R X OT HAC. 33 U3YqeHHR aHWlOrU'IHblX,HO H ~ ~ ~ ~ ~ O ~ ~ H R T H ~B I X U3MeHeHUfi HAC BY K P ~ U CM.~OTqeT PUqapna H , Lepna ((HAC B Y ~ p a u ~ en:p o ~ e x y ~ o q ~ boTqeT, Pa6o~aMHlJ 0503, M e x n y ~ a p o n ~ Hanoroea~ l i i m n p o r p a ~ ~Ul~onaynpaeneHnR P O T M ~YH~~u, e e p c uTOPOHTO,aeepanb 2005 rona a , ~ e ~ Kmaxc~a~e. Ilpu M ~ M ~ P ~ H nMp oMn y K T u B H o c T u nocTynne~u# HAC H a 6a3e no~pe6ne~un M ~ I BUAUM, TO c p e n H e e s ~ a r t e ~ uBe c T p a H a x E3C B 2002-2003 ronax p a s H n n o c b 0.50, u HaXOAKTOCb H a ropa3no 6onee BblCOKOM Y p O B H e B 0.59 B K a 3 a x c ~ a H e . A0 C U x nop HAC B K a 3 a x c ~ a H e@ ~ H ~ ~ U O H U q~e HOb BXOpOuIO H IlpHHOCKT C y U e C T B e H H b l e nOXOnb1. O ~ HOKapTkiHa C T a H e T H a M H O r O 6onee 6e3pan0~~~0#,r K O n a nOJlHOCTbI0 H a q H e T O U y U a T b C H BJlHHHHe HOBblX J l b r O Tno oc~o60m4e~umWC OT XHJlbIX 3naHki# H H H @ ~ ~ C T ~ Y K TIlpOeKTOB.X ~ P H ~ I T a 6 n ~ u a3.2: n p o n y r c r ~ ~ ~ o c ~ b nocrynne~uiiH A C B K a s a x c ~ a ~HeoTnenbHb1x cTpaHax EC, 2003 CTpaHaa Tercyru~eC T ~ B K H ~ O C T Y ~ A ~ HBH R ~ P O ~ Y ~ C ~ H B H O C T ~ r0n H A C % OT H A C ~a 6a3eb C T ~ H A ~Hus~an ~ T BBn n o ~ p . BBIl ~ O T P K a s a x c ~ a ~ 15 4.6 8.8 0.3 1 0.59 2005 HoC, nocnenHee 0 6 ~ o e n e ~ w4eanpenR 2006 rona. " / c ~ p a ~ bLLneHbl EC nepewcneHb1 l B nopRnlte e o 3 p a c ~ npon)wHeHocTH n o c ~ y n n e ~HACh Ha 6a3e a ~ ~ ~ ~ noTpe6neH~fl. 6 /P~CCLLHT~HOnyTeM neneHHR n0cTynneHHfi B np0UeHTiutOT BBn HnH n0Tpe6neHHR HaCTaHnapTHyloCTaBKyHAC. 3.9 O q e H b B W O OTMeTHTb, q T O nPOflYKTHBHOCTb n ~ ~ T y l W l e H k iB# IMTH C T p a H a X EC H U X e n ~ ~ e H u k i a J l b H ~ nOCKOJlbKy 3 T U C T p a H b l n P H M e H H t O T CHUXeHHYtO CTaBKY f i , HAC B OTHOUIeHHH I l H U e B b I X nPOAYKTOB, K H W , lX3t?T, nOnb30BaHI.111 O ~ ~ ~ C T B ~ HTpaHCnOPTOM U HeKOTOPblX H ~ I M npyrnx Tosapos (pa60~,ycnyr). ( 3 ~ oc 0 K p a q a e . r n o c T y n n e H n n HAC n T e M c a M b l M c H m a e T HOPMbl ilPOflYKTUBHOCTI.1 n 0 c T y l W l e H ~ f i . ) ~ ~ K ~ Kn O K a 3 a H O H M e , 3 T a C H M e H H a R CTaBKa H e M O X e T 6 b l ~ bO n p a B f l a H a H a OCHOBaHHH AOBOAOB P a B H O n p a B H R U 3 H a W i T e n b H O y C n 0 X H H e T n p O u e C C anMkiHHCTpHp0BaHHH WC. npl.lr(nHbl n k i @ @ e p e H u k i a u ~ uCTaBOK HAC B ~ O ~ ~ ~ I U H C T B ~ c T p a H EC nexaT B HCTOPUH A a H H o r o snna H a n o r a . Korna n e p e b l e c T p a H b I - q n e H b 1 (Eenbrn~, O p a ~ u nr~e, p ~ a ~Mn~~a ,n JIm~ce~6yprH n R , u n n e p n a H ~ b l ) menu y c e 6 ~HAC B K o H u e 60-x - H a q a n e 70-X,- B TO B p e M H HAC 6 b 1 neUe H O B H H K O ~ ~-, OHU ~ H @ @ ~ ~ ~ H ~ H ~ oCTaBKUI Cu T e M , B ~ . J q ~ 0 6 b l C T P Y K T y P a B O ~ ~ ~ ~ ? ~ ~ C T B H RM O X H O KaK 6nnxe UMkiTUpOBaJla B O ~ ~ ~ ~ # C TPBa H e~e H C y U e C T B O B a B l U U X H m O r O B H a 0 6 0 ~ 0K~O ( T O P ~ I ~Tame H M e n U ~ ~ H @ @ ~ ~ ~ H ~ w PCTIBKH).H H ~ I ~ o B ~ TO 6 b l n 0 CflenaHO C T e M , ~ T O G ~36eXa~bO ~ I C n X H b l X A H C K Y C C H ~0~flOCTOkiHCTBaX WC U C n O p a X o H a n n e x a q e M p a c n p e n e n e H n n 6 p e ~ e ~H no a o r o H a n o r a . B n a n b ~ e f i u i e ~ TO MY (nnoxo~y) n p n M e p y nocnenosann cTpaHb1, no3n~eeB o u x e n m n e B EC. Ilo3n~ee6 b l n o n p u 3 ~ a ~ 0TO , n n @ @ e p e ~ u n p o e ac~T~p aK~T y y p a c T a e o K H e yeennqnsae-r n p o r p e c c n B H o c T b p a c n p e n e n e H m 6 p e ~ e ~HnA C , ~HO~ n o n n T n q e c K a R u H e p u n R n r p y n n b l n H T e p e c o B H e no3~onmnq n e H a M EC p a 3 p e r u m b cnoxnsurytocn cnTyaunm. K cracTbm, K ~ ~ ~ x nponswr c T ~ H n o n m u q e c t c y t o sonto n C M O r BBeCTI.1 Y ce611 t?nHHyto, U 6onee HH3KYtO CTaBKY WC. 3.11 ~ ~ ~ ~ c T ~ B H HI X~e H H ~ RB H a C T O R U e e BpeMH npOBOnUTCH J pa60~a B C ~ M H P H~~HI MO K MU A p Y r H M U O p T a H U 3 a u U R M U AJIR TOrO, ~ ~ 0 6 bO1~ ~ R C H M ~T a~6 J l H ) ~ a e ~ b lpea 3 n U S U R B i'a n p o n y K T u B H o c T u noc-rynne~uiiB 3 ~ b l xc-rpaHax. Hanpu~ep,H c c n e n o B a H u e 2005 rona, n p o a e n e H H o e Aizenmann u Jinjarak3 13 H ~ U H O H U ~EmpoO~~KOH ~ H O O M U ~ ~ C K U XMccneno~a~u# CmA n O K a 3 U l 0 , ' I T 0 B rpynne U 3 44 C T p a H 55-67 I l p O ~ e H T O Bp a 3 J l U q U # B np0A)'KIliBHOCTU nocrynne~ufiWC H a 6a3e n o ~ p e 6 n e ~Bu ~T e q e H H e 1970-1999 M O X e T 6 6 1 ~ 6O ~ ~ R C H ~ H O CTPYKTYPHbIMH U IlO~UTUKO-3KOHOMUqeCKUMU @ ~ K T o P ~ M u . B o ~ ~ ~ c T ~ H uCTP)'KI)'pHbIX BEDKHblX ~ (PIKTOPOB, T a K m KaK Y P ~ ~ H H ~ ~OTKPbITOCTb TOPTOBJIU ( M ~ M ~ P R ~ KaK RAOnR H M n O p T a B ~ H R , M ~ BBl-[) U AOnR C e n b C K O r O X O ~ R ~ ~ CBT B ~ BBn, H a O n H O CTaHAapTHOe OTKJlOHeHUe U3MeHRH)T n p o n y K T u B H o c T b noc-rynne~ufi BBn H a 12.7 n p o u e H T o s , 3.9 npouewa n 4.8 npouema COOTBeTCTBeHHO. K p o ~ eTOrO, B O 3 p a C T a H H e BBn H a A)'Uly H a C e n e H U R H a OAHO C T a H n a p T H O e OTKJlOHeHHe Y B e n U q M B a e T IlPOAYKTUBHOCTb H a 8.1 IlPOUeHTa. B OTHOUleHMM nOJIUTUK0- 3KOHOMHqeCKHX @BKTOPOB, a B T O P b l O T q e T a O ~ H ~ ~ Y X Mq T~OUBO3paCTaHUe JlerKOCTU H T W ~ K O C T U , IlOJlUTUqeCKOrO YqaCTUR H a O n H O C T a H n a p T H O e OTKJIOHeHUe Y B e n U q U B a e T IlpOAyKTUBHOCTb noc~ynne~uii WC 3.6 npouecr-ra. H a 3.12 A H U ~ O ~ H B~ 6onee H O , COBpeMeHHOM UCCneAOBaHHU M ~ K K ~ U~3 T ~ H ~ ~ B C ~ M H P HLO~ OH K ~ 0 6 ~ a p y x w 1 , q T 0 41 I l p O u e H T pa3JItIqtI# B OTHOUleHHH n 0 ~ T y I I J I e H k i f i HAC K n o ~ p e 6 n e ~ u ~ ) O ~ ~ R C H R ~ T CYPOBHeMR C T ~ H ~ ~ ~ T HCTaBKU O # HAC, OTKPbITOCTbH) 3KOHOMUKU, YPOBHeM TpaMOTHOCTH, UHAeKCOM r O C y n a p C T B e H H O r O KOHTPOnR H a A K O P P Y I ~ ~ W ~ #U CTOUMOCTbH) peruc-rpauuu H o s o r o 6 ~ 3 ~ e c an,p u q e M B c e s a ~ u c u ~ bn~e pee M e H H b l e K p o M e nocnen~eii RBJIRfOTCH CTaTUCTWqeCKH 3HaSHMbIMU. ABTOP BbIHeC U3 3 T O r 0 a H U l U 3 a 3 a M H ) 9 e H U e , S T 0 n p a K T U q e C K U BO BCeX C n y q a R X e C T b B03MOXHOCTb nOBb1CUTb nP0A)'KTHBHOCTb WC qepe36onee ~ @ @ & K T U B H OH~U l O r O B O e aAMUHUCTPUPOBaHMe. CTOUTOTMeTUTb TOT n ~ n ~ ~ l l ~ e n bMOMeHT,i ~ b l f ' I T 0M a K h p ~ eKOHUeHTPUPYeTCR ~ H a O P ~ ~ H U ~ ~ ~ WCTPYKTJ'Pe ~ KaK M H ) q e B O M 3 J l e M e H T e K O H H O ~ ~@@&KTWBHO# pe40p~eHaJlOrOBOrO anMUHUCTpUpOBaHUR. 37 CM.K. Edmiston n R.M. Bird, ccCeexnL4 s3rn~nHa HAC, AOKnan, Ul~onalT0nn~onorn~3~np1.0RHra, Y H H B ~ ~ P CUTaTilTAmopnxnn, H T ~ H &HTp Aenosblx H ~ K O H O M H ~ ~ C KM X C J I ~ ~ O B ~ H H ~ ~ , H C Y H N B ~ ~ C ~ T ~ T T ~ H H ~2004., C U 38 CM.J. Aizenman H Y. Jinjarak, ~ + + ~ K T H B H O C T Lfl0~TyflneHHfiHanora Ha no6asne~~ymCTOHMOCT~: TeOpHR U MeXLIYHapOLlHaR IlpaKTUKa. AOKnan 11539, Hauuo~anb~oe6tOp0 ~ K O H O M H ~ ~ C K H X Mccneno~a~nfi,aBryc-r2005. 39 Y. M ~ K K ~ (W. ~McCarten), P0nb ~ T H O P ~ ~ H U ~ ~ U H O H H O ~ ~ CTpYKTYPbl B HanOrOBblX CTpaTerHRX pa3BrlBalOl4HXCR CTpaH; Cpa~~H~eJlbHbl~aHanH3 Ha OCHOBe nHHaMHKH nocTynneHnfi HAC. MHCTHT~T B C ~ M U ~EH~OH~ K ~ , 2006. O MapT 3.14 Bosne#c~~ue HAC H a 6 e n H b 1 ~U 6 0 r a T b l x , KaK n p a B ~ 0 ,O n p e n e n R e T C R H a OCHOBe U C C ~ ~ ~ ~ O B ~6 HoUn X e ~ O BAOMOXO~H#CTB, KOTOPbIe t # n O K a 3 b I B W l T n e T i U U 3 0 B a H H b l e paCXOnb1, swrtoqamuue WC, o T n e n b H b 1 xnuu u c e ~ e #c,r p y n n u p o B a a s b l x no B e n u r u H e noxona. C T ~ T ~ U PaCXOnOB MOQ'T 6 b 1 T b C r P Y n n U P O B a H b l n O nPUHUUlTy TOrO, 06nara10~c~ AU OHU H W O r O M , 0 ~ ~ 0 6 0 W e H b 1 nu60 H e n o a n e x a T ~anoroo6noxe~uto. Aanee, B O T H o r u e H u u ~anoroo6narae~b1~ PaCXOnOB, WC,BKJltoqeHHb1# B CYMMY paCXOfla, M O X e T 6 b l T b IlOACqUTaH lTyTeM A e n e H U R CYMM H a 1 M t o C CTaBKa HAC (B AeCRTUqHOM B b l p a 3 f C e H ~ ~U BbI1(UTaHUR ) p e 3 y n b T a T a U 3 CYMMbl ~ i 3 J I O r 0 0 6 n a r a e ~ bPaCXOnOB. l ~ B OTHOrUeHUU C T ~ T ~PICXOAOB, # O C B O ~ O X A ~ H H ~ IOXT H a n O r a , H ~ O ~ X O A U M O A e n a T b n p e n n o n o x e H u e , C '(TO HAC 6 b l n Y M a W H H a C p e A C T B a n p O U 3 B O n C T B a OCBO~OW~HH~IXpenaH nanee Ha K o t i e w o r o no~pe6u~en~. o 6 o p o ~ ou ~n e 3.15 Aanee, CYMMbl WC, PaCCqHTaHHbIe n0 KWO# C T a T b e PaCXOAOB, CYMMUPYMTCR n0 KWOMY neumm AOXOAOB u B b l p a x a t o T c R B n p o u e H T a x OT C Y M M ~ I noxona mu n 0 ~ p e 6 n e H ~ R . Ha OCHOBe n O C T O B e p H O r 0 n p e n n 0 n O X e H w R 0 TOM, '(TO O K O H W T e n b H O e 6 p e M n WC nanaeT H a KOHeltHOrO no~pe6men~, U3MeHeHUR B ~ P O ~ ~ H T H O ~ ~ none mu OTHOllleHUU Y M a l t e H H O r O WC K n 0 X O n y U n U n o ~ p e 6 n e H u t o( M U H ~ C WC) OTflenbHbIX I I U u UllU AOMOXO~H#CTB B P a 3 n U q H b I X flOXOAHbIX fleUHJlRX MOQ'T B ~ a J l b ~ e # ~U lC ~e O~n b 3 0 B a T b C I I yq T 0 6 b 1 IlPOIICHLiTb n P U P O A Y UX B O ~ A ~ ~ ~ C T B CUH m e H u e n o K a 3 a T e n R OT O ~ H O ~AOe u m R K R : n p y r o ~ ynpennonarae-r, I~TO HAC p e r p e c c u e e H , y ~ e n u r l u a ~ u un o~K ac 3~a T e n b o 3 ~ a l t a e ~'(TO , OH n p o r p e c c u e e H , a oTcyTcTsue U ~ M ~ H 03~aqae~, ~ H U ~ '(TO HAC u M e e T c o p a m e p H o e ~osneiic~sue. 0630~61~ I O ~ ~ TAOMOXO~H#CTB O B 0 6 b l q H 0 IlPOBOAIlTCR C U e n b t o d o p a U H ~ $ O ~ M ~ U U U AJIR p a c l t e T a no~a3a~eneii CTOUMOCTH X H ~ H U . Cnenoea~enb~o, OHM, KaK npaacmo, KOHlJeHTPUPYIOTCR H a PaCXOAaX H a 6 a 3 0 B b 1 e IlPOflYKTbI, T a K U e KaK n U u e B b I e IlPOAYKTbl H nOAaKlJH3Hble TOBaPbl, a H e H a , C K M e M , n p e n M e T a X POCKOUIU. ntonu 3 a q a C T y I O H e 3anOMUHaIOT B TOL(HOCTU, CKOnbKO OHM T p a T R T H a T O B a P b l U YCnYrU, C O C T O R ~ U eU 3 H e 6 0 n b l l l ~CYMM, B b l M a r t U B a e M b l X B T e q e H U e OTHOCUTenbHO AnUHHblX ~ 40 Ann n p e n e a p u T e n b H o r o , HO TeM He MeHee n o n e 3 ~ o r o o6cyx~le~nn~ n xBO~POCOB, 3 CM Charles E. McLure, Jr., Pacnpenene~uenoxona ti c4epa neic~ennHAC, rnaea 3 B K H n r e Malcolm Gillis, Carl S. Shoup, H Gerardo P. Sicat, Ha~ozoo6nowe~uedo6asnerrrroi cmolurocmu e pa3eueamquxc~1cmparrax, B ~ U ~ U H R O HB,c e M H p H b l h ~ H K 1990. , nepnonos B p e M e H n . K p o ~ eroro, H e K o r o p b l e nnua H e o x o r H o n e n R r c R n ~ @ o p ~ a s n eoi i CBOMX ~ O I I L U I M XPaCXOAaX Ha, CKsutteM, 2lJlKOrOnbHble HIOMTKM. r p y n n b l C BbICOKNM M HM3KMM flOXOnOM 3a~aCT)'tO OKa3bIBatOTCH HeflOnpeACTaBneHHblMH, HOTOMy q T O O T p l l q a T e n b H b l e c 6 e p e x e ~ n ~B03HMKatOUMe, , K o r n a e x e r o n H o e no~pe6ne~neo K a 3 b m a e T c R H m e ronosoro noxona, 0 6 b l q ~ 0 HTHOPMPYtOTCR, T a m e K I K M K P Y n H b l e n p ~ 0 6 p e ~ e HTOBaPOB ~ ~ AIIMTenbHOrO n o n b 3 0 ~ a ~( xnu~n b e ) n p a c x o n b l H a o T r r y c K a 3a rpa~nqeii. 3.17 K 0 H q e n T ) ' a n b H b l e T p y n H O C T H BO3HMKatOT B OTHOUleHkiki BOnPOCa, C n e n y e T JIM M3MePRTb ~@@C?KT WC H a Y p O B H e AOMOXO~II#CTB, ).lflki Xe H a YpOBHe OTneJIbHblX n H q . 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K ~ K n p a E n J l 0 , B K a q e C T B e 3HaMeHaTeJlR nPeAllOqMTatOT MCflOnb30BaTb AOXOA, C T e M q ~ 0 6 b CpaBHWTb l 3 @ @ e ~ T HAC C ~ @ @ ~ K T O M IIOnOXOAHOrO H W l O r a . O ~ H ~ K O , eCnM Mbl XOTMM BblRCHkiTb, KaKkiM o6pa30~MOXHO c n e n a - r b C T ~ Y K T ) ' ~HAC M e H e e perpeccn~~ofi, ~ norpe6ne~ne6 y n e ~6onee Y A O ~ H ~ I3Ma M e H a T e J l e M . H 3.19 H ~ K O H n~OUX , O n O ~ ~ I ' I H OHpefleJlReTCR KaK B W I O B O ~AOXOn, B M t O q a R 3 a p a 6 0 T a H H b l f i M O ~ H e 3 a p a 6 0 ~ a H H b l f i , n n t O C COUMaJlbHble T p a H c @ e p T b l , MHHYC nPO).13BOnCTBO W R C O ~ C T B ~ H H O T O no~pe6ne~na. npyrofi C CTOPOH~I, no~pe6ne~nen o p e n e n R e T c R KaK T e K y u e e no~pe6ne~nea H P b l H K e TOBaPOB M Y C n y r . 3.20 C y q e T o M 3 ~ n xcoo6pme~niin n p n ~ e q a ~ n iBiTa6nnqe 3.3 , n p e n c T a B n e H 3 @ @ eHAC ~ ~ B K a 3 a x c T a H e . A ~ a n n s6a3npye~c~a H o 6 3 o p e 6 t 0 m e ~ a~ O M O X O ~ H ~ ~ CnTp O B, e n e H H O M B 2004 B r O A y A ~ ~ ~ ~ T ~CMU~H H~ T~ oM M~ O L J I H O ~n e M ~ r p a @ ) . l q e c ~ ~ fCTaTWCTWKM i A ~ ~ H T CIT0 BCT~TWCTHK~ T ~ PK. 0630p noKpb1Bae-r n p n 6 n n 3 n ~ e n b ~ o 4000 q e n o B e K B KWOM neqnne. Bmo~ofinoxon H e B K J l t O q a e T CTOMMOCTb TOBaPOE (pa6o~,ycnyr), npOl43BeneHHblX BHYTPM ~ O M O X O ~ I I ~ ~ C T B ~ . K - r p a ~ c + e p ~OTHOCRTCR H a n o r n , KpoMe HAC n ~ K U M ~ H ~nIoXw n u H , a T a m e n o r a w e H u R a ~ ~ ~ H M o BBce . CTaTbH PaCXOAOB nOKa3aHbI 38 BblqeTOM HAC n c r p y n n n p o B a H b 1 B n B e CTpOKW: ((15% HACDn c c ~ e o 6 n a r a e ~ b 1 e ~ . Ta6nuua 3.3: Kasaxc~an:6Io~~eTblo~nenbnb~xnomoxo3nS5c~~noxonbl u pacxonal no neuunnm, 2004 - nelynbI n e w b 2 f l e ~ m b3 nequnb4 nequnb5 AeqbUtb6 nequnb 7 neubUtb8 fleumnb9 Aeuunb 10 Tenm Y Tenre % Tenre % Tenre % Tenre % Tenre % Tenre .X T e ~ r e % Tenre % Tenre ?'o b x o n b ~ 36.216 49.332 58.572 67.980 78.816 91.560 106.584 125.808 155.484 246.576 CO~CTB.npOU3BOpClBO 7.140 8.711 10.859 10.476 11.358 11.406 11.305 12.380 13.677 Bano~oRpoxop 29.076 100 40.621 100 67.121 100 68.340 100 80.202 100 95.178 100 114.503 100 143.104 100 232.899 100 Tpancgep~bl 873 3,O 1.362 3.1 1.911 3.3 2.441 3.6 3.160 3.9 4.181 4.4 5.582 4,9 8.044 5,6 19.097 8,2 no~pe6nen~e(+HnC) 28.204 97,O 39.259 96.9 55.209 95.7 65.899 96.4 77.043 96.1 90.998 95.6 108.921 95,l 135.060 94.4 213801 91.8 Hnc 2.412 8.3 3.560 9.3 5.560 9.7 6.879 10.1 8.337 10.4 10.164 10.7 12.557 11.0 16.039 11,2 26.074 11,2 n0TW6"BHue (-mC) 25.792 88.7 35.699 87,6 49.650 86.9 59.020 86.4 68.706 85.7 80.834 84,9 96.364 84,2 119.021 83,2 187.728 80.6 15%HllC 24.747 54.523 62.931 73.392 86.697 106.054 gql 33.957 82.7 46.425 81.3 79-8 78,s 77,l 75,7 74.1 165287 71.0 nmqesb~enponynbl 13041 44.9 17 220 39,g 21709 38.0 25.025 36.6 28294 35.3 32394 34,o 37001 32.3 43131 30.1 56.740 24.4 Oce060mdenn~e 12.058 41.5 14598 30.8 15112 26,5 15467 22.6 15.331 19.1 14950 15.7 14105 12.3 13.050 9.1 12.611 5.4 06naaaembfe 983 3.4 2622 9.1 6596 11.5 9558 14,o 12.963 16.2 17444 18.3 22896 20.0 30081 21.0 44.129 18.9 Penopanb~ 187 1.813 2378 0,s 350 1.0 710 1.2 942 1.4 1201 1.5 1,g 2,l 3236 2,3 6.790 2,9 Ta6arna~nponysqmn 644 2.2 755 l , g 1.087 1.3 1274 1.9 1421 1.8 1626 1.7 1765 1.5 1940 1,4 2.654 1,l 6e~ansnanmm 680 1449 1.636 1900 2.3 833 2.0 1.090 1.9 1285 1.9 1,8 1,7 1,7 2.285 1,6 3.311 1,4 Ann n a n m 286 1.0 420 1,l 683 1,2 813 1.2 965 1.2 1168 1,2 1337 1,2 1784 1,2 2.875 1,2 Onewa, o6yeb 2.685 9.2 4 058 10.0 5692 10,o 6624 9,7 7470 9,3 8.277 8.7 9681 8,s 11556 8,l 18.664 8.0 Me6enb.3n npbl60pbl 1.084 3.7 1 542 4.3 2392 4,2 2856 4.2 3385 4,2 3.936 4.1 4965 4,3 6709 4.7 12.511 54 %nbe, KOM ycnym 3.115 10.7 4.189 10.0 5671 g,g 6519 9,s 7 550 9.4 8 578 g,o 10 124 8,8 11536 8.1 14.371 6.2 %nol ~ ~ M O H T 137 1.562 2161 0.5 239 0.8 455 0-8 654 1.0 866 1,i 1022 1,l 1.4 1.5 4.545 2,O Tpa~cnopr 844 2875 4.310 5459 2.9 1265 3.3 2031 3,6 2.489 3.6 3,s 3.638 3.8 3,8 3,8 8.767 3,8 Malll~nbl,mpmree 140 747 974 2.112 3643 12.841 0.5 267 1.1 620 1,l 1.1 1,2 1.382 1.5 1 , ~ 2,s 5*5 ralerb~,snmm 190 379 449 532 622 751 1.141 0.7 235 0.6 336 0,s 0,6 0.6 0.6 0,s 0,s 0,5 KOM~y~Mnal(mm 222 0 8 350 1,l 708 1.2 1001 1.5 1289 1.6 1.711 1.8 2255 2.0 3006 2,l 5.311 2.3 O T ~ ~ Ipa38nere~m~ X , 68 0.2 132 0.3 220 0.4 292 0,4 355 0,4 439 0.5 511 0.4 718 0,s 1.402 0,6 np9n~erblMMenbl 991 3.4 1 372 3,4 1664 3,4 1959 3,4 2339 3,4 2.822 3,s 3.230 3.4 3.718 3.2 4.566 3,2 7.311 3.1 Aynmo-sweoo6opyn 109 0,4 323 0 8 587 1.0 733 1.1 964 1,2 1349 1.4 1670 1,s 2651 l , g 4.584 2,O HWMBWycnym 323 1,i 406 0.9 478 0.8 541 0.8 601 0,7 660 0.7 787 0.7 913 0.6 1.467 0,6 0 ~ 8 0 6vcnvm . 1.045 q6 1.742 4.9 3.224 5,6 4.497 6.6 5.774 7,2 7.442 7 9.666 8.4 12.967 9-1 22.441 9,6 wpaeooxpa~e~me 112 0,4 1% 0.4 256 0.4 414 0.6 601 0,7 698 0,7 996 0.9 1404 1.0 2.533 1,l nen-ea, en 06opyn 411 1.4 572 1,4 9M 1,6 1.139 1.7 1422 1.8 1.858 2.0 2340 2,o 2945 2,1 4.087 1,8 06pa3oeanme 331 1.1 695 2,o 1386 2.4 1.916 2,g 2522 3,l 3.252 3.4 3859 3,4 5084 3,6 8.207 3,5 K Y ~ ~ Y P ~ 47 0.2 92 0.2 202 0.4 326 0,s 434 0.5 546 0.6 874 0,8 1.159 0,8 2.393 1,0 n p e e 144 0,s 248 0.8 475 0,8 701 1,o 797 1,o 1088 1,1 1596 1,4 2.375 1.7 5.221 2,2 A. 15% HnC B % or: Pacnonaraeuoro 8.29 8,76 9.34 9.73 10.07 10.40 10.68 10.97 11.21 11,20 aoxona ~orpe6nenufl 9.35 9.97 10.67 11.20 11.66 12.13 12.57 13.03 13.48 13.89 B. I517.5%HnC B % or: Pacnonaraeuoro poxopa 7.32 7.66 8.10 8,36 8.55 8.75 8.91 9.10 9.29 9.50 llorpe6nemufl 8.16 8.60 9.12 9.46 9.74 10,02 10.27 10,58 10,92 11,514 3.21 ~ ~ O C TPaCCMOTpeHMe ~a6nnsblnOKa3blBaeT, KaKMe O ~ CTaTbM PaCXOAOB He3naCTMSHbl no ~oxony( ~ . e .pacxoAbl, KoTopble CHnxatOTcR MeHee qeM Ha 1 npoqeHT, ecnn AOXOA nanaeT Ha 1 H ~ O ~ ~ H MT )KaKMe 3JlaCTHqHbl H0 AOXOQ'. COOTB~TCTB~HHO eAMHMqHaR 3JlaCTMqHOCTb LUMPOKO pa3nenReT 6a30~b1eTOBapb1, KOTOPble COCTaBJlRtOT OCHOBHYtO qaCTb n o ~ p e 6 n e ~6ne~~ ~ b CJlOeB 1 x HaCeneHHR, OT He6a30~bl~~ P ~ A M ~ T POCKOLUM), ( O B n0Tpe6nRe~bl~OCHOBHOM ~ O ~ ~ T ~ Inkiue~ble B M M . flpOflyKTbl RBHO OTHOCRTCR K 6 a 3 0 ~ b lTOBapaM, nOCKOnbKy PaCXOnbl H a HMX CHMmatOTCR C ~ 45 HPOqeHTOB AOXOAa B HHXHeM AeqMne A0 24 npOUeHTOB B BepXHeM AesMne. 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H ~ Y A H B U T ~ M ~o He Ob ,p ~ n n a c n p e A e n e H m 3 @ @ e ~B~uae n o M c0enanae.r c M o n e n b t o P a C n p e n e n e H M R 3@@eKTa OT e ~ W H 0 f i ~ - I ~ ~ o u ~ H TCTIBKM. 1 H o ~ ~ CTOMT OTMeTUTb, q T O WC n p U 3TOM H e CTaHOBWTCR 6onee nPOTpeCCMBHblM. ECT~CTB~HHO,e 3 @ @ ~ ~ W B H b l eCTaBKW H a J O r a n p W 3TOM CHUXatoTCR, HO 3TOT 3 @ @ eMOXHO IlOnHOCTbto OTHeCTW H a C r e T npe,&tlaraeMOrO ~ ~ CHlWCeHM CTIBKW. Cornac~on p e n n o n o x e H u t o pamoro p e 3 y n b ~ a ~ a ,~ e o 6 x o n u ~6oy n e ~w c n o n b s o s a ~ bc~pymypy n B 0 f i H b l x CTaBOK B, CKiUKeM, 18 H 9 nPOlJeHTOB, HO M O n e n b P a C n p e A e n e H W R 6 p e ~ e H W npw 3TOM H e 6 y n e ~ OTn WraTbCR OT M O n e n c l 1 5/7.5 npOlJeHTOB. 3.26 H a ~ o ~ eMOXHOu , OTMeTUTb q T O WC WMeeT 6onee n p o r p e c c ~ ~ ~ b~@@C?KTr e M ~ 0 I J M ~ b H b l f i l f i H a n o r , no n p w r w H e C T ~ Y K - ~ ~ PcLTIa B o K nocnemero, KOTOPLI# no CYTW RBnReTcR 6 p e ~ e H Te o~n b K o H a nwu, nonyratoqwx 3apa6o~~yto nna-ry. 3.28 Aanee, B s e n e H w e n~ofi~ofia c T e K w n p w B e n e T K s ~ a r w ~ e n b ~y eoe n~wyr e H u t o pacxonos H a ~ M M H U C T p M p O B a H W eW KOHTpOnb C O ~ W P ~ ~ M O C TOHC, O ~ ~ H H Oecnw , WC H a O ~ O P O T ~ I0,6 n a r a e ~ b l e no p a 3 H b l M CTIBKIM, 6 y n e ~YrWTblBaTbCR p a 3 n e n b H O . Tame, n W @ @ e p e ~ ~ b i p ~ B a ~ HCTaBKW b l e ~ p e 6 y t o ~ AOnOnHWTenbHOrO aYAMTOPCKOr0 KOHTPOIIR, YBenW'lWBatoT B03BPaTb1, C n y X a T n p U r l l H 0 # 4 ' Ann POCCUU, CM. A. Decoster u I. Verbina, ((KTo nnaTnT KocBeHHble ~anoruB POCCUU?)) AHCKYCCUOHH~A pa6o~aWIDER N?.2003158 (2003), nnn n a ~ u c ~ aS. aRefaqat, ((Couuanb~oePacnpenene~ueO6ulero Hanora ~ , c JIponam n a ~ u c ~ anoman MB@ WPl031216 (Hon6pb 2003). B ~ e , BO3HHKHOBeHWH n p o 6 n e ~ C T ~ ~ M u H o J ~ o U~ u IlpHBOnHT ~ ~ ~ K HapyUleHHHM K ~ ~ C C U @ U K ~ U H H . ~ ~ H e u 3 6 e x ~ b 1~ Y A Y TaHOManMW, O C O ~ ~ H H O ecnn 6 y n e ~n p o B e n e H 0 pa3nnrne M e m y n H U e B b 1 M U I l p O n y K T a M n , n 0 ~ p e 6 n H e ~ b l n~OkM a (06naraeMblM1.1 i no 6onee ~ 1 . 1 3 ~ 0C sT ~ B K ~ )M n 0 T p e 6 n H e ~ b l B~ ~ , p e C T O p a H a X ( 0 6 J a r a e M b l M ~ no C T ~ H ~ ~ ~ T C TO~#B K ~ ) . H B B e n n ~ o 6 p u ~ a ~KnOnM n a H n H , T O p r y t O U H e TOBapaMI.1, 0 6 n a r a e M b l ~ ~ ABYM C T I B K I M , HeCYT B n B O e 6 o n b m e U 3 n e p X e K H a K O H T p O n b TOqHOCTI.1 no y n n a T b 1 H a n o r o B , r e M K o M n a H u n , BCH n p o m K u u H KOTOP~IX 06narae.r~~ enn~oiiCno T ~ B K ~ . ~ ~ Aanee, HCCJIeAOBaHHH llOKa3bIBaH)T, 9 T O C H W e H H a H CTaBKa C H U X a e T YPOBeHb C O ~ H ~ ~ ~ M O CHTa U 7 45 IlpOUeHTHblX Y H K T O B . K p o ~ eTOrO, n n @ @ e p e ~ L I ~ p ~ ~ CTaBKll l C'beLlamT HaJlOrOBYH) a ~ ~ b e 6a3y, T a K KaK o H n Y B e n u r n B a m T n a a n e H n e n e p e a e c T u c c n o c ~ o i i ~ b ~ eT)o)s a p b r n ycnyrn, 0 6 n a r a e ~ b l e no C T ~ H ~ ~ ~CTaBKeOB~KaTerOPHH), T H 06narae~ymno CHHX~HHO# CTaBKe. Bce 3 T 0 IlPUBOLlNT K 6 0 n b m o i i TpaTe OrpaHHreHHOrO iiAMHHnCTpaTUBHOr0 P e C y p C a . H ~ ~ ~ u B u T 70 ~ ~l Hu oH ,O ~ I p O e T B C T p a H , B H e n p u s w u x HAC B n o c n e n H e M A e c m n n e T n u , ~ b 1 6 p a n n ennHym n o n o m n T e n b H y m c-raeKy. 3.30 COXP~HHOCT~ HAC KaK pa6oreii JlOUlanKM H ~ ~ J I o ~ o BCMCTeMbl K a 3 a x c T a H a M O X e T 6 b l ~ b o ~ ~ 06ecnere~aT O n b K O (a) n p U YCnOBUH MHHWMClJlbHOrO CYUeCTBOBaHMH P a 3 P b l B O B B U e n H HAC M e m y I l e p B O H a r W I b H b I M n p O U 3 B O n H T e J l e M U KOHeqHblM n o ~ p e 6 n ~ e n eH~(6) , e C n H B 0 3 B P a T b l H3JlMUlHe y n n a 9 e H H O r O HAC OCyUeCTBnHWTCH KaK M O X H O CKOpee, n p H yCJlOBHki O ~ O C H O B ~ H H O C T M 3aHBOK H a BO3BpaT. P a 3 p b 1 ~ b 1 B U e n H HAC, IlpOHCXOAHUHe A 0 BblXOAa H a ~ 0 3 H U q H b l i i Y P O B e H b C O 3 A a m T K ~ C K ~ A H ~ I ~ 3 @ @ e ~( ~I L B O ~ H O ~ O H ~ ~ O ~ O O ~ ~ O X ~ H H ICIK) M ~ K I U H ~~ ~K O H O M M ~ ~ C K MB# ~ I ~ O P , , n p e n n o n a r a m T , TO O n p e n e n u T b CYMMY HAC, B K n m r e H H y m B n o ~ p e 6 n ~ e n b c ~ueHy, H~BOSMOXHO y m n ~ p e 6 y mn~O n O J l H M T e n b H O r 0 a y n U T O p C K O r 0 KOHTpOJH. O C B O ~ O ~ ~H H W H a PO3HMqHOM Y P O B H e I l p e f l n O n a r a m T HeAOCTaTOrHOe H ~ O ~ O O ~ ~ O XM~THMUCaMbIM H C K M a t O T ~ K O H O M M ~ ~ C~KbWl 6~ 0~ ~ . e ~ , 3anepx~uB B b r n n a T e B O ~ B ~ ~ T aOHBa n o r w r H o u M e m T H e H y n e ~ o i i u n u c ~ p u ~ u ~ n p y m3~@i@ e ~ ~ . u i @UPMLI T e p H m T n p n 6 b l n b , KOTOP~KI OHM M o r n n 6 b 1 n o n y r u T b H a CYMMY 3anepxa~~oro nna-rema. K p o ~ e TOrO, 3 a A e p X K U C BO3BpaTOM I l O n p b l B a m T P e Y T a U U W CaMOrO HAC, IlOCKOJlbKy a n M u H u c T p a T o p b 1 H a n o r a ynepmnsaw-r cpencma, H a K o T o p b r e H e u M e m n p a B a . 43 O r e ~ nbo y q w T e n b H a ceHTeHuwn, ~ a i i n e ~ B~CUIHBHOM H ~ ~ ~ HHmoza Ha d06ame~~yrocmouuocmb 6 a n H H Espone ( M e ~ n y H a p ~ f l H6mpo ~ H c K ~ J I ~AHOoK~~ M ~ H T ~OTHOCnTenbHO CTpYKTypbl CTaBKW HAC BO ~ e U U U ) a p a ~ u n u : n p l l ~ e ~ e ~~k0i~ep a m e H H oCTaBKH q~e3BblqafiH0CJIOXHO. OH^ npHMeHAeTCH K 6 o n b m o ~ yKOJIHqeCTBy TOBapOB f i H YCJIyr, 'ibe TeXHnqeCKOe OnnCaHHe He BXOnnT B U e n n ~ ~ H H OKHHTH. npIlMeHeHHe C H W X ~ H H OCTaBKH TaKXe A ~ ~ n H o r n a saencn~OT ycnoenii, B KOTOP~IXs a ~ n m q a n a c bcnentca. H a n o r o e b ~ eo p r a H b l B b l n y c T n n u pnn H H C T P ~ K U W ~ ~ nnn p a 3 p e w e ~ n soco6o c n o x H b r x eonpocoe. TatcnM 0 6 p a 3 0 ~ ,H n x e c n e n y m m a s nnctcyccnn n a e T Tonbtco o6mee npenCTaBJleHne 0 TOM, B KaKWX CJIyqaRX npnMeHReTCR n O H H H t e H H ~CTaBKa 44 B ~ P O R T H O ,B B ~ ~ H K O ~ ~ ~ Tno H H H HAC ~ CnOXHOCTn HeMHOrnM ycTynaeT HAC BO C D ~ ~ H U H HB. KaqeCTBe nJIJIlOCTpaUHH: n p H o6noxe~nnIlMUeBblX npOnyKTOB no H y n e s o R CTaBKe, H ~ O ~ X O ~F~e CMTOb CJIenylOulHe @ ~ K T O P ~ I :MeCTO n o ~ p e 6 n e ~ u nBpeMH, no~pe6ne~nn,TeMnepaTypa, COneHOCTb, KOnIl~eCTBO, 06-t.e~, KoHueHTpauun, c o n e p x a t i n e caxapa, ~ c n o n b 3 o e a ~ nnaen b u e s npn norpe6ne~nnn conepxatine a n t c o r o n s . 45 CM. A. Agha ki J. Haughton, ( ( P a 3 p a 6 0 ~ t c a CllCTeM HAC: HeKOTOpbIe c o o 6 p a m e ~ ~~s@ @ ~ K T H B H O C T W , 3~o~o.wulrec~o-Cmamucmulrec~uti 0630p, ,7812 (1 996). 3.32 O C B O ~ O W ~ H W( IC P ~ ~ C T npOU3BOaCTBa B ~ o6naram~c11H U O r O M , a B b l p y l c K a H e 06narae~c11) H a p y m a m o c H o e H o e nonoxetiue WC o TOM, TO B c e BnAbl n o ~ p e 6 J l e ~ U InIo n x H b 1 0 6 n a r a ~ b c n H U O r O M no ~ A H H O # ~ @ @ ~ K T H B H O #CTaBKe. O C B O ~ O W ~ H WOIT Wc A 0 A O C T W e H W I pO3HHqHOrO YPOBHII HMeIOT PIIA C e p b e 3 H b I X HeAOCTaTKOB: (1) OHM n p H B O m T K ~ B O # H O M H~ U O ~ O O ~ J I O X ~ H H K I CTOUMOCTH, A O ~ ~ B ~ ~ HAH0 O # CTBAHH O C B O ~ O > K A ~ H WHI T e M CaMblM HaKa3bIBiUOT JlHu, r1pH06pe~afolJJki~ T O B a p b l y IlOCTaBlJJHKOB, O C B O ~ O ~ ~ H H ~ I X OT WC; (2) no TOG Xe n p H q U H e , 0 ~ ~ 0 6 0 W e ~ kM iOAV T n p e B p a T U T b C R B HaJIOr m l l 3 K C n O p T e p O B , nOCKOnbKy OHM 3anpelJJaIOT B 0 3 B P a T H U O r a , y n J l a q e H H O r 0 H a CpeACTBa npOH3BOACTBa; (3) o c ~ o 6 0 ~ e ~HuKea a 3 b l B a e T a y T C O p C U H r U CO3AaIOT CTUMYn AJlR U H T e r p a u H U @HPM; H (4) OCBO~OW~HUII YCJlOXHRIOT n p O u e C C a n M U H U C T p U p O B a H H R WC y T e M CO3AaHUII H ~ O ~ X O A U M O C T Hn p a B I l l l P a C n p e A e J l e H U R H U O r a , T.e. OTHeCeHUR HAC H a n O K y n K U K 0 6 n a r a e ~ o ~06opo.ry (c y s a q e T o M H a n o r a H a n o ~ y n ~ uH )OCBO~OXW~HHOMY060po~y(6e3 npasa 3 a q e T a ~aJI0ra).O C B O ~ O W ~ H HHRa P03HUqHOM ( K O H ~ ~ H O MY)P O B H e C ~ O C O ~ C T B Y I O T((PaCTIITHBaHHIO oceo60xne~uA)),T a K KaK O C B O ~ O X ~ ~ HOT ~ I ~ H WC @ U P M ~ I nb1TaIOTCII y 6 e a U ~ bH U O r O B b l e O p r a H b l p a C n p O C T p a H k i T b o c ~ o 6 0 ~ e ~OTuHAC e U H a CBOUX IlOCTaBlJJUKOB. 3.33 ~ T U HeaOCTaTKU KICIIOTCII BCeX O C B O ~ O U ~ H U # , B TOM q H C J l e U TeX, q T 0 OTHOCRTCR K 3 a P a B O O X p a H e H H t 0 , 0 6 p a 3 0 ~ a ~ H I H, B O C O ~ ~ H H O C T U~,~ H K O B C W MU CTpaXOBblM YCJlyraM. O O ~ H ~ KTO , 3 U c t c T a H a a p T H b l e O C B O ~ O W ~ H H R ) )m u p o K o p a c n p o c T p a H e H b 1 , u M ~ IH e n p e A n a r a e M Ka3axc~aq IlpOJlOXUTb H O B ~ I # y T b nOCpeACTBOM H ~ O ~ O O ~ ~ O X ~OHCUBIOI~ O W ~ H H ~ IBHAOB Y C n y r . X O ~ H ~ K O , CylJJeCTByeT T a m e U PIIA ((HeCTaHnapTHblX OCBO~OW~HU#)), KOTOPble H U O r O B b l e O p r a H b l AOrvKHbl I l e p e C M O T p e T b H no B03MOXHOCTH OTMeHUTb. ~ O ~ T O YCJlyrU~AOnXHb1 0 6 n a r a ~ b ~ HaJIOrOM, IlOCKOJlbKy OHU KOHKYPHPytOT C 'IICTHbIMU B ~ I I I n e P e B 0 3 q H K a M U n H C e M M U IlOCblJlOK; n O q T O B b l e M a P K u IlpeACTaBnRIOT co6o# HaJlOrOByH, 6a3y H a YCJTyrU nOllTb1. M b l a O n X H b I nPU3HaTb, q T O B EC 06noxe~ueH U O r O M nOqTOBb1X Y C n Y r CIlllbHO H e P a C n p O C T p a H e H O , XOTII @ u H ~ I I H ~ H RU U ~ e u k i ABKnIOllaIOT IlOqTOBble YCJlyrH B 6a3y HAC; O n p e a e J l e H H 0 , H e T H U K P K O ~nPHr(HHbl O C B O ~ O W ~ TO T ~ WC YCJlYrH IOPHCTOB U HOTaPki)'COB, KOTOPble, KaK npaBl.tn0, BblCOKO 3 n a C T H q H b I n0 AOXOAJ' U KOHKYPHPYIOT C ~ U 0 ~ 0 0 6 n a r a e ~ b l ~ H YCnYraMU, OKa3blBaeMblMH KOHCaJITUHrOBblMH H aYAUTOPCKUMH KOHTOPaMH. H e o 6 n a r a e ~ b l e Y C n y r U , O K a 3 b l B a e M b l e 3aPel-'HCTPHPOBaHHblM nnaTenblJJHKaM HAC, p a 3 p Y U a I O T u e n b WC H H e npHHOCIIT K ~ K H X - n H 6 0BblrO.4 IOPHCTaM I U H HOTaPHyCaM. O K a 3 b l B a e ~ b l e. ~ O M O X O ~ I I # C T B ~ M , ~ e 0 6 n a r a e ~ b YeC n y r H l n o 6 y ~ a 1 K0TOMY,~ q ~ 0 6 b B b I n a B a T b K O H C U T H H r O B b l e H aYAHTOPCKHe 1 ycsryru 3a IOpHAHlteCKHe H H O T a p H U b H b l e . Y ~ J l y r uIOpUCTOB U H0Tapki)'COB 06narafo~c11 HAC nowu BO B c e x c T p a H a x EC, 3a u c K n m e H u e M numb a ~ y xT c p a H n3 A B a a u a T n ~ T H : 1;enbrnn u rpeuun, rae I O p m u r t e c K n eycsryru WC o6naram~c~;H e Bo M H o r n x c T p a H a x EC WC T a m e n o m e x a T n o x o p o H H b r e , ~ n a n 6 n q e ~ c ~ n e n K p e M a u U O H H b l e Y C n y r U , HO H a p y U e H W I .iRennH H e n p e p b l B H O r O n o ~ p e 6 n e ~ 1 Bi AaHHOM CJI)'qae . ~ HeBenUKH. COOTB~TCTB~HHO,H Mbl e C A e n U H PeKOMeHflaUHH 0 BHeCeHHH K~KHX-nu60 H ~ M ~ H ~ HBUTO# CBII3H;# H ~ TOCHOBaHWR AJlR O C B O ~ O ~ ~ HOT R W W C reOJlOrOpa3BeAOqHblX H n3brCKaTeJlbCKnX pa6o.r. ~ ~ ~ ~ ~ o J ~ o X L 3TO ~IlOJlOXeHWe, 6b1na BBeneHO ~ T J I ~ H O C TeM, q~06bl He+~RHble W r0p~0n06bl~atO~kieKOMnaHtill MOrJlki WMnOPTHPOBaTb KanWTaJlbHOe O ~ O P Y A O B ~ H6e3 H ~ HAC W H e AOJlXHbI 6b1nn6b1nOAaBaTb 3aRBKY H a BO3BPaT W C B CJIyqaRX, KOrna W C Ha nOKynKl.1 npeBblUlaeT W C Ha npO&UKki. O ~ H ~ K@O~ ~ @ K T H B H O~ J ' H K ~ w o H N P J ' ~ O MeXaHW3M ~ W ~ ~ BO3BpaTOB AOnXeH PeUlkiTb npo6ne~yki3JlHUlHerO 3aqeTa W C , KOTOPaR MOXeT BO3HWKHyTb B XOAe ~ O ~ ~ O C ~AeRTeJlbHOCTki npennpnRTHR. Ocao6oxne~neTaKOrO POAa H e CyqeCTByeT O ~ H O ~ HW B O A H O ~n3 c-rpaH ~ EC, n o n ~ o epaccMo-rpeHne ero nocnenc~sniiH e s x o n n ~B paMKn AaHHOrO OTqeTa. AHEUIO~H~HO, ~ e o 6 x o n n ~OTMeHWTb o O C B O ~ O W ~ H W OT HWlOra ~ 3aperkiCTpkipOBaHHblX nnaTenbqnKoa HAC, ocyqec-rannmqnx n~+pac-rpy~ryp~b~enpoeKTb1 no 3a~a3yrocynapcTaa. O r ~ e ~AaHHoro nonomeHnR a H e npnHeceT K ~ K H X - ~ H nononHnTenbHblx nocrynne~nii, ~ O n0CKOJlbKy KOMnaHHH 6 y ~ ) 'J'Ka3blBaTb ~ CYMMY W C Ha ~qeTaX-@aK~paX,KOTOPble ~ Y A Y T OnnaqHBaTbCR COOTBeTCTBytO~HM OpraHOM, llPOH3BOARqWM PaCXOAbI W C O ~ W ~ ~ T ~ C H HaJlOrOBblM KOMWTeTOM. O ~ H ~ KOTMeHa AIHHO# O , CTaTbW IlpeAOTBpaTMT MOUIeHHHqeCKOe nepeHanpaeneHne OCBO~OW~HH~IX OT HAC ycnyr pa6oqeii cmbr, yqac~aytoqeii B H H ~ ~ ~ C T ~ ~IlpOelcraX, HH a~~ I~ 0Xr 0 0 6 J l a r a e ~BkinbI AeRTeJlbHOCTn, MapKHpJ'R K ~ ~ b l e J'CJlJ'rH HeHannexaqnM rry-reM. 3 ~ oc~o60mne~ne o HapywaeT OAHO n3 + y ~ n a ~ e ~ ~ a n b ~ b ~ x npaBm MAC: 3apernc~pnpo~a~~br ii nnaTenbqnK nonxeti Bcerna B ~ H M ~HAC, ~ e s a ~ n c nOT~ o T ~ tOpnnnrecKoro cTaryca ero KnnetrTa mn snna nocTaanReMbrx Toaapoa mn ycnyr. nepec~o-rpe~b Tame CTOWT O C B O ~ O ~ ~OTH M ~ Hanora KynbrypHbrx ycnyr. Enne~brB Tea-rpbl, H a KOHqePTbI, B MY3eH W TOMY nono6~oeKOHKYPMPYtOT C ~ a J l 0 ~ 0 0 6 J l a ~ a e ~ b 1 ~ ~ BMAaMW pa3BJleYe~kifi,TaKWMW KaK CnOpT, rryTellleCTBHR Id YTeHHe, I4 n03TOMY AOJIXHbI 0 6 n a r a ~ b ~ ~ HWOrOM. A ~ a n o r n r ~ orOCJ'napCTBeHHble , panno- kl TeJleCTaHlJMM KOHKYPWPYtOT C ~anoroo6narae~ b1M SaCTHbIM BeqaHNeM li APYrMMM + O ~ M ~ M KOMMYHHKaqWW. H OqeHb Man0 c-rpaH EC ocao60wae~OT HAC KynbrypHbIe ycnyrn, panno n TeneanneHne. 3.34 C ~ M Ocepbe3~0iiJlbr0~0iino o c ~ o 6 o ~ e ~OTtHAC - # n o C TOqKW 3peHMH nOTepu HlUlOrOBblX n0~~nJIeHkifiYCnOXHeHMR aAMMHMCTPMPOBaHllR M -RBJlReTCR O C B O ~ O ~ ~OTH M ~ - HaYMHaR C W C 1 HHsapR 2005 r. - nep~oiinponaxn B H O B ~~ O C T ~ O ~ H HX~ I~X ~ sna~nfi. 3 ~ nbroTa nponenbraae-r I X a OrpoMHym 6pemb B 6a3e HAC n HaHocnT ymep6 nocrynneHnRM OT 3~01-oHanora. n o pacqeTaM nnR qenei HaUMOHWlbHbIX CqeTOB, XMJIHqHble YCnYrM, BwltOSaR aPeHnHytO IlJIaTy I4 YCnOBHO HarncneHHyto CTOMMOCT~apeHnb1 npn npoxnBaHnn B C O ~ C T B ~ H H Oxnnbe, B M 2005 r. cocTaanRna 15% OT O ~ L I J U XMHAHBUAYanbHblX ~ o T ~ ~ ~ H T ~ JPaCXOnOB. x I ~ c K H H ~ C O M H ~ HXUIIHUJH~I# H O , CeKTOP CnHUlKOM BenHK, q ~ 0 6 b 1 eTO MOXHO 6 b 1 n 0 H e Y q H T b l B a T b npki pa3pa60~~eH n p H M e H e H H H XOpOUlO ~ ~ H K ~ ~ ~ o H H ~ ~ ~C O U J ~ ~ OWC U~HPOKO# 6a30i. T ~ K KaK B K a 3 a x c T a H e HOBble X k i J b l e n O M a A O W H b l 6 6 1 ~ ~ .no~pe6n~enbc~o#a c ~ ~ b e isin, a c T u r H o s a ~ n c ~ q eOT#y p o B H n noxona, TO o c ~ o 6 0 w e ~ Tu ea w e RBnReTCR U PerPeCCUBHbIM no OTHOUleHUtO K AOXOAaM: OT TO# JIbrOTbl 6 0 n b ~ l eBb1UrPb1BaIOT 6 0 r a ~ b l e ,H e m e n n 6 e n H b l e . M nocnemee (no nopnntcy, HO H e no s ~ a q e ~ u m3) :~nab r o T a c y q e c T s e H H o PaCUlUpReT B03MOXHOCTI.1 Y M O H e H U R O T YnJlaTbI WC - B qBCTHOCTU, B CO'leTaHUU C O C B O ~ O ~ ~ H U ~ M OT ~ ~ a T b 1 HAC U H + ~ ~ C T ~ Y K ~ P H ~ I XU IlpOeKTOB C B O ~ O ~ H 3KOHOMUqeCKUX 30H. ~ I X 3.35 Bo B c e x e~pone#c~uxT c p a H a x n e p a a R nponaxa B H O B ~ noc-rpoeHHblx x n n b ~ x sna~n# 06narae~cnH a n o r o M no c ~ a ~ n a p ~c~T oe i ie WC, a a K a p e H n H a n n n a T a u y c n o a H o H a q n c n e H H a n CTOUMOCTb a p e H A b l n p U IlpOXHBaHkiki B C O ~ C T B ~ H H O XkiJlbe O T YIlnaTbl M HAC O C B O ~ O ~ ~ I O THCaRTOM OCHOBaHUU, 9 T O BBeAeHUe HAC H a apeHAH)'lO IUIaTy U YCnOBHO H a q U C n e H H y l o CTOUMOCTb a p e H A b l HeB03MOXHO no IlOnLiTHqeCKUM I l p U q U H a M U CnUUlKOM C n O X H O D R anMHHUCTpUpOBaHUR. HO H ~ ~ O ~ O O ~ ~ BHOBb~ IIOCTpOeHHblX mMnblX ~ A ~ H URBnneTCA XOpOUlHM CUrHaJlbHblM IlOKa3aTeneM O X H U ~ # B OTHOUleHMU WC, KOTOP~I# AOJlXeH B3UMaTbCR C ~ ~ ~ H A H IUIaTbl U y C n O B H 0 O # H a q u c n e H H o f i CTOUMOCTU a p e m b 1 . B KOHUe KOHUOB, U e H a IlOKynKU X W l b R M O X e T PaCCMaTPkiBaTbCR KaK p e n p e 3 e ~ ~ a ~ k i ~MHnUKaTOP~ b l # K ~ ~ H T ~ J ~ U ~ U ~ CTOUMOCTHO # O B ~ H H 6 y ~ y q n xY C n y r 3TOrO X W l b R . C n e f l ~ B a T e n b H ~ , WC H a U e H y IlOKynKU M O X e T PaCCMaTpUBaTbCR KaK XOpOUlUX C M ~ H ~ ~ H ~ I # n o K a 3 a T e n b ~ a n u ~ a n u 3 n p o e a ~C~YoM#M ~ I WC, KOTOPLI# A o n m e H 6 6 1 B ~ H M ~ T ~ C I I onna-rbl c m n n u q ~ b ~ x ycnyr A a H H o r o xnnm. B p e 3 y n b ~ a ~ e , no~pe6ne~nnU X S I U ~ H ~ I X ycnyr B + o p ~ aep e H n b 1 u y c n o B H o ~ a q n c n e ~ ~ oCTOHMOCTU# a p e H n b 1 0 6 n a r a e T c R H a n o r o M H a p a m e c n p o r u M u ~ O T ~ ~ ~ U T ~ ~ TOBapaMH. U ~ C K U M 3.36 3 T a +~.~~oco+HH OCHOBaHa H a AByX nOAXOnaX: MeTOA H ~ J ~ O ~ O O ~ ~ O X H H MeTOA ~ U R o c ~ o 6 o w e ~ uOTn ynna-rbl H a n o r a . nonxon ~anoroo6noxe~un,p n n ~ e ~ ~ Be ~ b ~ #Aec-rpanuu, Ka~ane n HOBO#3 e n a ~ ~ unup e A n o n a r a e T , r T o nponaxa n a p e H n a H e n B m u M o c T u , B n p n H u u n e , M o x e T 0 6 n a r a ~ b c nH a n o r o M , HO OT ero y n n a T b 1 oc~o6owae~cne a p H n H a R n n a T a 3a a p e H n y m n b R ( p a ~ ~ o KaK n y c n o B H o H a r u c n e H H a n CTOUMOCT~a p e ~ n b ~ ) ,T a w e a nponaxa xnnoro H e n e m u M o r o u M y q e c T s a , B KOTOPOM n p o n a B e u p a H e e npoxuaan. 3 ~ o3~aqae~,TO 06naram~cn~ a n o r oC-rponTenbcTBo, o ~ nepec-rpoii~au 06cnyxuea~ue(conepxca~ne)sna~na,a T a m e apema K o M M e p q e c K o r o H e n s n m u M o r o H M Y q e C T B a (AJIR uene# BeneHHA ~ K O H O M H ~ ~ C KA ~# R T ~ ~ ~ H O C T U ) . O np0na.Xa C y ~ e C T B y t O ~ U3Xn a H u # T a M e 06narae~c~U H O r O M 3a U C M K l q e H U e M X k i J O r O HeflBHXUMOrO U M y q e C T B a . 3.37 nonxon O C B O ~ O ~ ~OT Y n~J l a T b l H a n O r a , 3 a n 0 X e H H b 1 # H U B 6-# A H ~ ~ K TEUBB~~O ~ ~ # C K O ~ O Coma, n p e n n o n a r a e T , N TO nponaxa n apeyqa H e n B u x u M o c T u , B nputtunne, oc~o6omae~cn OT y n n a T b 1 H a n o r a , HO 06naram~cn H a n o r o M B H O B ~n o c T p o e H H b l e sna~nn,a T a m e nepec~poii~a n 06cnyxu~a~ne (conepxa~ue)c y q e c T n y m q u x sna~u#.B o T n u s n e OT nonxona ~anoroo6noxe~m~ ~pe6ymqeroonpenenetim ~ c n o n b 3 o ~ a ~ u ~ Ann ueneii x n n b ~ , nonxon o c ~ o 6 0 w e ~ uOT n y n n a T b 1 H a n o r a ~ p e 6 y eK~o H K p e T H o r o O n p e n e n e H u R u c n o n b s o ~ a ~ m nnn H e m n n b l x ueneii - H a n p n M e p , rOCTUHUub1, naHCUOHaTb1, KeMnMHTU, a ~ ~ 0 ~ 0 6 k i J l b CTORHKW ~ b l e - BCe 3 T 0 06narae~cnHanOrOM. Lonee TOTO, T a K KaK n c n o n b 3 0 ~ a ~ n Be K o M M e p q e c K n x u e n R x n nponaxa cyqec-reymqero H e n B u x u M o r o H M y q e C T B a o c ~ o 6 0 ~ n a e OTc ~H ~ a n O r a , AOJlXHa C y q e C T B O B a T b B03MOXHOCTb P e r H C T P a u l I U ( ~ $ ~ K Y ~ ~ T ~ T M BBO O ) H n36exa~ne~ ~ o T ~ H u H ~ J ~ ~ H o # H aKKYMYnUPOBaHUII AUCKPHMWHaUUU WC. 3.38 06a MeTOAa A O n X H b l Y q U T b l B a T b B 0 3 M O X H b l e IlOCJleACTBHIl B3UMaHHR WC AnR H&lH'lWl 3 e M e n b H b l X YWCTKOB, KOTOPble DP0AIH)TCR H n0KYIlaH)TCR PeXe, q e M 3AaHUR, H 6onee q a C T 0 UCnOnb3ytOTCR Ann ~ P O U 3 B O A U T e n b H b l X Ilene# B C e K T O p U , O C B O ~ O ~ ~ H H ~ YIUlaTbl HaJlOrOB - B OT I X T a K n x , KaK, H a n p n M e p , C e n b c K o e XO~R#CTBO. B A~c-rpanuu,HOBO#3ena~nuuu Ka~aneOT H a n o r a O C B O ~ O ~ ~ K ) T CTOnbKO I I 3 e M n U C ~ ~ ~ C K O X O ~ H # C T B ~Ha3HaqeHUR. H H O ~ ~ C npyroii CTOPOHb1, 6-11 A H ~ ~ K ToUc ~Bo~6 0 w a eOT~ H a n O r a BCe 3 e M n H 3a HCKJlloqeHUeM CTPOUTenbHblX nnOL4aJlOK. K ~ K ki CneflOBaJlO OXHAaTb, DOAXOA H ~ o ~ ~ ~ ~ J I o nX3~OHRUTI IOXBaTUTb 0 B n e 6 0 n b m e e KOnUqeCTBO HanoronnaTenbunKoe, Hemenn nonxon ocso60mse~n~ ynnaTb1 Hanora. P e s y n b ~ a ~HsnHeTcH OT o ~ 6onee paBH0npaBHblfi H 6onee HefiTpWIb~blfipeXMM. 3.39 B~opoeno ~ @ @ ~ K T M B H O C T M PeUleHHe, llpMMeHHeMOe BCeMM CTpaHaMM, B3HMatoUlHMH HAC Ha mnnnulHble ycnyrn (oc~o60mse~ne Hanora apeeneoii nnam n ycnoeHo ~ a r n c n e ~ ~CTonMocTn OT o i i apeHAb1; ~anoroo6nome~neBHOBb llOCTpOeHHblX AOMOB),B o 6 u e ~M UeJlOM yAOBJleTBOpHeT 0 6 U J e l l p l l ~ ~ ~KPWTePHto rOPM30HTiUlbHOrO PaBeHCTBa, H ~ ~ ~ T ~ W I ~ H O COCYUJeCTBMMOCTM. 0 ~ y T M OAH~KO, llOAXOn ~ a n o r o o 6 n o m e ~(Hanor Ha BCe HenBHMMOe HMyUJeCTBO, oc~o6omse~ne n ~ OT Hanora xnnnul~b~xycnyr n nponamn cyuecTeytouero mnnb~)nyrme nonxona O C B O ~ O ) K , ~ ~ H HOT H HUlOra (oc~o60m4ae~c~HUOra BCe HeABnXMMOe MMYueCTBO, OT 38 UCWItoSeHMeM HOBOrO ~KllbH). ~ P HIlOAXOAe HZIJIO~OO~JIOX~HHH KOMMepreCKaH 3KCllnyaTauMR HenBlsKPiMOrO MMyueCTBa, He HanrrtoulerocH mnnbeM, nonHocTbto 06narae~c~HanoroM. npn noaxone ocao60mse~n~ Hanora He OT 0 6 n a r a e ~ cHUlOrOM npnpOCT ~ CTOMMOCTM O ~ C J I Y X W B ~ H W I I KOMMePSeCKOrO 3naHMH. 6onee TOrO, @ ~ K ~ J ~ ~ T ~ T H B H o ~ ~anoroo6nome~neIlpMBOnHT fl~@@epe~u)lau).1).1.Kopore rOBOpH, K C TOrKM 3peHNH @nnoco@nnHAC nyrme n npoue onpenennTb oTnenbHble cnyran ocso60mse~n~ Hanora, Hemenn OT OllpenenHTb OTAenbHbIe CTaTbH AnH o 6 n o m e ~ nHaJ'lOrOM. ~ 3.40 Ao 2005 r., Korna 6b1no BseneHo cyuecTBytouee ceronm oceo60mse~neOT Hanora B H O B ~ llOCTpOeHHbIX XM11b1X ~ A ~ H M G , Ka3axcTaHe B npMMeHHJlOCb TaKOe COreTaHMe IlOnXOna ~anoroo6nome~u~ llOnXOAa M O C B O ~ O ~ ~ H HOTH HWlOra, KOTOpOrO HHrne 6onbme HeT. CT~OHT~JI~CTBO PI nOCneQH3WaH llpOnama KOMMePreCKHX 3naHPii 06naranncb HUlOrOM HapRay C nepB0i tlponamefi BHOBb nOCTpOeHHblXXHnblX AOMOB. K p o ~ TOrO, 06naranncb HUIOrOM rOCTMHNUb1 e (MHOMepa B ~OCTUHWUIX) M CTOHHKH A n H a s ~ o ~ o 6 m e i iC. npyr0i CTOPOHb1, YCJIyrll, CBH3aHHbIe C ynpaBneHneM, 0 6 c n y m n ~ a ~ nnencnonbsoaa~ne~mnnblx sna~nii(nnn cnasaeMblx ~ B apeHny non mnnbe) HanoroM He 06naranncb (u He 06narato~c~ceron~a). Oreann~o, STO HenaBHee npenocTasneHne nbroT B Bnne O C B O ~ O ~ ~ OT ) . ~ ~ ~ H Hanora HBnneeTcH npnrnaweHneM WHn s 6 e m a ~ nn~ yWIOHeHHH OT YIlnaTbl HaJlOrOB, TaK KaK HOBOe CTpOMTeJlbCTBO )Inn PeKOHCTpYKukito MOXHO J W K O s a ~ a c ~ n p o e nonb06cnymn~a~nemnnoro sna~nn. a ~ 3.42 B 60JlbIllkiH~~BeCTpaH 20% OTBCeX 3aperllCTpHpOBaHHblX IlJIaTeJlbUJHKOBHAC rUlaTllT 80% HAC. n o KoHTpacy, Ka3axc~a~e10% Bcex sapernc~pnpo~a~~brxnnaTenbunKoe nnaTnT 80% HAC B Ha BHYTpeHHMe 060~0~bl.TO He06b19~0H ~ I ~ K w ~ nOKa3aTeJb. AHUIO~H~HO, IlJIOTHOCTb W C B Ka3axc~a~eHnxe cpenHero - 1 saperncTpnpoea~~b1iinnaTenbunK Ha 160 mmeneii, B oTnnrne OT onHoro nnaTenbunKa Ha 55 mn~eneiiB qexnn n Cnoeau~oii~ e c r r ~ 6 n n ~Kep.o~~~eToro, TonbKo 60 npoueHToB OT Bcex 3 a p e r n c ~ p n p o ~ a ~nnaTenbunKoB AeKnapnpyeT n nnaTnT HAC. ~ b 1 x qelllc~ofiU C ~ O B ~Pecny6nu~,HO ~ K O ~ ~ B 3TUX C T p a H a X MaKCUMaAbHaR C y M M a COCTaBnneT n U W b OAHY T p e T b OT A a H H O r O n O K a 3 a T e n n B K a 3 a X c ~ a H e . B C T p a H a x EC o c ~ o 6 0 x ~ e ~Ou eHAC T MOrYT nonyrun n u m b +nsurec~ue nuua. D p u ~ n r e c w e nuua 0 6 ~ 3 a ~ b 13 a p e r u c ~ p u p o ~ a ~ b cKaK n I l n a T e n b ~ U K UHAC U, C n e A O B a T e n b H O , H e MOrYT BOCllOnb30BaTbCII n p e H M y q e C T B a M U O C B O ~ O ~ ~ H H R . l l a p ~ ~ e p c ~Hsaccounamu n n ~uenefi WC a p a c c M a T p n s a t O T c R KaK e A n H m opra~n3auw1,XOTR ~ m b l #I l a p T H e p 0 6 ~ 3 a3aPerHCTpHPOBaTbCR. K p o ~ eTOrO, ~ B 6 0 n b l l l k i H c ~ ~CeT p a H CyLl&CTBytOT n O n O X e H U R , no KOTOPblM ~ ~ 6 ' b e M a~nbo rl0~ 6u3~ecaH e M O V T P a 3 A e n U T b CBOU KOMnaHUH C TeM, r l ~ 0 6 b ln o n a c T b n o A n o n o x e H n e 06 O C B O ~ O W ~ H H H OT WC. CO~CTB~HHHKU 6onee r e M on~oii KOMnaHUU 0 6 R 3 a H b 1 C n O X U T b AOXOA O T BCeX CBOUX I I p e ~ n p w I ~ U f 9i ,~ 0 6 b O l l p e A e n H T b , U M e W T AH OHH l npaeo H a o c ~ o 6 0 ~ e ~Bn eqexnu . ~ a n o r o ~ b l KoAeKc, H a n p u M e p , f i naeT r e T K o e onpenenewe Toro, rlTO MOXHO C r U T a T b ((CBR3aHHblMU CTOPOHIMU)) B O n p e A e n e H U U p a 3 M e p a KOMnaHUU, noAJleXawe# H ~ o ~ o o ~ ~ o X ~ H U ~ O PeKOMeHAOBaHO, B C n y r a e , e C n U H a ~ u. K ~ ~ ~ x caTM ~p HB H e e a e T c n COXpaHUTb T a ~ 0 f i B ~ I C O K U ~nOTOnOK, ~ IlPUMeHHTb a H a n o r u ' 4 H b 1 # nOAXOn. K O H ~ ~ H OH ,~ O ~ X O ~ U M O COXpaHUTb 3a K O M n a H w I M U n p a B O H a ~ 0 6 p o a o n b ~ y rPne r U C T p a U U t O U AByXJleTHtOW 0 6 R 3 a ~ e n b ~ y WP e r U C T P a U U t O , npeme r e M KOMnaHHR M O X e T B b l 6 p a ~ bOTKa3 OT P e r U C T p a u U U no HAC. Man. 6usneca (MJIH. TT) HAC mn noKynaTenn kicmovnu~:K m a x c ~ a ~AaHHble npenocTaBneHbr HanoroBblMti OprakimH; Espona; F. Annacondia ti W. van der Corput, : 3.44 B~ICOKH# nOTOnOK O C B O ~ O H S I ~ ~ H H RAIlR C Y ~ % ~ K T O BManOl-'O 6 ~ 3 ~ e cHCKnIOYaeT a BCe n p e A n p H R T H R ~ ~ H H O J ~ U Y H C O#~ C T B ~ H H O C T HKOTOpble n O n y Y a I O T n p O u e H T n p u 6 b l n n B, C K a X e M , O , 331l3 n p O u e H T a H n H 3.9 MnH. T e H r e H a CBOH JlOKynKH. ,@A n p e A n p H f f ~ k i #~ A H H O J ~ H Y H OC# O ~ C T B ~ H H O C T H 3.9 MnH. -retire (30 000 nonnapoa CUA) n p e n c T a a n R e T co6o# ~ p y n o ~ onoxog # C O ~ C T B ~ H H H K ~ . Ta~oii Y M C T ~ IAOXOA X a p a K T e p e H m R TaKkiX n p e f l n p H R ~ L i # KaK CWlOHbl KPaCOTb1, rapCiXH, a ~ ~ 0 ~ 0 6 H J l b H b l e ~ MaCTepCKIIe, ~ Y T H K H II T a K A W l e e . B O ~ H H K ~ ~ T BOnPOC, C n e A y e T JlH 0 ~ ~ 0 6 0 W I HX~ bOT a WC. ~ T H n p e A n p n R T H R HeCOMHeHHO BeAYT HaAJleXCaqH# YYeT, B BHAe KaCCOBblX H ~ ~ H K O B C K HKHHr, KOTOPble X MOrYT nOCJlyXMTb O C H O B O ~AJlR MOHHTOPHHra BblnOJlHeHHR ~ p e 6 o a a ~noi WC. OTB~Ta u H BOnpOC, CTOHT JlM CHH3HTb nOTOJlOK O C B O ~ O ~ ~ HOT R W WC AO, C K a X e M , 12 MMJlJlMOHOB T e H r e , 3aBMCHT OT TOrO, O C B O ~ O ~ ~JIM ~CIY ~ % ~ K TM~ aI n o r 0 H 6 ~ 3 ~ e cOT a nOflOXOAHOr0 H a n O r a ( H n H A p y r O r O UbTepHaTHBHOl-'O H U o r a ) . Ecnn OHH 06113aHb1 BblnOJlHRTb T ~ ~ ~ O B ~ H HYnJIaTe ( K O ~ ~ O ~ ~ T M B H O ~ O ) no R n o A o x o A H o r o H a n o r a , TO A o n o n H w T e n b H b l e u s ~ e p m ~Hna B e A e H n e ysera no WC 6 y n y ~H e s e n n K w , O C O ~ ~ H H OC, n H p a 3 p e W U T b e cy65ema~M a n o r 0 6 ~ 3 ~ eBeCTH c a YYeT KaCCOBblM MeTOAOM. OAH~KO,H e C n me cy61,embl M U O ~ O 6n3~ecaH e n o A n e m a T 06nome~~10A n o o x o A H b 1 M H ~ J T O ~ O M ,a ~ p a H~ abB~e n e H u e s y Y e T a no HAC 6 y m 6onee ~ 3HaYHTeJlbHblMH. 3.45 ~ ~ C TrOBOpMTCR, YTO BLICOKH# nOTOnOK O C B O ~ O W ~ H H I IOT O WC C Y ~ % ~ K T OM U O r O B 6 ~ 3 ~ e c a B ~ I C B O ~ O ~ ~ ~ T ~ ~ M H H H C T P ~PTe UyBCHAJlHI MOHUTOPHHKi C P ~ ~ KPYnHblX I l n a T e n b q H K O B HAC, HO 3 T 0 I l p a B A a JlHlllb OTYaCTM. M e n ~ u eKOMnaHHM MOrYT BeCTM n M U b 6a30861#YYeT, B $ O P M ~ KaCCOBblX M ~ ~ H K O B C K MKHMr, H a OCHOBe KOTOPblX MOXHO C $ O P M M P O B ~ T ~e ) ~ e r o ~ H b l # X 6yxran~epc~uii 6ana~cM OTYeT 0 n p u 6 b l n r r x kl Y ~ ~ I T K ~KXp y. n H b l e KOMllaHHH, C AP)'~o#CTOPOHbI, BeAYT C ~ O X H ~ Iy#Y e T no CHCTeMe ~ B O # H O3~a n~H C H H ~ ~ ' ~ ~ H K Y KOHCOnWAHPOBaHH~IO(PHH~HCOBYH) OTYeTHOCTb. I O T B T ~ K O # CHTYaUMM a y A M T npeAIlpHRTHR M a n o r 0 6 ~ 3 ~ e cMaO X e T 6 b 1 ~ bn p O B e A e H MHCneKTOPOM n0 HAC, O K O H Y W B ~ W M 6yxran~epc~ue KYPCLI, B TO BpeMH KaK aynm K p y n H o r o n p e n n p n R - r n H n o n m e H O C y ~ e C T B J l R T b C R COTPYAHMKOM, H M e I O q H M 6yxran~epc~y10T C e n e H b . B K a 3 a ~ c ~ aJ ~yeY l U e B C e r O 6 y n e ~c H a Y a n a p a C U M p H T b ~anoroo6narae~y10 6a3y HAC ( ~ . eB. K J I ~ ~ H T ~ ( P ~ P M ~ P OBBCWCTeMY HAC, KaK O n H c a H o ~Wlee),a 3 a T e M n 0 3 B O n H T b nOPOr'OBOMY 3HaYeHHIO n0 O C B O ~ O X A ~ H H I OO T Y n n a T b l HAC 6 b l ~ b((C%eAeHHbIM)) M H $ J ~ R U H ~ # . B C n y Y a e ecnn npe.4npHRTHIl M a n o r 0 6n3~eca6 y ~ y6 ~~ 0 3 a H b l n n a T M T b H OTYHTblBaTbCR no HAC, T O OHH, C K O p e e BCerO, n p H B e A y T CBOIO 6yxran~epc~ym OTYeTHOCTb B nOPHAOK. 3.46 T a K H a 3 b l B a e M b l e KPeCTbRHCKHe ( ( P e p ~ e p c K M e ) X O ~ R # C T B ~ ,He3aBHCUMO O T p a 3 M e p a , H e n o A n e m a T o 6 n o m e ~ mWC B O ~ ~ ~ ~ C T ~ H O B ~n o~p RHAH eO. M K BM~CTO 3TOrO O H H YlUlaYWBaIOT ~ A H H ~ I3#e ~ e n b H b l hH U O r ( ~ ~ ~ A ~ o ~ o x H T ~~ ~J M ~ H R H )H~HHA#H B M ~ ~ J I ~ HI~O I~ #O X O A H ~ IH a n o r , ~ o I # WC, 3 e ~ e J l b H b l #H a n o r , H m O r H a T p a H C n O P T H b l e CpeACTBa H H m O r H a HMYU~CTBO) B p a 3 M e p e 0.1 I l p O U e H T a O ~ ~ H O Y HCTOHMOCTH 3eMeJlbHOrO YYaCTKa O ~ ~ (a T a W e ~ 0 ~ H W l b H b lH#a n o r ) . B P e U b H O C T H , KOHeYHO, 3 e ~ e n b H b 1 #H m O r HHKaKHM 06pa30~C HAC H e CBR3aH, He3aBHCHMO OTTOrO, YTO OH n p H 3 B a H 3aMeHRTb. K p o ~ eTOrO, C ~ ~ ~ C K O X O ~ H # C T B n~pHAHn p~HI R~T H R MOrYT HOAaTb H a IlaTeHT, CTOHMOCTb e KOTOPOTO COCTaBJlReT 20% H U O r O B O T O 0 6 1 1 3 a T e n b ~ ~ B a no KOpnOpaTHBHOMy nOAOXOAHOMY H U O v , COUHUlbHOMy H W l O v , 3eMeJlbHOMy H W l O v , H a J l O v H a HMYqeCTBO, H U O v H a T p a H C n O p T H b l e C p e a C T B a M HAC. O ~ Rme, ~3 T T 0 H e HAC, a C K o p e e H m O r H a HWlOrOByIO 6a3y, 3 n e M e H T b l KOTOPO~ BXOART B n a T e H T . TO# CTPYKTYpe C n O X H O I l p e A n O X H T b p a U H O H W l b H O e O ~ O C H O B ~ H H ~ . P e 3 y n b ~ a ~ C n e U M U l b H b l X HUlOrOBblX P e X M M O B ( K O T O P ~ I ~nPHMeHIIIOTCR TOnbKO K C ~ ~ ~ ~ C K O X O ~ H # C T B ~ H H O # neRTenbHOCTM no nP0).13BOACTBY, n e p e p a 6 0 ~ K eH p e a n M 3 a u M H C ~ ~ ~ C K O X O ~ H # C T B ~ H npOAyKUUM H O # C O ~ C T B ~ H H O ~ O O H ~ B O A C TTaKOB, YTO C ~ ~ ~ C K O X O ~ R # C T B ~CeKTOp~ #IlpaKTHYeCKn H e nJlaTMT ~ B ~ ) H H ~ HMKaKMX H U O T O B , BKnIOYaR HAC. B npOTHBOnOJlOXHOCTb 3TOMY, C ~ J I ~ C K O X O ~ H ~ C T B ~ H H ~ I # 6 ~ 3 ~ e c , ~ ~ H ~ M ~ W U I M ~ C I I nepepa60~~oin peann3aunei n p o n y l c q n n ( A p y r n x ) $ e p ~ e p o ~ ,n o A n e m a T o 6 n o m e ~ ~WC m (II APYTHMn H ~ ~ O T ~ M M ~) ~ ~ Y C T ~ H O B ~ IlOPRAKe.M B O ~ H H O 3.47 C f l e ~ ~ ~ b H bP el XMk i M a M , KOTOPble paCflPOCTpaHIlK3TCII H a ( P ~ P M ~ P OBBH e 3aBHCWMOCTH OT p t i 3 M e p a HX 3 e M e n b H b I X B n a n e H n f i , T p Y n H O HI#TH P a U H O H a n b H O e O ~ O C H O B ~ H H ~ A P Y r H X CTpaHaX, B B . Llewc~oWu Cno~awoWPecrry6nn~ax(CM. Ta6nn1.1~ 3.4), KaK n B C K a H n u H a B c w x c T p a H a x , c e n b c K o e X O ~ I ~ ~ ~ C T B O 06narae~cnHAC B CTaHAapTHOM IlOpIlnKe. E ~ U H C T B ~4H0Hp~~Ran b r O T b l n0 W C - 3 T 0 o c ~ o 6 o m e ~ nCeY ~ ~ ~ K T M aBn o r 0 O 6n3~eca.B A P Y r U X C T p a H a x E B p 0 n b 1 , T a K n X KaK B e H r p u I l H H n n e p n a ~ n b r ,c e n b c K o e xo3nfic~~oa H n o r o M H e 0 6 n a r a e ~ c f l ,HO n o K y n a T e n u O C B O ~ O W ~ H H OOT~ ~ W C C ~ J ~ ~ C K O X O ~ I ~ ~ ~ C TIlpOnyKUUH~ HMetOT n p a B O H a 3 a ' I e T B ~ H H O ~ no W C , K O T O P ~ IM~O X e T OTHOCUTbCIl H a ~ ~ 0 r 0 0 6 n a r a e ~ bClpee n C T B a npOH3BOACTBa O C B O ~ O ~ ~ HOTH ~ ~ X4 e p M e p 0 B ( K O H ~ ' ~ H O(PepMepb1 WC , MOrYT nPUHIlTb P e u l e H H e 3aperHCTpHpOBaTbCIl KaK W l a T e n b W H K U WC). A ~ W I o r u 9 H b l f ip e 3 y n b T a T n o c T u r a e T c R B T a K n x c T p a H a x , KaK ABCTPURn r e p ~ a ~ nrryTeM n , p a p e w e H u n @ e p ~ e psaK~n t o r u T b B CBOH c r e ~ a - + a ~ - r y p b ~n p e n n o n a r a e ~ b t t i HAC, npenc~aan~toqufico6oW WC H a cpencma nx npOU3BOnCTBa. COOTB~TCTB~HHO,e m5l @ p M e p o B WC H a C p e n C T B a npOti3BOnCTBa P a B e H HACy H a n p o m ~ e n e ~ ~n yo~n oK p y u u m . C n e n o ~ a ~ e n b ~HM , H e H ~ X H O p e r u c T p u p o B a T b c R m o ~ y ln n a T b 1 WC. K O H ~ ~ H 3Oa , e 9 T b l ki CTaBKH n p e A f l O n a r a e M O r 0 WC IlBnIltOTCH 0 9 e H b f l p ~ 6 n k i 3 ~ ~ e J l b H b l M Hik npOH3BOnbHb[MH MeTOAaMH A n n YCTpaHeHHIl W C H a C p e n C T B a npOU3BOnCTBa mil @ ~ P M ~ ~ O B . Tame, OHU naK3T IlOJlnTUKaM BOSMOXHOCTb HaCTaUBaTb H a y B e n U 9 e H U U 3a'ieTOB UJIH CTaBOK WC C TeM, 9 ~ 0 6 b Cl Y ~ C H A U P O B ~CT ~~ ~ ~ C K O X O ~ R ~ CCeKTOpH H ~ ~ ~ ~ T B ~ 9epe3 WC. 3.48 B HeKOTOPblX CTpaHaX, H e BXOn5lWUX B EC, @ e p ~ e p b Tl a m e O C B O ~ O X A ~ HO~TI WC,T O r A a KaK cpencma n p o n 3 ~ o n c ~mn ~ a c e n b c K o r o xosniic~ea,T a m e KaK K o p M a , c e M e H a , yno6pe~un n IleCTHUUAbl 0 6 n a r a m ~ c 1 l fl0 HyJleBofi CTaBKe, ' i ~ 0 6 b l CBeCTU K MUHUMYMy HWIOrOBOe 6 p e ~ nH a CpeACTBa npOu3BOACTBa U, B CBOK3 O ' I e p e A b , H a flpOnyKUHU3 CeJlbCKOrO X O ~ H ~ ~ C TOBi ~e B. ~ n H 0 ,~ a H H b l # ' MeTOA H e n p u e M J l e M nn5l TOBapOB ~ B O ~ ~ HH tOU H aOq e H n I l , TaKHX KaK 3AaHUIl U n H T p a K T O p a . ~ K p o ~TOrO, e C y q e C T B y e T OnaCHOCTb, 9 T O CO B p e M e H e M HyJleBaR CTaBKa 6 y n e ~P a C n p O C T p a H e H a H H a npyrlle T O B a p b l u ycnyru. no M e T o n u K e n p e n n o n a r a e M o r o W C , a T a m e npu nonxone, ucnonb3ymqe~H y n e s y m CTaBKy, C ~ J ~ ~ C K O X O ~ R # C T B ~IIpOnyKUHH, H H ~ R p e a n U 3 y e M a R n o ~ p e 6 u ~ e n 1 l ~ qepe3 O p r a H U 3 0 B a H H b l e K a H U l b l P a C n p e n e J l e H t i I l ,6yne~,K O H e 9 H 0 , 0 6 J l a r a ~ b C I lWC n0 CTPHABPTHO~~CTaBKe (UJIU C H M C ~ H H O ~ ~ CTaBKe, e C n H TaKOBaR U M ~ ~ T C R ) . 3.49 ~ O C K O ~ ~ KB) ' K ~ ~ X CCTy ~e HB ~t W C T y O T K p y n H b l e C ~ ~ ~ C K O X O ~ H ~ CnPOW3BOnCTBeHHble T B ~ H H ~ ~ ~ enHHHUb1, O C O ~ ~ H H O no npOH3BOnCTB)' IlIUeHUUbl, Mbl PeKOMeHAyeM 0 6 n a r a ~ b @ e p M e p o B HAC B IlOnHOM o6be~e( f l p ~yCJlOBHU, 9 T O UX ~ O A O B On~0 X O A I l p e B b l W a e T IlOTOJlOK O C B O ~ O X A ~ H U HA n n ~ C Y ~ L ~ K T OM a n o r 0 B 6n3~eca),n p H 3TOM, Il03BOJlIlIl UM p e W I H 3 0 B a T b H W I o r o B b l # 3a'ieT H a 0 6 n a r a e ~ b l e CpeACTBa npOH3BOACTBa. C n e U ~ a n b H b l eHWIOrOBble P e X H M b l B OTHOUleHHU HAC (a T a m e , 6 y n e ~ HaneIlTbCH, H n p y r U X HWIO~OB) Mot")")' 6 6 1 ~ 6BnOCnenCTBUU OTMeHeHbl. n p ~ ~ e ~ HAC nB e e ~ flOJlHOM o 6 a e ~ e0 3 H a W e T , 9 T O O C B O ~ O ~ ~AnIl UC Y ~ L ~ K T OM a n o r 0 H ~ B 6n3~eca6 y n e ~~ ~ H H C T B ~ H@H OO ~ ~M O ~ n b r O T mil MenKUX @ ~ P M ~ ~ OKOTOPble 3 a T e M ~ Y A Y THeCTH 6 p e ~ 1 l B , WC (ecnll T~KOBO# 6 y n e ~HMeTb M ~ C T O ) H a c p e n c T s a npou3~onc~~a. ropano TO 6onee n p e n n o r ~ w r e n b ~ b tMke T o n 06noxe~mWC C ~ J ~ ~ C K O X O ~ H # C T B ~ HCeKTOpa. H O ~ O OAH~KO,n e C U I l p e n f l p U M y T P e u l e H U e HCKJltOqHTb HAC H a C p e n C T B a flpOki3BOACTBa Ann MenKUX ~ ~ P M ~ P OOBC ,O ~ ~ H HBOXJlOflKOBOM CeKTOpe, T O MOHCHO ~ Y A IIpUMeHUTb ~ T H y n e a y m c T a s K y H a yno6pe~unu n e c T n u n n b 1 , HO H e H a npyrue T o s a p b t unn ycnyru, n c n o n b 3 y e ~ b r eB CeJlbCKOM X O ~ H # C T B(~M ~ ~ O B ~ ~ O H T9H OO CYMMa H W I O r a H a C e M e H a HJlH K O p M a T , 6 y n e ~3 ~ a ' i u ~ e J l b H o f i ) . B~POIITHO, AaHHaIl M e p a YCTpaHHT IlpaKTM'ieCKU B e C b WC H a MenKUX ( P ~ P M ~ P O BO,C B O ~ O ~ ~ H OT~ I X H HWIOra, HO C TOqKU 3PeHHIl aflMUHUCTpHPOBaHU5l O H a YCT')'IlaeT IlpUMeHeHHH) o c ~ o 6 o m e ~ uNnl I l C Y ~ ~ ~ K T MaJlOrOO B 6n3~eca6e3 n O n O n H U T e n b H b l X IlpOBOJlO9eK. B KOHeqHOM C'ieTe, B M K l ' i e H H e K p y n H O r O CenbCKOrO ~ 0 3 5 l f i ~ ~BB a 6a3y WC H e A O n X H O MaTepHWIbHO H3MeHHTb P a C n p e A e J l e H H e ~ a r p y 3 ~WC n BCJleACTBHe 06urnp~oroo c ~ o 6 0 m e ~MWIOrO 6n3~eca. m 3.50 O c o 6 b 1 e YCJIOBMR 6a1nn T a m e CO3naHbl nJIR C B O ~ O A H ~ I X 3KOHOMMSeCKMX 3 0 H ( T ~ K C T H J I ~ , H ~ @ T ~ X M M M R , ~py60npo~onb1,H M @ O P M ~ ~ H O H HT~ X~H O J I O ~ M M ) . I no 3TMM YCJIOBMRM MaTepMaJlbI W R 3naHMfi, M H @ p a c ~ p y ~ ' T ' y p b l M nPOH3BOnCTBeHHbIX O ~ ~ ~ K T O BIIOCTaBJlReMble , nPennPUXTHRM, paCnOJlOXeHHblM B C B O ~ O A H O ~ K O H O M M S ~ C K O3 0~H~e , 0 6 ~ 7 a r a t o ~ ~ R WC no HYJleBofi CTaBKe. O'ieBMnH0, A a H H a R n b r O T a H e M M e e T pa3YMHOrO 3KOHOMMSeCKOrO O ~ O C H O B ~ H U XM B TO , Xe BpeMR s a ~ p y n ~ npoqecc ~ e ~ a n M n H n c T p n p o s a H n R , n p 0 B o q n p y e - r y T e r K n H a n o r a M n36exa~ne H ~ ~ O ~ O O ~ J I O X ~ H~HKHO. H O M M ~ ~ C O ~OO~ C H O B ~ H OTCYTCTBYeT, K M ~ IlOCKOnbKy HAC H a C p e n C T B a npon3~onc~sa OTHOCHTCR B 3 a v e ~ no HAC H a pemn3ye~ymn p o n y K q n t o , ecnn o H a n p o n a e T c R H a BHYTpeHHeM PbIHKe, nn60 I l O M e X M T BO3Bpa'T'y, eCnM IlpO@'KuHR MneT H a 3KCIlOPT. M36ema~ne npOBOqHPyeTCR, T a K KaK 0 6 n a r a e ~ b l e no H Y J l e B o i CTaBKe CTpOMTenbHble M H H @ P ~ C T ~ Y K T Y P H ~ I ~ M a T e p H i W b l MOrYT 6 b l T b n e p e H a n P a B J l e H b 1 H a B t f Y T p e ~ H H f i PblHOK 663 Y M a T b l HAC ( ( ( r p a ~ ~ q b l ) ) M e X n y C B O ~ O A H ~ I M3KOHOMHSeCKMMM 3OHaMM H B q T p e H H M M PblHKOM r O p a 3 n O H 6onee npOHMUaeMbl, S e M r p a H M q b l C MHOCTpaHHblMH ~ O C Y ~ ~ P C T B ~ M M ) . TO H ~ ~ @ @ ~ K T M B @ ~ORP M ~ M H n y ~ T p H t i J l b H ~ i H CTpaTerMM, K O T O P O ~ H e T M e C T a B XOPOUlO p a 3 p a 6 0 T a H H o i CHCTeMe HAC, ~ O M H M On p e H M y U e C T B C TOSKM 3peHMR CBOeBpeMeHHOCTH A B W e H M I I A e H e X H b l X CPeACTB, OTCYTCTBMe u36ema~n11APYrMX 6nar H e n p n H 0 c n - r . P a c ~ ~ m e ~wnesoi n e c T a B K n - no66nposa~nec q e n b t o p a c n p o c T p a H e H n H H a n o r o s b l x n b r O T H a IlOCTaBuHKOB M I l p O v M e BepTMKaJlbHble KOHTaKTbl - T a m e RBnReTCR npo6ne~o#,T a m e KaK M npeo6na~atoua~,HO saracryto 6ecnone3~a~n p a K T n K a M o H n T o p n H r a WC rryTeM c c a y n n T a COnOCTaBJleHMeM)) ( ~ O B ~ ~ X H O C T H IlpOCMOTp c ' ~ ~ T o B - @ ~ KBMeCTO) T U a T e J l b H O r O , ~ I # T ~ ' ~ nonpo6~oro a y A H T a . 3 T a n O T e H q H a l l b H a R 6 0 ~ 6 a3 a M e W e H H O r O A ~ ~ ~ C T B AOJIXHa 6 b l T b M H 06e3speme~aKaK MOXHO c K o p e e . BB~CTM 06noxe~neHAC npennpnn~nic e n b c K o r o xosnic~sa,3a n c K n t o q e H n e M C Y ~ X ~ K T O B M a l l o r 0 6 ~ 3 ~ e c BO~MOXHO,p e WC a . 6 ~ ~ H a CpeACTBa npOM3BOnCTBa MeJIKMX @ e p ~ e p 0 ~ , O C B O ~ O X A ~ H H ~OT I X HAC, M O X H O CMRrSWTb V T e M B H e n P e H H R H ~ ~ ~ BCTaBKM H a y n 0 6 p e ~ n 1 1 o G M IleCTHqMAbI; 3.53 Cornac~ocxeMe oTnoxeHHblx ma-rexefi,ncnonbsye~o# EC, nnR Bcex BnnoB nMnopTa, B yqeT HAC Ha nMnopTnpyeMyto npony unto oTKnanbleaeTcR no nepea# CTWHH n p o n s ~ o n c ~nnn ~ a pacnpeneneHnR B ~ T H cTpaHb1. Ha rpaHnue WC He ynnaqnsaeTcR, HO HMnopTep nnn nepeb~ii n0KynaTb 06R3a~B3HMaTb WC, CaMOCTORTenbHO OnpenenHB CYMMY HaJlOra, BKntoqWTb eTO B netcnapaumo no HAC n B TO xe sperm nonyqnTb s a q e ~ no ~anory.B pe3ynb~a~e,uenb HAC BoccTaHaennsaeTcR. XOTR B EC 3 ~ acxeMa p a 6 o ~ a exopomo, oHa ~ nonnepxnsaeTcR cnox~o# C H C T ~ M O #0 6 ~ e H aM~4op~auneG WC (OMHC), no KOTOPOH no Bce sKcnopTepb1 ( n o c ~ a e q n ~ n ) HMnOpTepbl ( I ~ o K Y ~ ~ T ~06R3a~b1IlOnaBaTb eXeKBapTXllbHble OTqeTbl B ~ H ) HaJlOrOBble OpraHbl B OTHOUleHHH CBOHX nOCTaBOK MllU IlOKynOK H3-3a TpaHHubI, pa3nenRR HX n0 HMeHH C1 H ~ ~ H T U ~ W K ~ U H O H H O M Y HOMePY IUIaTenbqHKa HAC. O ~ ~ B H K H ~O~, x cHeT ~ H ~ ~ MOXeT HCnOJlb30BaTb CHCTeMY O m C B OTHOllleHHH CBOerO HMnOpTa, IlOCKOnbKy 3T0 no~pe6oaano6b1 COrnaUleHHR 0 COTpynHHqeCTBe C nPYrHMM CTpaHaMH, ~an6oneeB~UKHO#H3 KOTOPbIX RBnHeTCR POCCHH. npH 3TOM TepReTCR npeHMyqeCTB0 C~OCO~HOCTHB3HMaTb HAC Ha CTanHH nMnOpTa. E ~ H H C T B ~ H H ~ I M HenOCTaTKOM TO# CHCTeMbl RBnReTCH TO, qTO HMnOPTePbI MOVT nOTepRTb HHTepeC K BbllUlaTe aBaHCOBblX I U I ~ T ~ X ~ G no WC. 3 ~ H3nepXKa a Yllj'~eHHbIX B O ~ M O X H O C T ~ GB03HHKaeT, IlOCKOnbKy mSI IlOKynaTenR HMnOPTHPOBaHHblX TOBaPOB OTCYTCTBYeT~ e ~ e n n e ~ ~ b l f i HallOI'y. 3aWT no 3.54 H ~ C M O THaR ~ 3T0, KOMnaHHU O ~ O C H O B ~ H H OXuytoTCR Ha TO, qTO HAC Ha HMnOPT He6narollpHR~~bl~06pa30~CKa3blBaeTCR Ha nBHXeHHH HX neHeXHblX CpenCTB H IlpenRTCTByeT UHBeCTHuUIIM. TOT HeAOCTaTOK KOPPeKTHPYeTCR qepe3 CXeMy OTJlOXeHHblX n n a ~ e ~ e # . COOTB~TCTB~HHO, Mbl PeKOMeHnyeM nepeCMOTpeTb IlpellMyqeCTBa H HenOCTaTKH TO# CXeMbI. O q e ~ n n ~naHHyto o , cxeMy He cnenyeT npnMemTb B OTHomeHnn no~pe6n~enbc~nxTosapos. K p o ~ e TOTO, n3 Hee cnenyeT nc~ntoqn~bcblpbeBble MaTepnanbI n nony4a6pn~a~b1,TaK KaK nx nerKo nepeHanpasnTb Ha ~eo6narae~bre HanoroM Bnnbl npnMeHeHnR. O ~ H ~oTcpoqKa nna~exeino WC K O H a nMnopTnpyeMble ocHoaHble cpencma nMeeT caon npenMyqecTsa. Harrison n T re love^' nepeqncnRtoT ocHoeHble xapamepncTnKn O~OCHOB~HHOcxeMbl OTCPO~KH # nna~exetino WC Ha OCHOBHble CpenCTBa, BO Bpes~e3.1. Bpes~a3.1: X a p a l c r e p n c ~ n l c ac n c T e m b l o T n o m e H H b l x n n a ~ e m e S no HAC H a n M n o p T n p y e M b l e i OCHOBH b l e CpeACTBa A ~ H Hc~x RM e a p a c n p o c - r p a H H e T c H T o n b K o H a ~ ~ P ~ ~ H C T P H P O B ~ HnHn a~TI eXn b q n K o B HAC, H M n O P T H P Y t o q H X K P Y n H b l e eAHHHUbl OCHOBHblX CpeACTB; 3.55 K ~ Kb M l YBHAHM, AaHHaH C X e M a OTCPOqKM IlJlaTe~eiHBJlHeTCH O n H O B p e M e H H O 6onee U I H ~ O K O ~ H 6onee o r p a ~ ~ s e ~q ~Moc iq,e e y c T B y t o q a H c x e M a , nonsep~wsae~, TO o H a n p e n H a 3 H a S a e T c H T o n b K o A J I R OCHOBHblX CpeACTB 1.I H e n p H M e H M M a K ~ O T ~ ~ ~ M T ~ T~O~B aCp aK ,U CMl P b e B b l M M a T e p H a J l a M H M b n o J l y @ a 6 p k i K a T a ~ . Bo-BTOP~IX,H O a H a I l p H M e H H M a K JlHqaM, O C B O ~ O X A ~ H H ~ IOMT HgC, KOTOPble AOJlXHbl n O n H O C T b t o 0 6 n a r a T b ~ HHUlOr'OM H a CBOM C p e n C T B a npOH3BOnCTBa. B-TP~T~Hx,H Tame O a I l p H M e H A M a K C ~ J ~ ~ C K O X O ~ H ~ C T B ~ H H O M ~ 060pyno~a~wto H TeXHHKe, XOTH H ~ O ~ X O ~ H M O BC T3TOM ~ 3 H a q W T e n b H O YMeHbUIHTCH, e C n H C ~ J ~ ~ C K O X O ~ H ~ C TIlpeAnpHHTMIl I4 $ e p ~ e p b l , H e I l O n n a n a I O U H e B ~ H H ~ I ~ non o c ~ o 6 o w e ~OT~ eHAC C Y ~ % ~ K T O B ~anoro6 ~ 3 ~ e c a3aper~c-rpupy10~~~n , KaK n a T e n b u l n K n HAC.~' B - q e ~ ~ e p T b l X ,B HCKnIOqMTenbHbIX CJt)'qaHX C X e M a OTCPOSKH IlJlaTexei M O X e T Tame IlPHMeHflTbCH K Y ~ o ~ ~ ~ H HH HIleCTHuNAaM, e C n H M 6 y n e ~n P H H H T 0 p e U I e H H e C M H r q H T b HMOF'OBOe 6 p e ~H ~M a e n K H X @ e p ~ e p o B , O C B O ~ O ~ ~ H HO~T I X HgC. B - ~ T ~ I XX,e C M a OTCPOSKH n n a ~ e x e i o6nerqm npouecc nepexona H a o 6 n o x e ~ ~HAC e r e o n o r o p a 3 s e n K n H reonoro-nouc~osb~x pa6o.r. O q e B H . 4 ~ 0 , H Y X H O 6 y n e ~O C O ~ ~ H HTOq a T e J l b H O OTHeCTMCb K B b l p a 6 0 T K e O n p e A e J l e H H H OCHOBHblX C p e n C T B ( H H K ~ K H X C H H ~ K Y P ) H ~ A M H H H C T ~ ~ T M B H OOCYqeCTBMMOCTH # ~ ~ ~ ~ c M o T PCXeMblH o ~ ~ H OTCPOS KH nna~exei. 3.56 npe,&IloXCeHHe BBeCTH H y J l e B y t o CTaBKy H a H M n O P T C b l P b e B b l X M a T e p H a J l O B H e CTOHT PaCCMOTPeHHII, A r n e e C n H O H a 6 y n e ~ paCnpOCTpaHHTbCH T O n b K O H a n p 0 ~ 3 ~ 0 n H T e J l e # H n e p e p a 6 o ~ s ~ ~nopeo n y K u n n , B n o c n e n y t o q e M noc~asnne~oia H 3Kcnop.r. 3 ~ on p e m o x e H H e O T K p b l B a e T BO3MOXHOCTH m I I 3 n o y n o ~ p e 6 n ee~C~n ~ ,C H b l p b e B b l e M a T e p H t l J b l , n p e n H a 3 H a q e H H b l e AJlR c T p o n T e n b c T s a sna~niiH O ~ ~ ~ K T O B n ~ $ p a c T p y ~ ~ y p6ym~n b ~ , e p e H a n p a B n e H b 1 H a ~ e 0 6 n a r a e ~ b l e 3.58 Bce n p e n b l n y u l u e a p V M e H T b l 6 b 1 n u C O C p e n O T O q e H b l H a UenOCTHOCTM 6 a 3 b 1 HAC, K O T o p m H a p y m a e T c R , ecnu H e B c e 0 6 0 p o ~ b 1O ~ J ~ ~ ~H ~T OC~ O M e, B c e n o K y n K u n o n n a n a m T R H non HAC mu H e BCe nOTeHUUWlbHble nJlaTeJlbl4UKM W C 3 a p e r M C T p M p O B a H b l B 3~0fiPOnM, no CYTM, ~ ~ H H C T B ~ H H ~ I # p a 3 p b l B B U e n U HAC n 0 n X e H C y U e C T B O B a T b H a P 0 3 H H q H O M YPOBHe; ~ O T ~ ~ ~ M TM ~KJOIHeMqHble n o n b 3 0 ~ a ~ e nH~e CMOVT n o n y r u T b saqe~no HAC H a CBOM n o K y n K u M, c n e n o s a T e n b H o , O K O H q a T e n b H O e6 p e W ~C ~ n a n e T H a HUX, KaK H C n e n y e T . 3.60 O ~ H ~3KCOO K n p T e p b l XWlyK3TCRy q T 0 OHM AUCKPMMMHUPYtOTCR, T a K KaK MM npMXOAUTCR W P T b no on~ororona, npeme q e M OHU n o n y q a m T B O ~ B ~H ~nTo r a , y n n a q e H H o r o a npu npuo6pe~e~uu TOBapOB y n O C T a B q U K O B . Ecnu 3T0 n p a B n a , 3T0 03HaqaeT, q T O 3 K C n O p T e p b l ~ ~ C ~ ~ O U ~ H T H O OnaJDKUBamT r O C y n a p C T B y , yqep6 B C O ~ C T B ~ H H O M ~ nBcDKeHUto n e H e X H b l X CpenCTB, n p u 6 b m u M MHBeCTMUMOHHblM B03MOXHOCTRM. B 3TOM n p O u e C C e WC q a C T M q H 0 CTaHOBMTCR HaJlOrOM H a 3KCnOpTepOB. B 6onee UlWpOKOM CMblCJle, 3 ~ e p m t c U C B ~ I M ~ T O # BO3BpaTOB n O n p b l B a l o T K O H K ~ ~ ~ H T O C ~ ~ O C O ~3 K COnC pTT~H O r O CeKTOpa, q T O n O T e H U U a n b H O RBnReTCR ~ e p b e 3 ~ 0 # H O npo6ne~oA QnR Kasaxc~a~a, B C B e T e nOCTORHH0 paCT)'qerO K y p C a T e H r e . H ~ ~ ~ ~ u B u T ~ J IB~0 3HBop a, T b l 6 b l n u Ha3BaHbl c t A x u n n e c o ~ o f in R ~ o f i > > WC. 3.61 H ~ C K O ~C ~p Ke Obe b 3 H l Y T B e p M e H M I l n e n 0 B b l X K p y r O B 0 TOM, q T O B 0 3 B p a T a W C B K Z ~ ~ X C T ~ H ~ ~ O ~ H T ~~C~ R ~ Y A H M T ~ J ~ ~ H o ? T B 2005 r0ny B 0 3 B p a T b l COCTaBWnM 139.5 MUJlJlUapAOB T e H r e , MnU 30 IIpOUeHTOB Ba.llOBblX n 0 ~ T y n J I e ~ ~ f i WC ( ~ K J l l o 9 a HB O ~ B P ~ T ~BI T) e q e H H e r O A a . H e y ~ o ~ n e ~ ~ o p e H H b l e ~ ~ H B KHHa B O ~ B ~K ~KOHW T rona c o c T a B m n 98.5 M n n n n a p n o e T e H r e , mn 22 n p o s e H T a OT B ~ O B ~ I X n 0 ~ T y n n e ~ H Bi f 2005 r O m . ~ T Ha H H b l e n0 CYMMaM B03BpaTOB, B b l n J l a q e H H b l X H n H 3aHBneHHblX B A n p o q e H T a x OT B ~ O B ~ I X nocynne~nii HAC, n e M o H c T p n p y m T y s e n n r e H n e no c p a B H e H n m c a H U I O r H s H b l M H nOKa3aTeJlHMH 3a 1998-2001 rOAbl, K O r n a BO3BpaTb1 COCTaBJlHJlH B C p e A H e M 17 n p o q e H T o B OT B ~ O B ~ I X noc-rynne~nfiHAC. I I p e n n o n o m n ~ e n b ~ oy ,s e n n r e H n e B O ~ B ~ ~ T O B oTpaxaeT POCT H ~ H ~ @ T R H O3~KOC n O P a , nOCKOnbKY 3KCnOPTePbl H ~ @ T MH H T e ~ W P Y K l T C HH a 3Tane 3 K C n O p T a (H H e 06113aHbl nOTOMY IlJIaTHTb HAC), H B TO me BpeMH M O r Y T HMllOPTHPOBaTb OCHOBHble CpeACTBa 6e3 ynnam HAC. nepexon H a n p n H q n n c T p a H b 1 H a 3 H a r e H n H B 2001 row B o T H o w e H n n c T p a H CHT Tame n O J l X e H 6b1n n p H B e C T H K Y B e n H S e H H K l B03BPaTOB n0 3KCnOPTY. 3.62 Ha OCHOBe CpaBHeHHH C n p y r H M H C T p a H a M H Mbl M O X e M C A e n a T b BbIBOA, ST0 CHTYaUHH C B 0 3 B p a T a M H W C H a 3 K C n O P T B K a 3 a x c ~ a H eH e HaCTOJlbKO C e p b e 3 H a . Mccnenosa~neMB@ nOKa3a.Jl0, 9 T O B ~ o J I ~ I I J H H c T B ~C T p a H Y p O B e H b B03BpaTOB no W C I I p e B b l I I J a e T 40 IIpOUeHTOB BtUlOBblX ~ O C T Y I I J I ~ H H ~B~ ,C T p a H a X 6 b l ~ l l l e r 0 a COB~TCKO~Oa C 0 l O 3 Y p O B e H b BO3BPaTOB P a B e H B C p e n H e M OKOJIO 30 n p O U e H T a M . Ha OCHOBe P e ~ e C C H O H H O r O YpaBHeHHH B3HTOTO H 3 HCCJleAOBaHHH MB@ H C H C n O n b 3 O B a H H e M n a H H b l X 2005 r O n a no Kaaxc~aHy,n p 0 r H 0 3 H ~ ) ' e ~ b l f i Y P O B e H b B 0 3 B p a T O B COCTaBHT 37 n p O u e H T O B B C p a B H e H H H C @ ~ K T H ~ ~ C K YPOBHeM B H M 30 l l P ~ ~ e ~ ~ ~ ~ . 4 9 3.63 B b l W e n p k i ~ e f l e ~ ~ ~ e o6cymne~neH e nOKa3blBaeT, ST0 YPOBeHb B 0 3 B P a T O B n0 3 K C n O P T y HBJlHeTCH f l e f i ~ ~ B H ~ e n bc He 0p b e 3 ~ 0 i np06ne~oiB K a 3 a x c ~ a H e . 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TO o6qee I l O n O X e H H e H e n p H M e H H M O K B O 3 B p a T a M no 3KCnOpTY (no O n p e n e n e H H l O BO3HHKatOT, K O r n a 70 n p O U e H T O B O ~ O ~ O T OBBT e s e H H e T p e X I l p e n b l m ~ t i XMeCHUeB Y W n H H a ~ K C ~ O ~ T ) , KOTOPble H m O r O B b l e O p r a H b l O ~ H ~ Y ~ O TBCbRn n a T H T b B T e S e H H e l 60 ~ H e Ch AaTbl I l O A a r H 3aHBJleHHH H a B03BPaT. no H C T e r e H U U 3TOTO n e p H O A a r O C y A a p C T B 0 0 6 ~ 3 y e ~B~b lHJ l a W i B a T b I l e H t O n n0 A H ~ B H O ~ ~ CTaBKe 2 . 5 * 0 @ H U H U I b H y K l CTaBKY ~ ~ @ H H ~ H C W P O B ~ H H I I , YCTaHaBnHBaeMYlO H ~ ~ H o H W I ~ H ~ H M O M . I K BO~MOXHO,A ~ H H C T B ~ H H Op~0~6 n e M o f i 3 n e C b HBJlHeTCH 6 0 - n H e ~ H b l f i IIepHOn, n K O T O P ~ I B ~A P Y r H X ~ C T p a H a X COCTaBnHeT 30 n~efiWill M e H b W e . 3.64 B~PORTHO,0 6 - n H e ~ H b l f i n e p H O A 6 b 1 n YCTaHOBJleH B H a n o r o ~ oKone~ce,IlOCKOnbKy ~ BCe 3aHBJleHHH H a BO3BPaT AOJlXHbl npofi~nnOnTBepXJ@HHe no BblnJlaTbI, U 3 T O O n H a H 3 M e H e e YnaVHbIX XapaKTepHCTHK CXeMbl B03BPaTOB. OS~BHAHO, nOnTBePX.L(eHHe - nOHHTWe PaCTHXHMOe, H MOXeT 0 3 H a S a T b ST0 YTOAHO, H a S H H a H C ~ ~ H @ M ~ T H S ~ IlPOBePKH UM@P B 3 a H B n e H H H A 0 T q a T e n b H O r O H C K O ~ ~ rny6o~oroa y n H T a Y V ~ T H OH~H~@ O P M ~ U H H 3aHBHTeJlH. H ~ C M O TH~a R3T0, C n e A y H I I p O r p e C C H B H O M y M e X n Y H a p O n H O M Y O n b l T y (B raCTHOCTH, ~ ~ K H C T ~ H C K O M YMbl PeKOMeHAYeM ) , Ka3axc~aHyn p O B e C T H p a 3 n H s H e M e X n y ( ( C ~ ~ T H @ H ~ H ~ O B ~ H H ~HI M(H( >H>~ C ~ ~ T U @ U ~ M ~ O B ~ H H 3aHBHTeJlHMH. ~ I M W ) > ~ R B K ~ C ~ ~ T H @ H ~ H ~ O B ~ K iHl aOT e~nOb q H K a n O n X H a 6 b l ~ Y A O B n e T B O p e H a H b 6e3 AOnOnHHTeJlbHblX I l p O B O n O s e K B T e r e H n e 30 n ~ e ici n a T b 1nonarti ~ ~ H B ~ ~ H~ H l Hn n a ~ o ni ei H n B (c b cnyrae sanepm~n).3 ~ ~an6onee o p a ~ n p ~ ~ ~ p a ~3aKOHOAaTeJlbHO ~ C T ~ H O B ~ ~ HCpOKI #B b l n n a T b l BO3BpaTOB B A p y r H X C T p a H a X . e ~ ~ b l f i H ~ 49 CM. Harrison n Krelove ( c ~ o c ~15). Perpeccno~~oep a e H e H n e c c o x n n a e M o r o ) ) y p o e ~BOSBP~TOB n3 a y ~ HCCJIeAOBi3HHR MB@ I l p H H H M a e T B PaC'ieT 3 K C n O P T (B n P O U e H T a X O T BBn), ~ K O H O M H ' ~ ! C K MP~O~C T (B I l p O U e H T a X O T BBn), Y p O B e H b TPaMOTHOCTH, P a 3 H H U Y M e X A Y B b l ~ 0 ' l a f i U l e f i H H a H M e H b L U e h C T ~ B K O ~ ~ HAC H T P H @ H K T M B H ~ I ~ n e p e M e H H b I e , H 3 KOTOPblX TOJlbKO O n H a ( B 0 3 B p a T b l BblIlJla'ieHHble M3 BWlOBblX n0c~)'nJleHHfi a H e H 3 C n e U H W l b H O r O @ O H A ~ )IlpMMeHMMa K YCJIOBHRM K ~ ~ ~ X C TY~ H~Z~~ B H ~C HO M~ ~T . ( K P P K M P O B ~ H H ~ R R* = 0.8826) BblrJIRAMT T a K : B 0 3 B p a T b I = 0.1~ * ~ K C ~ OfPOT. ~ ~ * P O CfT 0.1~ * T P ~ M O T H O CfT ~0.90*pa3HH&3 + 3.8@n. C e p ~ u @ u u u p o ~ an~n ~a be~n eq T b u K u o n p e n e n R e T c a H a o c H o a e uc~opuuco6nmne~unUMU T p e 6 o s a H u # no HAC, a T a m e no p e 3 y n b ~ a ~a an~u y T a ux y s e T a no K o p n o p a T u s H o M y n o n o x o n H o M y H a n o r y . B ~ p a f i ~J ey ~a C l 9 e , OHU M O Y T IlOABePrHYTbCJI aYAWT)' nOCJle B b l n n a T b l BO3BpaTa. 3.65 C ~ U ~ C T B ~ ~ O U60-fiHeBHblfi n e p M O A M O X H O COXPaHUTb M J I CJle)Q'lOUUX U # CMT)'~~M#:BbIe B n e p IlOAaHHbIX 3aJIBOK; IUlaTeJlbUUKOB, 9 b U I l P e A b l w U H e 3iMBJleHHR 6 b I J I u OTKnOHeHbI W I U CHWKeHbl n0 p e 3 y n b ~ a ~n pao~B e p K u ; sarr~u~eneii,M u e m q w x o T M e T K u o ~ e c 0 6 n m ~ e ~~uaun o r o ~ b ~ x ~pe6osa~ufi (no n p y r u M ~ a n o r a ~B )n p o m n o M ; sarr~ne~ueT o n u s a e T c n OT c T a H n a p T H b 1 x san~ne~ufia n H H o r o I U l a T e n b U U K a (oIIJIT~ Xe, C B b I I U l a ~ o f in e H M no 3 a A e p X a H H b I M 3 m B n e H U R M , KOTOPbIe n0 p e 3 y n b T a T a M n p O B e p K U O K a 3 U U C b ~ ~ ~ B U ~ ~ H ~~I TM UBbICOKO-PHCKOBaHHble H ) . CUTJ'auHH M O Y T n0,QBepraTbCR I l p O B e p K e A 0 B b I n n a T b I BO3BpaTa, n p U 9 e M n p O B e p R T b C R nOJlXHb1 Y W T H b l e CHCTeMbI, a H e O T n e n b H b l e O n e p a u U U . A y n u ~HAC M O X H O O ~ B ~ A W H J I T LC a y n U T O M KOpnOpaTUBHOrO nOAOX0,QHOrO H U O r a . B I l p U H u U n e , a y A U T K O p n O p a T H B H O r O IlOAOXOAHOrO H U O r a , T a m e KaK U a y A H T WC, CBOAUTcR B OCHOBHOM K o u e H K e n p a B u n b H o c T u s a r r ~ n e ~ ~B o~ iP I Y ~ K UOT peanu3auuu. Pa3nene~ue M e w y C ~ ~ T H $ U ~ U ~ O B ~ H HI~UIl aMT eUn b U U K a M U O T H ~ C ~ P T U @ U ~ W P O B ~A HJHW~OI MRBnRTbCRO U H 9 a C T b t O KOMIUleKCHOrO IlOAXOAa K y I I p a B n e H U t 0 PUCKaMU B 06pa60~~el 3 i H B J l e H ~ f iH a B03BPaT. n e ~ n wTpa(t)br 3a sanepx~ynonaru M n e K n a p a s H u n nna~exeiin o n x H b 1 H H n e K c n p o a a T b c R H a Y p O B e H b ~ H ( t ) J l R q ~ kU n p e B b l W a T b K O M M e p r e C K H e n p O U e H T H b l e CTaBKU. ~ i H n HmTpa(t)bl n o n x H b 1 n o c T o R H H o C A e p x n B a - r b H a n o r o n n a T e n b q n K a s a n e p m n s a ~ b nna-rex, HO B TO x e B P e M R H e AOJlXHbl 6 b 1 ~ b CJlMWKOM BbICOKkiMU, 9~0661H e A a T b n J l a T e J l b U H K y CTHMYJl nOJlHOCTbIQ YKnOHMTbCR O T YnJlaTbI; M~TOAHKH 0'60pa W H a y A H T a BCe eqe H a X O m T C R B 3 a S a T O S H O M COCTORHMM M 3aSaCT)'IO 3aBHCRT O T P e W e H U R CaMIlX a y n H T O p C K U X HHCneKTOpOB. K O H T P O ~M~O W e H H n S e C T B a B OCHOBHOM ~ocT(~)~KT)'M, e H C y q e C T B y e T p a 3 p a 6 0 ~ a H H o i CTpYKT)'PbI pa~cneno~a~nfi. Heo6xonn~a6onee yCOBepWeHCTBOBaHHaR CMCTeMa IlpOBepKH. 3.68 OCHOBHO~~ pe~o~e~naqweii no a n M n H n c T p n p o e a H n m HAC 6 y n e ~nepexon K o H T p o n R co6n10ne~n~a H n o r o a b l x ~pe6oaa~niio6qnx c c t a y n n T a c o n o c T a a n e H n e M ) ) H a a y n n T , ~ a u e n e ~ ~Hba ~ f i OTAeJlbHble KOMIlaHMM, B K J T I O W I O ~ MK~O~M M e K C H O e H 3 y r e H H e Y ~ ~ T H OCMCTeMbl KOMIlaHMki B U e J O M . # 4.1 B Kasaxc~a~eC y q e C T B y e T OrpaHU'IeHHaH CHCTeMa aKUU3OB, rJlaBHblM 06pa30~ COCpeAOTO'IeHHaH H a T a K H a 3 b l B a e M b l X ((TPaAHUUOHHbIX)) nOAaKUU3HbIX T O B a p a x - ~ a 6 a ' I ~ b l x U3AeJlURX, aAKOI-'OnbHbIX HanUTKaX, H ~ @ T ~ ~ P O A Y K TTPaHCnOPTHbIX C p e n C T B a x , a 3 a p T H b l X U r p a X , ~ X , - AOnOJlHeHHbIX P R n O M IlOUlnUH JlUUeH3HOHHOTO T u n a H a pa3JlU'IHbIe BUflbI AeRTenbHOCTU. B nOCJleflHUe r O A b l K CnUCKY aKUU3OB 6 b l n u ~ 0 6 a ~ n e I~UbI a1T e X U 3a 3 a r p R 3 H e H U e O K ~ ~ X W U ~C#p e n b I , KOTOPble T O X e MOXHO OTHeCTU K a W U 3 a M . B TO Xe BpeMH 6 b ~ OTMeHeHbl a W U 3 b 1 H a pa3JlU'IHble n p e A M e T b l n ~ POCKOLUU, T a K u e KaK mpa, m e e n u p t i b l e usnenu~u x p y c ~ a n b . 4.2 C ~ M~ ~e Rb 0 6 l ' I ~ aBRe U b B OTHOLUeHUU aKUU3OB B K a 3 a x ~ ~ a H e3 T 0 TO, 'IT0 OHH IlPUHOCRT T a K - M U 0 AOXOna B 6 m m e ~U ' I T 0 UX CTPYKTYpa U p a 3 M e p H e O T B e ' I a m T A O C T M e H U H ) nono6amqeii UM ~ K O H O M U 'POJlU.C K O ~ ~ MOryT 6 6 1 ~ p6 a 3 p a 6 0 ~ a ~TaKUM O ~ P ~ ~ O' IMT, o ~YCOBepUleHCTBOBaTb I ~ AKUUSLI b l ~ I ~ @ @ ~ K T U B H O ~ pacnpenenetiue p e c y p c o B n y T e M B b l n e n e H u R c o ~ u a n b ~ b ~ xu 3 n e p ~ e(u3nuw~ero) ~ n o ~ p e 6 n e ~UunpOU3BOnCTBa. 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A K U M H~a~IlpeflMeTbl I POCKOlllM COCTaBJlRIOT MCKJlIOSeHMe. H a n n y s w n ~MeTOAOM MX MCYMCneHMR HBnHeTCH U ~ B U I Z O P H ~ Z ~ . 4.9 O ~ H MM3Mr n a B H b l X BOIIPOCOB, KOTOP~I# M M e e T 3 H a S e H H e W H BCeX BMAOB aKUM3OB, HBJlReTCH H ~ O ~ X O ~ M M OMHfleKCMPOBaHMR T B e P A b l X CTaBOK a K U H 3 0 B H a Y P O B e H b MH@IIRU).IM. C T ~ XOTHeXeTOflHble C n e U H a n b H b l e KOPPeKTMPOBKM B03MOXHb1, H OHM M O V T IlPOBOAMTbCH C YYeTOM P O C T a H H n e K C a n o ~ p e 6 n ~ e n b c ~ unexH , o H n ~ p e 6 y m o~n o 6 p e ~ w - 1 n a p n a M e H T a . B npyrnx c T p a H a x ~ K U H ~ ~ I KOPPeKTHPYIOTCR H a Y P O B e H b MH@J~RUMMaBTOMaTMYeCKM, IlOJlHOMOSMHMH, n a p O B a H H b l M M Mn~ncTpy 3KOHOMMKM HJlH @HHIHCOB. M b l npeflnOXMJlM 6 6 1 K ~ ~ ~ X C TBHeCTMY a ~ H H U l O r H Y H O e ~ O n O X e H H eB H a n o r o ~ b r f i Kone~c. 4.10 CT~BKH aKUH3OB H a HMnOPTMPOBaHHble T O B a P b l B Ka3axc~a~e BblUle, 9 e M aKUM3b1 H a T O B a P b l MeCTHOrO nPOM3BOflCTBa. O ~ ~ H ~ KRHBapH 2007 C 1 O , r O n a OHM CPIBHHIOTCR. TO IlpaBHJlbHaH IlOJlMTMKa, nOCKOJlbKy 3 a q H T H a R @YHKUHII HUOTOBO# CMCTeMb1 AOSWCHa BblnOJlHRTbCR U M ~ O P T H O # ~ o U I J ~ H H O # . A K U H ~ ~ I AOIlXHbl C n Y X H T b JlHUlb TOJlbKO @YHKUH).I P a C n p e A e J l e H M R (M @OPMMPOB~HMR n ~ ~ T y l l J l e H M # ) 5 I 3 a ~ e ~ b ~TO, e n n a T a 3 a B H e w H u e usnepx~u 6onee npuopwreTHa, qeM coo6paxe~w~KacarenbHo PaCnpeAeneHUR 6 p e ~ e ~aKUH30B CpeAU 6 e n H b l x U 6 0 r a ~ b l x . 3noyno~pe6n~~1uero u CnUPTHblM A a X e H H ~ K U ~ ~ AOXOA He oc~o60xnae~OTBeTCTBeHHOCTU 3 8 I l ~ U q t i ~ e ~ ~HM lUnH efi ~ e ~ q a ~ ~c n~y qba fli .f i OT b f i BHe 3aBHCHMOCTH OT nPOHCXOH(AeHHR T O B a p a . 60Jlee TOrO, WC AOsuKeH H r P a T b TOnbKO P O n b HCTOqHHKa ~ o c T ~ ~ J ~ ~H,HCJleAOBaTeJlbHO, AOJlXeH 6 6 1 ~ 6OAHHaKOBblM ,&IlR HMnOPTHblX H MeCTHblX u # TOBapOB. Haunyqrunk MeTOA KOOPAHHauHH T p e X @ Y H K ~ MKOCBeHHOrO H ~ . 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S. Cnossen, Hanoroo6noxe~uera6a~aB Eepocomse, ki ~ FinanzArchiv 62 (um~b2006 rona), c ~ p305-322. . 4.17 A K U U ~H~a IT a 6 a r ~ b l e u3nenun B Eepone npu6nuxat0~cnnu60 IIpeBblUlatOT COUHWlbHble u3nepx~nOT K y p e H m , HO B K ~ ~ ~ I X~CKTU ~WH~c ~K~oI , e p e B c e r o , H e npu6nuxat0~cnK HUM naxe 6nw3~0 ( U C C ~ ~ A O B ~ H CUOJU U a J b H b l X U 3 A e p X e K KypeHkin H e I ~ ~ o B o ~ ~ u ~ uXc0~p 0) U. l 0 ~ U3BeCTH0, r T 0 K y p e H H e JlBnJleTCH OCHOBHO# D P U ~ W H O # P a K a nerKkiX, 3 ~ @ ~ 3 e ~U bXPOHH'leCKUX l ~POHXWTOB H O ~ H O # H 3 m a B H b l X I I p k i r H H C e p n e ' i H b l X 3 a 6 0 n e B a H w # ki H H @ ~ ~ K T O B~. 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OAH~KO IlpaKTUqeCKU no B C e M y M U p y n O q T U B e C b B H ~ W H U ~ ~ yqep6 npUqMHReTCn 10 n p O u e H T a M U n b I O U l e r 0 H a c e n e H u n , K o - r o p o e no~pe6nne~o n n o s u H y peanwsye~oroa n l c o r o n n . BO~MOXHO, 0 3 ~ a q a e ~YTO TO , pasnuqm BO B H e u H u x u3~epmaxBOJHMK~IOT~3-3apa3nur~iiM e m y n m n b ~ w , H e n us-3a pasnwru# B aJIKOrOflbHblX H a n N T K a X , n o ~ p e 6 n f l e ~ b 3TUMM JIlOAbMU. l x C O ~ ~ ~ TO#HTOe C O p U H , C p e A H U e BHelUHUe M3AepXKU M O X H O WCnOJlb30BaTb B K a q e C T B e rpy60r0, HO AOCTynHOrO UHAUKaTOpa o ~ T H M ~ J ~ ~ H o ~ ~ CTIBKN. ~ a n b l f i o61,e~K p e n K o r o H a n n T K a . T ~ K H06pa30~,C M TOSKH 3peHHII BHeIlIHerO yqep6a e C T b B ~ C K H ~ ~ AOBOA B n O n b 3 y TOrO, q~06b1nPHBH3blBaTb CTaBKY K COAePXaHHlO UKOrOJlR. OAHIKO, KaK n O K a 3 a H O B npaeofi s a c T n Ta6nnub17,B c p e n H e M K p e n K n e H a n n T K n B K a 3 a x c ~ a(Menpyrnx c-rpa~ax)o6naram~cn ~ B 3-4 pa3a sbme H a e n n H n w C o n e p x a H n s a n K o r o n s , q e M BHHO n n n B o . OAH~KOc n c n e n o B a H n s T a t w e n O K a 3 U H , q T O C p e A H H e OTHOCUTenbHbIe UeHbl (C H U O ~ ~HM nHB)0, BHHO H KpenKHe HanHTKU a H n o K a 3 b I B a m T , TO ~au60nbweeK o n u q e c T B o ~ H C T O ~cOn n p T a H a n a H H y m C Y M M ~n e H e r n o K y n a T e n b I l O J I y ~ H Tn p H ~ ~ U O ~ ~ ~K pTe n~K HHX H H HanUTKOB, 3a KOTOPbIMH C n e A y e T BHHO, ).I A U e e n U B 0 . T ~ K H M 06pa30~,ecnn u e n b m s a n s e T c s K o H T p o n b yqep6a OT no~pe6ne~urrnpennonaras, u, STO n u B o , B n H o n K p e n K H e HanHTKM RBnRtoTCR ~ ~ H ~ K H 3aMeHUTenHMH, M H K p e n K H e HanUTKH AOIUKHbI 06nara~bcs ~ K U H J O M no 6onee abrco~ofic T a a K e , r e M BUHO, K o T o p o e B caoto o r e p e n b A O ~ H O o6nara~bcsno 6onee B ~ I C O K OCTaBKe, ~ 9 e M IIHBO. CYIIJ~CTBY~T T a t w e AOBOA 0 TOM, S T 0 ~ a ~ 1 0 r 0 0 6 n 0 ~ eH~a n6a3e e C O A e P X a H H H U K O r O n f i 6 y n e ~C n O X H O OCYIIJeCTBHTb B OTHOIlIeHUU BUH, ~ p O l l 3 B O A H M b l X MeJlKUMll $HPMIMH. Ta6n~ua4.3: A K U HHa~anKoronb B Ka3axcTaHe ~ I H HeKoTopblX CTpaHax EC, 2006 (no ~ y p c yB Tenre) C T P ~ H ~ C ~ O P L IHa CTBBKHaKUH30B CTBBKHaKUH30B no A Y u Y conepxa~nmanlcoron~ HaCeneHHfl n u ~ oa 3 BHHO3a K p e n ~ u e3 a ~ H B O BHHO Kpen~ue, 0.5 n 0.751 0.7n,40% 5% 12% 40% K a 3 a x c ~ a ~ 490 4 15 133 28 100 CTpaHbl EC Cnoea~nn 3,100 92 0 314 33 0 100 Be~rpna 3,600 154 0 380 22 0 100 Yexnn 4,500 162 0 390 21 0 100 Aempnn 6,500 154 0 430 25 0 100 r'epma~nn 6,800 162 0 560 31 0 100 Hnnepna~nbl 8,000 200 68 650 29 31 100 ~ ~ C ~ O Y H U K :K ~ ~ ~ x cAaHHbIe: HaJlOrOBbIX OpraHOB. C T P ~ HEC:ISijbren C n ~ s S e n Hanoroo6nome~ueaJlKOrOnR B T ~ H ~ , Espocome, rOTOBHTCR K BblnYCKY. ~ H ~ S ~ H6b1nu 0Kp)TJIeHbl. 1 f:= 154 TeHre. U R CT~BKH aKUll3OB H a KpeIlKlle HanUTKH OCHOBaHbI H a KpellOCTU WlKOrOnR, B T O BpeMIl KaK BHHO n n n B o 06narato~csH a o c H o B e n p o u e H T a a n K o r o n s H a e n n H n q y o61,e~a.n o c ~ o n b ~ y HMeHHO U K O r O n b AOIUKeH 0 6 J l a r a T b ~aKUH30M, Mbl PeKOMeHAyeM, q ~ 0 6 b CTaBKU IKUUSOB ~ 1 H a K p e n K H e HanHTKH 6 a 3 n p o ~ ~ n llOJlHOCTbI0, c b ).I e~ki~006pa3~0,KpeIlOCTH:H a ApYrUMki CnOBaMU, H e H y X H O IlpOBOnHTb pa3AeJleHkie no 3HaSeHMIIM B 80% U 12%. no TOG Xe n p H S U H e , H y X H O nPOBeCTH p a 3 J l U q l l e Mew)' 0 6 b l q ~ b CTOnOBblM BUHOM (C C O A e P X a H H e M l ~ WlKOrOnR no, C K m e M , 12%) U K p e n n e H b l M M BHHaMH ( W ~ P P MH ~ o P T B ~ ~ ~CHKOTOPblX ) , aKUki3 A O n X e H B3llMaTbCR n0 6onee B ~ I C O K OCTaBKe. AHUOI-H~HO, J I ~ ~ o ~ ~ K o ~ o ~ ~ H o ~ ~ ~ c n H B 0 M O X e T 0 6 n a r a T b ~ aKUH30M ~ no 6onee H W ~ K OCTaBKe,~ q e M 0 6 b 1 ~ ~ 0nHBO e K p e n O C T b t o , C K m e M , 5%. B UenOM, KPHTePMeM BeJlUqMHbI CTIBKH A O n X H O C T a T b TOnbKO c o n e p x a H u e a n K o r o n s . B K a q e c T s e c n p a a o r H o r o M a T e p n a n a ~ F pI a 3 p a 6 0 ~c~x ~Me b l ~ ~ 0 ~ 0 0 6 J l 0 ~ e ~WlKOrOnbHblX 1 . 1 ~ HanlITKOB MbI M O X e M IIOpeKOMeHAOBaTb K J I ~ C C ~ I $ H K ~ U H~~KOO r O n b H b I XHanUTKOB E~pocom3a. HCnOJlb3OBaH AJIR IIpOH3BOACTBa a J l K O r O n b H b l X HanHTKOB, HO npo6ne~aCOCTOHT B TOM, 'IT0 C n H p T M O X e T 6 6 1 ~ 6COBCeM H e A e H a T y P U P O B a H H b I M , H H e n e r a J l b H O n e p e H a n p a B n e H H a nPOH3BOACTBO ~ J ~ K o ~ o nPOQ'KUHI.1.# ~ ~ H o ,&R TOrO, 'IT06b1 H 3 6 e X a T b 3~0fin p 0 6 n e M b 1 , MbI P e K O M e H A y e M 0 6 n a r a T b ( ( n e ~ a T y p H p 0 ~ a ~ ~ b lafJ liK) O r O n b HaJlOrOM ) no n0n~0fiCTaBKe C B O ~ M O X H O C T ~3a'1e~a (H ~ ~ o 3 ~ p a ~no) ~anory, n a p n w T a m q e M y c n H a ro-roaym 4 a p ~ a u e ~ ~ n ~ ennn~nyam4 m ~ e p ~ ynmp c p o n y K u n m . 4.27 P ~ ? K o M ~ ? HC~TO'IKHH .3PeHI.111 ~ ~ E I l o c T y l l J l e ~ H f i H COUHaJlbHblX ~ ~ K T O ~ POe KBO M e H A y e M YABOHTb (B PeaJlbHOM B ~ I ~ W ~ H HCTaBKy a K U H 3 a H a K p e n K H e C n H p T H b l e HanHTKH B H ) Gnnxafimne rOAbl. K p o ~ eTOrO, CTaBKa a K U H 3 a H a n H B 0 n O r u K H a 6 b 1 T b YBeJlH'IeHa B 10 pa3, a CTaBKa a K U H 3 a H a BHHO - B T P H pa3a. TO H e A O n X H O H M e T b 3 4 4 e ~ T aH a HHAeKC CTOHMOCTH X H 3 H H . ~ P O M ~ I L L I J ~ ~ H H O ~ H C n O n b 3 O B a H H e C n H p T a A O n X H O 0 6 n a r a T b c R a K U H 3 a M H ll0 C T ~ H A ~ P T H CTaBKe, C nOCJle.Q'm~HM O ~ ~ 3aYeTOM H a J l O r a H B03BPaTOM H a YPOBHe nOJIb30BaTeJUi. 4.29 BO Bpes~e4.3 nOKa3aHbl AeTaJlH pa3JlHYHblX BUnOB H W O r O B , IlOUIJlHH H llJla~eXefi H a a ~ ~ 0 ~ 0 6 U J l b ~ Tb pl afHi C n O p T B K a 3 a x c T a ~ e .n 0 c T y W l e ~ u RO T a K U U 3 0 B H a & H ~ U H , IlOUInUHbl H a U M n O p T a ~ ~ 0 ~ 0 6 n nne fTi ~ ~ H ~ H T nHo u~i nAn H a nocTynamT B Pecny6nn~a~c~ufiW 6 m e T , a n o c T y n n e H m H a J l O r a H a T p a H C n O p T H b l e CpeACTBa ( H W O ~ H a n o J l b 3 0 ~ a ~ H eU) n y T B 0 6 n a c T ~ b l e6 t O W e T b l . U Bce HaJlOrM, KPOMe U M ~ O P T H O ~IlOUlJlHHbl, ~ B3HMatOTCR no T B ~ P A O ~ ~CTaBKe, M TOJlbKO H a J l O r H a T p a H C n O p T H b l e CpeACTBa HHAeKCHpyeTCR H a Y p O B e H b H H ~ J ~ R U U W . Hanor Ha TpaRCnOpTHble CpeACTBa (ynnaqn~ae~ca exerontio B p a 3 M e p e H e c K o n b K n x MPIT) 0 H a n e r K O B b l e ~ B T O M O ~ U ~ BU ,3aBHCHMOCTH O T 06'be~aABHraTeJlR- 7 K n a c c o e , 1 100 ~ y 6 . cnnn ~ . M e H e e -4120T e H r e ,4000~y6.c~. 6onee - nnn 120510Te~re; 0 ~ P Y 3 0 B H K H ,B 3aBHCUMOCTH OT Q))'30nOA'beMHOCTW -4TOHHllXHbIXKJlaCCa, no 1 T O H H ~ I- 6180 T e H r e , c B b m e 5 TOHH - 14450 T e H r e ; 0 a B T 0 6 y ~ b 1 ,B 3aBHCHMOCTW O T qHCJla IlOCaAOYHblX MeCT, 3 KnaCCa. A0 12 cw,ue~u#- 9270 T e H r e , 12-25 C H A ~ H H # - 14420 T e H r e , 25 c n n e ~ u #H 6onee -20600 -retire; 0 MOTO~HKJlbI, B 3aBMCWMOCTH OT MOWHOCTH: A 0 55 KBT- 1030 T e H r e , c e b l m e 55 KBT- 10030T e H r e ; 0 C n e u H i U I b H b l e CTaBKH IlpeLIyCMOTpeHbl AJlR BOAHblX CYAOB (B 3aBHCHMOCTM OT MO4HOCTH ABHraTeJlR B nOUlaAHHblX CHnaX), BO3nyUlHOrO T p a H C n O p T a ( B 3aBHCHMOCTU OT MOWHOCTW B KBT)H MIUIHH H a ~ Y S H O #T R R ; 0 ~ B T O M O ~ M H MOuHOCTbtO ABHraTenR Me>KAY C 1500 H 4000 K y 6 . c ~ .KIlaTRT A O ~ O ~ H H T ~ ~ HaJlOr I B# ~ H ~ 7 T e H r e 3a K ~ b l #JlnlllHHfi K Y ~ U % C K H # CaHTHMeTP; 0 l l O n p a B O q H b 1 e K O ~ $ $ M W ~ H T ~ (I~PWBOARUIU~ I K CHHXeHHtO CYMMbl HiUIora) IlPHMeHRlOTCR K JIerKOBblM ~ B T O M O ~ U ~ RCMT a p W e 6 J l e T (7 A n R ~ P Y ~ O B ~ K O (B) 3aBHCHMOCTU OT IlPOHCXO>KAeHMR: B CHr nu60 A p y r H e c-rpa~br).Bospac~p a c c q m b l B a e T c R c nam pernc-rpauun, l l o n p a ~ o q ~ b ~ e K O ~ $ $ U ~ H ~ H&llR~ ~BO3LIylIIHbIX CYAOB paCC4HTblBalOTCH B 3aBHCHMOCTH T OT BO3paCTa HHTeHCllBHOCTH WCnOJIb30BaHWR ( A ) . I $ $ ~ ~ ~ H ~ H P Y ~ T Cn0R n a T e n p u o 6 p e ~ e ~no~nnn nocne 1 n : a n p e n R 1999rona). 4.31 C o u H i U I b ~ b l eM 3 n e p X K H OT H C n O n b 3 0 B a H H R A O p O X H b l X TPaHCnOPTHblX CPeACTB BKJlmSatOT cnenymune K a r e r o p n n : Msneprmcu OT sa~opoaB r o p o n c K u x paio~ax,me n p o x u s a e T nowu 60 n p o u e H T o a H a c e n e H u R cTpaHb1. 0 6 b l q ~ 0 3 ~ anp06ne~ap e m a e T c n a n M t i H u c T p a T t i B H o , a H e qepes H ~ J I O ~ O O ~ ~ O X ~ HAU~~H.H O # B pa6o~e3TOT B O n p O C T a W e H e 0 6 c y w a e ~ cB.H ~ ~ C T O R ~ U ~ ~ MOMeHT O H M O X e T H e U M e T b 6 0 n b u 1 0 r o 3 H a q e H U I I A n n K U ~ X C T ~XOTR, H ~ KOnUqeCTBO M a m u H p e s ~ oy a e n u q u s a e T c R . 4.32 H ~ CTO M H ~ H U #B TOM, 9 T O K ~ ~ ~ X CCTn ~nHe YIlOBblCUTb e y T H a n O r H H a T p a H C n O p T H b l e C p e n C T B a , q ~ 0 6 b 1OHH OTPalKWlU COUHWlbHble H 3 A e P W O T llOnb30BaHkUl IIOPOTIMU. ~ O M U M OT O r 0 , C y q e C T B y t O T 3 s e c K u e n o e o n b l B n o n b s y u c n o n b 3 0 s a ~ k ~Al o p o x H o r o T p a H c n o p T a B u e n R x y e e n u q e H m noc-rynne~uii, IlOCKOnbKy C 0 0 T B e T C T B y K ) ~ U e 3KOHOMUqeCKUe U aAMUHUCTpaTUBHble U 3 n e p X K U H H e , q e M JJlR A p Y r H X H U O r O B . 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K p o ~ e T O r O , aKUU3bl H a rOpK)'tee MOXHO B 3 U M a T b C T p e X OCHOBHblX n p o k i 3 ~ 0 ~ ~ ~ e nBe fTO, BpeMR K a K H U O r U H a T p a H C n O p T H b l e CpeACTBa M O X H O n P U B R 3 a T b K M e C V i n p o x u a a H u R C O ~ C T B ~ H H U Kp~a H c n o p T H o r o c p e n c T s a T (npennonara~, TO o6nac~up e r u c T p u p y t O T anpeca C O ~ C T B ~ H H U K O Ba B ~ 0 ~ 0 6 l m e # ) . a p y r u ~ uCnOBaMU, 3TUX H N l O r O B C n O X H O ~ 3 6 e X a ~ be C, n U B H e A P H T b HeCKOnbKO nPOCTblX MeXaHU3MOB KOHTPOnR. 4.33 O ~ H ~ K O B OTCYTCTBUe nonp06~0ro U 3 Y q e H I O COUHWlbHblX H 3 A e P X e K OT n O n b 3 0 B a H H R A O p O r a M U U OUeHKH T H X e n b l X KOMnPOMUCCOB U B3aUMHblX YCTYnOK, H a KOTOPble H ~ O ~ X O A H M O 6 y n e ~ noii~uB c B e T e M H o x e c T B e H H o c T u n p e c n e n y e M b l x ueneii, M ~ IH e M o x e M C n e n a T b K~KHX-nu60 KOHKPeTHblX ~ ~ K O M ~ H A K~a C aUe#n b H O ~ T H ~ ~ o ~ o o ~ ~ o H cA~O PHO~XU O~r O T p a H C n O p T a . H no TO# Xe n p U q U H e Mbl H e IlPOBOAUM C ~ ~ B H ~ HCO #C T p a H a M U U EC, r A e H U O r H H a T p a H C n O p T H b l e C p e n C T B a BO M H o r o pa3 s b l m e , q e M B Ka3axc~a~e. no CYTU, M ~ nIu m b cnenanu PRA 0 6 4 ~a6nmne~u#,o ~ ~ K T o p b l e MOVT 6 b 1 ~ b u c n o n b 3 0 ~ a ~ b 1B K a q e c T B e o ~ n p a a ~ o T#O ~ K U J J ~ R n a n b ~ e # m e i i ~ u c ~ y c c u u u c c n e n o e a H u n . 4.34 Pa3nurue M e w y c T a e K a M u a~uusaH a 6 e ~ 3 H n~ u 3 e n b ~ o eT O ~ ~ H B O K u (4 1) 6 0 n b m e , q e M B npyrux c T p a H a x . ~ p e ~ n o n o m u ~ e n b TOo , ~ oTpamaeT O ~ ~ ~ O ~ ~ H Hr Oy Ca Tc ~B o c n p T a ~@$~KToM, KOTOP~I# BblCOKUe a K u U 3 b l H a n U 3 e n b H O e T O I U U B O M O V T H M e T b H a CTpYKT)'PY PaCXOnOB B n P O M b l ~ n e H H O C T UU CenbCKOM X O ~ H # C T BU, B 0 3 M O X H O , 6 0 n e e BalKHO, ~ 06 U C n O n b 3 0 B a H U U n U 3 e n b H O T O T O W l H B a JJlR KOMMepqeCKUX T p a H C n O P T H b l X CpeACTB. XOTRMbl H e BHAUM OCHOBIHU# A n R BHeApeHUR a~uusaH a n p o M e x y T o q H o e u c n o n b ~ o a a ~ u ne u s e n b ~ o r o T o n n u s a KaK c p e n c T s a n p o u 3 ~ o n c ~ ~ a , pa6o~at0queH a H e M K O M M e p q e C K U e T p a H C n O p T H b l e C p e n C T B a nOsuKHb1 y W l a 9 U B a T b COOTBeTCTByK3I4Ue H2lJlOrU JJlR KOppeKTUpOBKM BHelllHHX @KTOPOB. ~ T U H2lJlOrH ~ Y A Y T flanee n e p e A a H b 1 H a KOHeqHOrO n o ~ p e 6 u ~ eUnT~e M CaMblM n 0 3 B O n R T a K U U 3 a M U C n O n H H T b CBOtO 3KOHOMUqeCKYtO P O n b . Aeura~enu, pa6o~atoqueH a n U 3 e n b H O M T O W l H B e , B b l n e n R t O T 9 a C T H U b l B BHAe n e W l a , B p e A H b l e JJlR 3AOPOBbR ( s b ~ s b ~ ~ a t o q pkeicen u p a T o p H b l e 3a60neaa~u~pa^), u B O C O ~ ~ H H O C TBU r o p o n c K u x pafio~ax. 4.35 H~CMOTPRa H CnOXHBIlIYtOCR CnOXHYK) CUTYalJHtO, B KOHeqHOM H T O r e p a 3 H U u a B CTaBKaX a K W 3 a B n O n b 3 Y A U 3 e n b H O r O T O W l U B a H e COOTBeTCTByeT OTHOCUTenbHOMY 3KOnOrUqeCKOMY yqep6y, HaHOCUMOMY flU3enbHblMU MOTOPaMU B C p a B H e H U U C ~ ~ H ~ U H O B ~~~OMM UU .M O3 T O r 0 , TOT @KT, q T O n H 3 e n b H b l e MOTOPbl T p a T R T M e H b U l e r O p K W e r 0 H a KHJlOMeTp ABMHteHMR, q e M ~ ~ H ~ M H O 0B3 H~a qI a~e T, , S T 0 H a n M T p ropmrero n H 3 e n b ~ b l f T p a H C n O p T IlPHHOCMT 6 0 n b w e i yqep6a A O p O r a M , q e M 6 e ~ 3 H H o ~ b l f i . T ~ K H M 06pa30~,nnsenb~oeT O n J H B O n O r u K H 0 0 6 n a r a ~ b c R no 6onee B ~ I C O K OCTaBKe, q e M 6 e ~ 3 M M b. l ~ ~ ~ n p H 3 H a e M , 9 T O AH3eJlbHOe TOnJlMBO MCnOnb3yeTCR T a m e ~ B T O ~ Y C ~ M KOTOPble M , I l P e n O C T a B n R m T T p a H C n O p T H b l e yCJl)'rH 6onee 6 e n H b 1 ~CJIORM HaCeneHHR, H O 3 @ @ eO~T ~IlOBblUleHHR a K U H 3 0 B H a CTOWMOCTb n p O e 3 A a 6 y n e ~HaCTOJlbKO M U , q T 0 er0 n e r K 0 CMRTqHTb. 4.36 Aanee H Y X H O OTMeTMTb, g T O CTpYKlJ'Pa aKUM3OB H a r O p m q e e n p O B O n H T p a 3 J l H q H e M e w ~ ~ H ~ M HMOAM3enbHblM TOnnHBOM, HO H e M e w y pa3HbIMM THilaMM 6 e ~ 3 H ~ a . 3 ~ 0 CBR3M CTOMT M B i PaCCMOTpeTb IlOBblUleHMe H U O r a H a 6 e ~ 3 M C O n e p X a H M e M CBHHUa,C ~ q~06b1I l O O q p M T b n e p e X O n H a M e H e e TPR3Hble BMAbl TOPIOSeTO. BOJMOXHO,aKUM3b1 H a r O p K N e e M O X H O 0 6 5 e n M ~ M ~ C b 3KOJlOTMqeCKMMM HallOraMM H a r O p m q e e (CM. H W ~ ) , C O ~ W P ~ ~ M ~ IHM MU e H T p U b H O M a YPOBHe. ~ ~ ~ ~ ~ O J I O X M T ~ J I ~ H O M O V T nOJI)'qMTb 06nac.r~C , KOMneHCaUMlO 3a IlOTepRHHble n O C T y ~ J l e H l M . 4.37 C Y ~ ~ C T B Y ~ OBeCKMeT n O B O n b l B n O J l b 3 y YBeJIMqeHMR CTaBOK aKUM30B H a r O p l O q e e B K a 3 a x c ~ a H e . 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L ~OUC, H O B ~ H H ~ IH a H ~ I # # 7 K n a C C U MOUHOCTU ABUraTeJlA, H e H M e e T 6 o n b m o r o CMblCJla C TOqKW 3PeHUR COUUanbHblX U 3 A e p X e K . B ~ AJlU A M a l l l H H a C 0 6 ~ ~ 0 ~ 1000 ~ y 6 . c ~ . ABUF'aTeJlR IlPUqUHAeT AOPOXHOMY nOKPblTUIO HaMHOrO M e H b U l e yqep6a, q e M M a m U H a C 0 6 ~ 2 ~ 0 ~ ABUraTeJlR 5 000 ~ y 6 . c B .T Xe ~ O BpeMA TaKaR K ~ ~ C C U @ U K ~ U U I l O p O m a e T n p A M O e Y U O H e H U e OT H ~ ~ O ~ O O ~ ~ O XY ~T eHMU OTHeCeHUA MalllHH B A 6onee HU3KYIO H a n o r o a y t o K a T e r o p u t o .Cyulec~~ymumc c u T e M a K n a c c u @ u ~ a u u un o 0 u p A e - r K o p p y n u u t o cpenu nuu, 3 a H U M a l o U U X C A K ~ ~ c c u @ u K ~ u u ~ # . BO~MOXHO, BCA CTpYKTYpa AaHHOrO H U O r a AOJlXHa 6 b l ~ b I I e p e C M O T p e H a B CTOPOHY Y n P O U e H U , C H W e H U A ~ O ~ H O M O ~ PU~#~ O T H U K O B U I O ~ O B b I X O p r a H O B B H K ~ ~ C C U @ U K ~ U U UMalUUH U CHI9KeHUA U 3 A e p X e K c o 6 n t o ~ e ~ mHHanOrOBblX ~ p e 6 o ~ a ~ u i i C O ~ C T B ~ H H H K ~ M B T O M O ~ W I ~ ~ ~ U 4.41 H e o 6 b l q ~ mXapaKTepUCTUKa H a J l O r a H a T p a H C n O p T H b l e CpeACTBa COCTOUT B TOM, q T O CTaBKa 0 6 n o ~ e ~JlerKOBblX a ~ ~ o ~ o 6 mC ea#p u ~ T U e 6 n e T KOPPeKTUPYeTCR B CTOpOHy n O H W e H k i A (qepe3 I l O n p a B O q H b l e K O ~ @ @ U U U ~ H T ~ I )O ~ ~ B U A HTO , . q O 6onee C T a p b l e A B U r a T e n U BblfleJlRIoT 6 o n b u r e 3 a r P R 3 H A I O U U X 'IaCTWU W qaUe IlPUBOAAT K HeCqaCTHblM CJlyqaRM H a nopore. no TO# IlpUSHHe, C O ~ C T B ~ H H U KCTapblX U a ~ ~ o ~ o 6 meeAOrUKHbl H # M a T U T b M e H b U l e H a n O r a , W M C O ~ C T B ~ H H H KHOBbIX. H COOTB~TCTB~HHO, Mbl PeKOMeHAyeM OTKa3aTbCA OT JlbrOT B n O n b 3 y CTapblX ~ B T O M O ~ H ~ ~ # . A H ~ O ~ U ~ HHOe , Mbl BMAMM 6 o n b u r o r o CMblCJla B Y B e n U q e H U k i H W O r a H a 7 T e H r e ( ~ e npUBH3aHHblX K MPll) 3a ~ w b ~ ~y6uqecmiic f i a H T u M e T p A B u r a T e n A , n p e ~ b ~ m a t o q u f i 1 500, HO H e noc~uramquii4 000 ~ y 6 . c ~ . 4.43 B Ka3axc~a~eC yU e C T B y e T 1O - I l p o u e ~ ~ ~ b la#K U U 3 H a CTOUMOCTb U M n O p T a HOBblX U IlOflepXaHHblX T p a H C n O P T H b l X CpenCTB. no U ~ e l O I U e f i c A H H ~ O P M ~ U UnpaBHTeJlbCTB0 M a H U p y e T ~ ~ , n p e o 6 p a 3 0 ~ a ~3TOT ad6LUopliblc a K U U 3 B T B ~ P ~ ~ Ia H U, l O r H q H 0 b # BblUleOllUCaHHOMY H a J l O r y H a T p a H C n O p T H b l e C p e n C T B a . M b l I l p e A n a r a e M OTHeCTUCb K AaHHOMY BOIlPOCY C 6 o n b m 0 # O C T O ~ O X H O C T ~ ~ ~ . XOTAB n o n b s y ~sepnoiic T a s K u a~uwsaH a roptoqee H T p a H c n o p T H b l e cpencma CYqeCTBYIOT BeCKUe a p r Y M e H T b 1 C TOqKM 3PeHWA C O u U U l b H b l X U 3 A e p X e K , ad8~70pliblli a K U U 3 H a H M n O p T I l O B b l m a e T Y p O B e H b IlpOrpeCCUBHOCTU H ~ J ~ O ~ O B O # CUCTeMbI, TaK KaK OH 0 6 b l q ~ 0 BblUle B ~ ~ C O ~ ~ ~ TB bHl pO~M H U l l H a e 6onee HOBble U f l O p O r U e ~BTOMO~HJIU,KOTOPbIe, KaK IlpaBkiJKO, n p u o 6 p e ~ m ~ c6onee n COCTOATeJlbHblMki JlkiuaMki. C I l o p ~ b l xBOnpOCOB OueHKU MOXHO ~ 3 6 e ~ a eCJlki, ~ b UCnOJlb30BaTb CnUCOK U e H H a HOBble U I l O A e p X a H H b l e ~ B T O M O ~ ~ . LKOTOPble UHOCTpaHHble a K U U 3 H b l e ~ U , O p r a H b l rry6nu~yto~n A A B3UMaHUA ad6LUopliblx H W O r O B H a IlOKyIlKy TpaHCIlOPTHblX CpeACTB. 4.44 Peromeenaq~~. B TOM p a 3 A e n e ynop A e n a n c R H a TO, STO H ~ O ~H aM A o p o m H b l e T p a H C n O p T H b l e C p e n C T B a nOJlXHb1 p a 3 p a 6 a ~ b t ~ a ~ b no-OTneJlbHOCTM c R M B COBOKynHOCTM, TaKMM 06pa30~,~ ~ 0 6 6O T1p a 3 U T b KaK MOXHO 6 n m e C O u H U b H b l e H 3 n e p X K M OT nOJlb30BaHM5l ~ B T O M O ~ W ~ R M H . MOXHOnpMBeCTM BeCKHe apr'J'MeHTbl B n O J l b 3 y yBeJlMVeHwsl aKUM30B H a r O p f o S e e , O C O ~ ~ H H H aO nM3eJlbHOe TOWIHBO, H H U O r a H a v y 3 O B b l e T p a H C n O p T H b l e CpenCTBa. CTpy~T)'pa H W l O r a H a T P a H C n O p T H b l e C p e n C T B a M O X e T 6 6 1 ~ 63 H a 9 M T e n b H O y n p O ~ e H a .~ O M M M OC O w U b H b I X M 3 n e p X e K M CTOMMOCTM aAMMHMCTpMPOBaHHR, H ~ O ~ X O A H M O IlPMHMMaTb BO BHMMaHMe coo6pame~n~ O ~ ~ ~ K T M B H O C T Mn.a A e H M e B H nOJlb30BaHMe TpaHCnOPTHblM CpeACTBOM CMJlbHO KOPPenMPYtOT C AOXOAOM H, CJleAOBaTeJlbHO, RBJlRtOTCR XOPOUlMM n O K a 3 a T e n e M C ~ O C O ~ H O C T M a T H T b . ~ o c J I ~ A H M ~ ~ p a 3 A e n H a u r e r o o T r e T a n o c B n q e e TO MY B o n p o c y . 4.46 A K ~ M ~ ~ I , HOpMaTHBHO-OnepaTHBHOe Per'J'JlMpOBaHMe H BblAaVa nJlaTHblX p X 3 p e l l l e ~ M f l- 3 T 0 U b T e p H a T H B H b l e , SaCTO n O n O J l H R t O U H e A p y r npyra, HO H e 0 6 ~ 3 a ~ e n b 3~K0B M B m e H T H b l e c n o c o 6 b 1 flOCTHXeHHFl T ~ ~ ~ Y ~ M O I - 0 3aUHTbI YPOBHR o ~ p y X a t O U e # CpeAbl MnM Xe H ~ O ~ X O ~ M M O ~ O 3 ~ o n o r ~ s e c ~ osr$o$ e ~ ~ Haa o n p e n e n e H H y t O C ~ M M~ K~O H O M M Y ~ C K M H ~ A ~ P X ~ K . X n p e n ~ y u e c ~ ~ o aKqM3OB H a A TpaAMUMOHHblMM HOPMaTHBaMM, OCHOBaHHblMM H a TeXHOJlOrUH HAM C T a H n a p T a X B ~ I ~ ~ O C O B , XOPOUlO AOKX3aHO. Ecnn $MpMbl CTUKMBatOTCII C pa3JlMVHbIMH npefieJlbHblMH H 3 A e p X K a M M OT C O K p a U e H M R B ~ I ~ P O C O BaKUM3bl MOr'J'T , n 0 3 B O n H T b AOCTH9b T ~ ~ ~ Y ~ YPOBHR -CHHXeHWR n p M M O I 0 6onee HH3KHX O ~ U M XH 3 A e p X K a X . M name, e C n H C y U e C T B y t O q M e HHCTpYMeHTbl nPMHHMatOT B P a C V e T PX3JlHSHR B M 3 A e p X K a X H a C O K p a U e H H e B ~ I ~ ~ O C O aKUH3bl B , n 0 3 B O n R T O ~ O ~ T ~ o T ~ ~ ~ H o c T ~ W y n O J l H O M O S e H H O r 0 O p r a H a C O ~ H P ~ T ~ nonp06~yt0 MH$OPMI~M~O 06 n3~epm~aM3 x OTfleJlbHblX UCTOSHMKOB. K ~ o MTOrO, ~ aKUM3b1 nOCTORHH0 CTHMyJlMPytOT nJlaTeJlbUMKOB MCKaTb ITYTH no C O K p a U e H H K l 3 a v R 3 ~ e ~ l l f l ,6onee Y C T O ~ ~ V H BK I 3 P 0 3 H H , ~ KOTOPaR M O X e T RBJlRTbCR pe3yJlbTaTOM n e p e r O B O p O B (per'J'JlR~0p~blfl O X B ~ T ) M H30JlMPYfQT IUIaTeJlbUMKOB OT PMCKa, VTO HOPMaTHBHOe Per'J'JlMpOBaHMe n o ~ p e 6 y eOT~HMX S p e 3 M e P H b I X paCXOAOB H a C o K p a q e H n e B ~ I ~ ~ O C O B . 56 Ann H ~ W U I ~ HHH@OPM~UHM O ~ n0 TeMe AaHHOrO pX3Aena, CM.S.Smith, Hanoroo6noxe~ne3HepreTkiKki M 3 ~ 0 n o r n ~ e c ~nonnTnKa B a n C ~ O P H U KAKYWHCUInonumuKa u a h M ~ ~ ~ ~ m p ~ p 0 6K)xrroauepu~atic~ux ~ B a ~ w f cmparrax, non pen. S. Cnossen, llpe~opun,UNISA Press, 2006, a mn o63opa cuTyauuu B c-cpaHax 03CP, CM. J- F. Barde u N-A. Braathen, 3 ~ o n o r u ~ e c ~nnaTexu, e u e C ~ O P H U K ~ non pen. S. Cnossen, Teopm u npaKmuKa a~yu3rrozoH ~ ~ O Z O O ~ ~ O J K ~ H W , Kyperrwf, ablnuaarrm, a3apmrrbix uzp, 3azpmrrerrwf u ~ o x d e r r mOxford, Oxford , University Press, 2005 Bpeslca 4.4: Kalaxc~a~:h a ~ sa sarpasHeHHe olcpyxa~oulelcpeabl, 2006 a BHUs a r p ~ 1 3 ~ e ~ n s C~aelcasa (ycn.) 1. B ~ I ~ P3arpX3HXBUkiX BeUeCTB B ~ T M O C @ ~ POT O C Y CTaUHOHaPHbIX HCTOqHHKOB 2. Bb16p0cb1 3arpX3HXBUHX BeUeCTB ~ T M O C @ ~ POT Y n e p e n e u x w b l x HCTO~HHKOB: ' NIX~ T H ~ H ~ O B ~ H6eH3UHa; H O ~ O ' nnX He3THnUpOBaHHOrO 6 e ~ 3 u ~ a ; = NIR n u 3 e n b ~ o r oT o n n u s a ; ' NIX CTHTeHHOrO rZ38 3. C6pocb1 3arpX3HXBUUX BemeCTB B Bony H nOqBy ' B BOnHble HCTOqHHKH ' B HHTeHepHO O ~ Y C T P O ~ H H ~ I ~ COOPYTeHHX ( ~ a ~ o n u ~ ennounR, (PunbTpauuu) nocne O ~ H C T K H ' B HHTeHepHO 0 6 y ~ T p 0 e H H b l eCOOPyXeHUR 6 e 3 O ~ H C T K U H a p e n b e @ MecTHocTu 4. l l p o ~ o n t o n b l p, a3ueueHHble Ha nonurotiax, HaKonuTenXx 5. P a 3 M e ~ e H U ePanUOaKTUBHbIX OntOnOB, no KOTOP~IMOTC~TCTBYDTT e x H o n o r u u nepepa60~~u 6. B ~ ~ p b l I l I ~Hb Bl eMeUaBUHe nOPOnbl 7 . 3 0 n o ~ l n a ~ uu,n a K u , WnaMbl, XBOCT~I060raule~u~ 8. T e e p n b l e 6b1~0BbleOTXOnbl 4.47 H ~ ~ O C T ~aTUOi K0 l p 3 B H a 3 a r p R 3 H e H U e 0 K p y X a f O 4 e i CpeflbI COCTOUT B TOM, q T O OHU H e M O V T r a p a H T H p o e a T b n o c T m e H u e T P ~ ~ Y ~ M OK~o nOo r l n e c K o r o s s + + e ~ ~ an;o e e n e H q e c K u e pea~uuu 3aF'pR3HRIoqUX O K P Y X a W q Y W C p e n y MOrYT 6 6 1 ~ 6C U n b H e e W I H cna6ee 0XU.QaeMblX. no KOHTpaCTY, KOnUqeCTBeHHbIe UHCTPYMeHTbl r a p a H T U p y I o T ~ p e 6 y e ~ b l i 3 4 4 ~H ~3 ~r a a p R 3 H e H U e , HO n p l 4 HeU3BeCTHblX U 3 A e P X K a X no C O K p a U e H U I o B ~ I ~ ~ O C O B . COBepIIleHUU ~ b 1 6 0 p a ,~ K O ~ O ~ U ~ ~ PHCKU # npu C K A O n X e H 6 6 1 ~ 6c ~ ~ J - I ~ H c u ~ o B ~PUCKOM, CBR3aHHblM C PaCXOAaMU H a 3 K O n O r U q e C K y t o n O n U T U K y . C H A K U U ~H~a I3 a r p R 3 H e H U e 0 K p y X a t o 4 e i C p e A b l CTaHOBRTCR O C O ~ B H H O UeHHbIMU, r,Qe 0 6 I I l u p ~ b l e U3MeHeHUR B n O B e A e H U U H ~ O ~ X O A U M ~ I IIlHPOKOMY no PRAY A e R T e n b H O C T U no nPOU3BOACTBY U no~pe6ne~um.C npyroii CTOPOH~I, H o p M a T u B H o e p e r y n u p o B a H u e no K W O M ~ U C T O ~ H U K Y sarpns~e~uiio 3 ~ o n uA~O n C T U ~ ~ 6onee ~ + + ~ K T U B H O ~ O e 3 y n b ~ a ~ a , p ecnu yuep6 OT s a r p ~ s ~ e ~ u n B a p b U p y e T B 3aBHCUMOCTU O T UCTOqHUKa 3 a r p R 3 H e H U R . 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B3HUaeU.e 38 BUnOnHwHe neranh~uxn d c t s n i ~ 0 1 0 2 0 2 0 2 0 2 0 2 0 2 0 2 0 2 H e n ~ o r o m u eu r ~ u ~ ~ b rnoxonu h l e 1.5 1.8 1.5 1.5 1.5 1.5 1.5 1.5 1.5 0 6 u u e pacxonu IIuucroe ~ p ~ ~ u ~ o m a u u e 22.1 22.7 22.7 22.7 22.7 22.7 22.7 22.7 22.7 06pa3osanwe 3 2 3 5 3 7 Tpa~cnoprn K O M U ~ H H K ~ U H H 0 6 s u l 6 a n a u c (61onxn BI HOPK) ' CIJI - npennarae~ann p a e n T e n b c T e o M p e 4 o p ~ aH ~ ~ O ~ O O ~ J I O X C H B K n l o r a e T U X c t i n n e H w e H a n o r a H a n 0 6 a ~ f l e H ~ y l o CTOWMOCTL (HAC), e e e n e H w e enw~oh c T a e K w w H n w e w n y a n b H o r ononoxonuoro H a n o r a (MIIH), c H w n e H n e c r a s K w C O U U ~ b H O r OH m O r a (CH), KOTOPaR T a M e n O J l X H a 6 b l ~ brapMOHW3WpOBaHa n n X MeCTHblX W WHOCTpaHHblX P ~ ~ O T H H K O BW, p e 4 0 p ~ b l B OTHOllleHWW TaKWX BOIIPOCOB, KBK B B O # H O ~ H ~ ~ O ~ O O ~ J I O X ~ H W ~ .P ~ ~ W ~ ~3TWX HP ~I ~I O P 3Ma U n n a H U p O B a H a n o n a n H o H a 2007 w 2008 r o n b l . y e e n w r e H w e M ~ a r p y z i ~Hua C e n b c K o e X O ~ R ~ C T BHOy e e n w r e H w e M c T a e o K H a n o r a H a C O ~ C T B ~ H H O C T ~ K U W ~ O B . w Ta6nuqa 4 lIpunoxe~m~OCHOBH~R~anoroodnarae~a~6a3a lnpennonarae~brecTaelcm nnR nporeosa 1: BHAmanors l l n a ~ ~ p y ~ea~nao~r o s ape@opma ~ Y C H ~ ~ H aHn~oRr o ~pe@op~a ~ a ~ K O ~ ~ O ~ ~ T H B H ~CUOKH:~e onpe~ene~bl I # CDOKU:2008 n o ~ o x o ~ ~ bHanor l i i Hanoroo6narae~am6a3a: u c ~ n m r e ~ u e Hanoroo6narae~am6a3a: (CM.rnaay 2) (KnH) nHBHneHAOB Bce O T ~ ~ CA ~O ~HX H ~ I C T ~ BHanOra: He H3MeHReTCR K ~ BblflJlaqHBaTb KnH, B03MOXH0, BKflK)qaR CenbCKOe X O ~ H ~ ~ C T B O M ~ M ~ H R ~aMOpTH3auHR T C H H BblqeTbl KoppeKTupos~aMaTepHWlbHO- T ~ X H H ~ ~ C K O ~C ~ 6a3t.1 YeTOM H H ~ ~ R U U M Oc~o60xnam~cnAUBUAeHAbl C H H X ~ H H ~IlOpOrOBw l R CfleUU~bHblXPeXUMOB (5 - 10 ~ ~ ~ O T H U K O B ) C T ~ BHanora: C ~ u x a e ~non20% K ~ c Win K O M ~ ~HeHHBJIHIOUUXCRU ~ ~ , ~enpononbso~a~enm~u Hanorm ~a~ p y n CPOKU:2007 (MnH), 2008 (CH) CDOKH:2007 (UlIH+CH): Hanoroo6narae~am6a3a: Hanoroo6narae~am6a3a: MnH ynepxusaeTcn ~ N P M ~ M M Bcenoxonbl(o~~pyna) BO BCeX OTpaCnHX, He3aBUCUMO YIlp~uleHHblePeXUMbl nnR OT HaJlU'lUII YflPOUleHHOrO CH flO3TaflHO OTMeHHWTCH (CO p e x u ~ a BceM HMO~OM) Easa nnn CH ~ ~ B U C HOT T CKUAKUu 06noxe~ueno YnpOuleHHblX PeXUMOB H HyneBofi CTaBKe KaK o~pacnu(~anp.,cenbc~oe npennoxe~oB CUI XO~R~~CTBO) C T ~ BHm0ra: 20% ( K ~MnH) K ~ K C T ~ BHanora: K ~ Ann MnH enuHam 10% Ann CH, perpeccuBHaR lmana C flOHUXeHUeM Ha 30%, IlpUMeHHeM~OnUHaKOBO K MeCTHblM H UHOCTpaHUaM Hanor ~ano6asne~~yro CUOKU:2007-2009 CPOKU:2009 C T O H M O C T ~ ( W C ) Hanoroo6narae~am6a3a: ~e Hanoroo6narae~am6a3a: 06noxe~ue U3MeHlleTCR C ~ J I ~ C K O X O ~ H ~ C T B ~ H H ~ I X n p e ~ f l p ~ ~ l ~ ~ f i C T ~ B~anora:C K ~ H H X ~ ~ T C H ~a OAHH no 06ueR CTaBKe; CHHXeHHe flOpOraA0 flp0ueHTHblfi nYHKT rOnB 7 500 MeCHqHblX PaCqeTHblX no~a3a~enefi BHA nanora n n a n ~ p y e ~ ananorosa~pe@opma n Yc~nennannanorosan peaopma Auu~3bl Hanoroo6narae~a~6a3a: 6e3 CPOKU:2007-2009 1 1 3 ~ e ~ e ~ n i Hanoroo6narae~a~6a3a: 6e3 C T ~ B~anora:6e3 H ~ M ~ H ~ H H # n 3 ~ e ~ e ~ n t i K ~ Hanor Ha UIKOrOJlb: AOJlXeH 6bl~bYABOeH (B peanbHoM eb~paxe~nn); MOXHO IlOBblCllTb B 10 pa3; BUHO: MOXHO YBeJlllqHTb BvOe; Ta6aq~bIeH3neJlHR: CJlenyeT YBeJlnqHTb no 30 TeHre c nawu curapeT (1 500 TeHre c TLICRSU); OAHH ano or JlpllMeHReTCR He3aBHCHMO OT BHAa cnraper, c @nnb-rpo~nnu 6e3 @nnb-rpa; Kyp~Tenb~blRTa6aK AOJlXeH 06nara~bc~no cTaeKe 1 250 TeHre 3a 1 Kr ha nor^ na Hanoroo6narae~m6a3a: 6e3 CDOKH:2010 C O ~ C T B ~ H H O C T ~ n 3 ~ e ~ e ~ n # Hanoroo6narae~a~6a3a: I ~ ~ M ~ H R ~ T C I I C T ~ B~an0ra:6e3 H K ~ ~ M ~ H ~ H F I ~ Hi3JIOrOBaR 6a3a, ~ ~ 0 6rapaHTllpOBaTb b l IIPHJIOXEHHE 2: KOPIIOPATHBH~I~~HAJIOr B CTPAHAX, C KOTOPbIMH IIPOBOAWIOCb CPABHEHHE A2.1 H a n o r o n n a ~ e n b qF~I O~W~l e X a T 06noxe~ntoKOPnOpaTHBHblM IlOAOXOAHblM H U O r O M CO CTOpOHbl POCCH~~CKO# Deflepa~kikiH ee 88 PerHOHOB. POCCH#CK~H CMCTeMa 0 6 n o x e ~ nH~U O r O M C t o p w a n r e c K n x nnu - TO K n a c c n q e c K a R CncTeMa, TO 0 3 ~ a r l a e ~ TO n p ~ 6 b L n bt o p n a n r e c K n x , nuu 06narae~cnH a y p o s H e K o M n a H n n , a p a c n p e A e n R e M a n p u 6 b l n b 06narae~cnH a y p o s H e a K u n o H e p o B . A2.2 IOpnfinqec~nennua, sapernc~pnposa~~b~ec c n # c ~ o ~s ya no p o ~ o ~ o ~ a ~ e n b c ~ ~ y , 06narato~c~ H a n o r o M co B c e r o noxona, n o n y r a e M o r o me-nn6o. M ~ o c T p a ~ ~t bp~n en o A q e c K n e nnua n 0 A n e x a - r 06noxe~ntoTOnbKO C AOXOAI, n O n y l r a e M O r 0 OT X O ~ H # C T B ~ H H O # A e R T e n b H O C T n nOCTORHHOr0 IlpeACTaBLiTenbCTBa B POCCU#CKO# ~enepaunnH O T HeKOTOPblX AOXOAOB, I l O n y q a e M b l X B POCCHH. Bce BUAbl AOXOAa BWItoqatoTCR B B ~ ~ O B OAOXOA. # A2.5 17pupocm Kanumana OT peannsauuu a K T n e o e ~ x o n n n~p B k i 6 b l n b OT n p e A n p n H n M a T e n b c T s a . K ~ Kp n a B H J l 0 , HOTepH K a n t i T X i l a B p e 3 y n b T a T e npOAiWCki aMOPTU3HPYeMblX aKTUBOB U M a T e P H a n b H O - T ~ X W ~ ~ C K O G6 a 3 b 1 H IlOJlHOCTbto Bb1'4UTatoTCR. OAH~KO, nOTepLi B p e 3 y n b T a T e IlpOAiWCH aMOPTU3UPYeMblX aKTUBOB Bbl9HTatoTCR PaBHblMU AOJlRMH H a n p 0 T R X e H H H BCerO OCTaBWerOCR CpOKa cnyx6b1 aKTkiBa. ~ O T ~ PKUa n k i T a n a B p e 3 y J l b T a T e peanU3alJUU UeHHblX 6 y ~ a r ,BblllyU e H HblX B COOTBeTCTBUH C MeCTHblM U n H UHOCTpaHHblM 3aKOHOAaTenbCTBOM, M O r Y T 6 b l ~ bKOMneHCUPOBaHbl 3 8 c r e T n p n p o c T a K a n u T a n a B T e K y q e M rony unn n e p e H o c o M B cneaytoqu# B C o o T s e T c T s n nc 0 6 q n ~ n n p a B u n a M n . OAH~KOe c n n y e Tpa3nnqa~bu e H H b l e6y~ar-n,s a p e r n c ~ p n p o e a ~ ~H ba ~ e 6npxe, n A p y r n e u e H H b I e 6y~arn.~ O T ~ PK aHn k i T U a ki3 OAHO# KaTerOPHH H e MOrYT 6 b l T b KOMneHCHPOBaHbl nPHPOCTOM K a n H T a n a no APYrllM K a T e r O P M M . A2.6 A~opmu3ayu~.C H O B HaKTHBbl O ~ I ~ H 3 H a W J l b H O OlJeHWBatoTCR no H C T O ~ H ~ ~ C KCTOHMOCTU O # n p H 0 6 p e ~ e ~ H W l H R no CTOUMOCTH HX nPOH3BOACTBa. A M O P T U ~ ~0 ~6 U3IaI~~ e J l b ~ a . OAH~KO,MOXHO ee 3aRBJlRTb TOJlbKO 3 1 T e flepHOfib1, KOrfla 3TOT BKT1.16 MCnOnb3yeTCR. A M O P T H ~ U P YaKTHBblI ~ ~ M ~ n 0 A n e x a - r n o c T e n e H H o M y cnncaento 3a nepuon nx c p o K a cnyx6b1, H a o c H o s a H n n K o T o p o r o aMOpTki3UpyeMble aKTUBb1 pa3AeJlRtoTCR H a 10 aMOPTU3auMOHHblX r p y n f l . A2.9 Ecnn IlPHMeHReTCH Y C K O ~ ~ H HMeTOA aMOPTM3aUWM, IlPOUeHT aMOPTM3allMI.I K I K O ~ - ~ ~ 6 0 ~ I ~ e n n H n q b 1 o n p e n e n R e T c x c n e n y t O u M M 06pa30~:K = [2/n] * loo%.. A2.11 B U e n O M BCe O ~ O C H O B ~ H H ~HI ~ flOKyMeHTaJIbH0 I l O n T B e p ~ e H H b l e PaCXOflbl H a J l O r O n J l a T e J l b u W K a BblqMTatOTCH. no HeKOTOPblM KaTerOpMRM 3aTpaT yCTaHaBnMBatOTCH nMMWTbl ( ~ a n p n ~ eno, p HeKOTOPblM CTpaXOBblM nPeMMRM, BblIlJIaqeHHblM ~ ~ ~ O T H M KCTOWMOCTb P e K n a M b l ~ M , nnn B b I n n a T a n p o u e ~ ~nnn )s o ~ a n p e ~ b ~ ( ~ a n p n ~ enpo, m e p ~ ~ o ~ a,@i~nne~nb~ Tame ~ n ~ ) . H e nomemaT Bblq WTaHMtO. A2.14 Hay~~~-~CCfled~@ameflbC~ue u onbim~o-~oticrnpyrcmopc~ue pa60mbl. 3 a ~ p a ~ H a1 b HMOKP nOnHOCTbtO BbISMTatOTCR PaBHblMM AOnRMM B T e S e H M e T p e X neT. Cneyuanb~bre~anozosbrepexunsbr A2.16 C 1 H H s a p H 2002 rona no 3 1 n e ~ a 6 p2006 rona ~anoroo6narae~a~ n n ~b ~ 6a3a c ~ p o i iH ~ @ T M COCTaBnReT o61.e~ ~ 0 6 b 1 ~ 0Ci ~ I P OH~~ @ T H , M CTaBKa H U O r a COCTaBnReT 419 py6neti 3a TOHHY, A2.17 C 2007 r0Aa 3TOT HaJlOT. ~ Y A ~PaCCqHTblBaTbCR KaK n p O u e H T OT CTOUMOCTU T ~ 0 6 b 1 . i ~ (CTOUMOCT~ ~ b l p 0 f iH~@TM), H e BKnkOrlaR 3KCnOPTHble IlOUlJIMHbl, a K ~ U 3 H b l f i HaJIOr U CTOMMOCTb TpaHCnOpTUpOBKU, no CTaBKe 17,5%. Hanor H a ~06bl.i)' MUHepaJlbHblX P e C y p C O B Bbl.iHTaeTCn n p U pac.ieTe KlJH no POCCM~~CKHMp a a m a M . n J l U u a MOrYT ~ b l 6 p a ~~ nb p 0 ~ e H H b l f i ~ a n o r o a b ~ f i p e x m , ecnu MX 0 6 0 ~(0~~BeK n m r l a RWC)H e n p e B b l u l a e T 11 MnH. py6nefi 3a 9 M e c R u e a B rony. ~ ) p U ~ U . i e c K U e nuua u u H n u B u n y a n b H b l e n p e n n p w H u M a T e n u , n p u M e H n m q u e y n p o q e ~ ~ b ~ f i H U O ~ O B ~ I #P e X M M , O C B O ~ O W ~ H ~OT I K I M (mm R @ U ~ U . ~ ~ C K U X JlMu), WC, H U l O r a C I l p O A M , H a J I O r a H a C O ~ C T B ~ H H O CMT e~A U H O r 0 C O 4 U U l b H O r O HaJIOra. A2.23 C T ~ H A ~ ~ CTaBKa KnHT H U COCTaBSlneT 24%. TO K O M ~ U H U ~CTaBKa,HKHTUPU O B ~ O O COCTOMT H 3 T p e X rac~efi:@ e ~ e p a J I b ~ ~ fpie,r U o ~ a J I b H 0 f i M M ~ C T H O ~ ~ . C 1 IlHBaPR 2005 r O A a @ e n e p a J l b ~ a RW C T b COCTaBnneT 6,5%, U P e r U O H a J l b H U W C T b - 17,5%. Kpo~eTOrO, P e r U O H a J I b H b l e O p r a H b l r O C y A a p C T B e H H O r 0 Y n p a B J I e H U n MOrYT YBeJlH.iHTb CTaBKy Km H a MaKCUMYM 4%. T ~ K U M O ~ P ~ ~ OpM3,M e p a KnH, B b l n n a . i U B a e M O r 0 B p e r M O H a J l b H b l e 6 m ~ ~ ~ COCTaBnReT K a K MUHMMYM e ~ b l 13,5%. Hanozu c @onda3apa60mnoli' nnamai A2.24 B Poccnn H e T K p y n H b l x H U O ~ O B c 3apa60~~0#n n a T b 1 , y n n a r n B a e M b l xp a 6 o ~ o ~ a ~ e n e ~ . O ~ H ~ KCOy ,e ~ C T B y l O T 0 6 ~ 3 a ~ e n b H b l B3HOCbI e H a C O q H U b H O e 06ecnere~ne. Bce ~ ~ ~ O T H H K H , R B n R l O q M e C R r p a X A a H a M M , I l O A n a A a l O T n O A 3 T 0 0 6 ~ 3 a ~ e J l b ~TO ~ e0C,T b OHH ~ HMelOT n p a B O H a nonyrewe nbro-r, H WR3~01-o nx s a p n n a ~ B b~I r n T a e T c R H a n o r . 1.13 b A2.25 B UeJIOM H U O r B3HMaeTCR C AOXOAI, B b l l U l a q H B a e M O r O p a 6 0 ~ 0 ~ a ~ CBOHM~ ~e n e ~ ~ O T H H K ~ M , He3aBHCHMO O T TOTO, BbllUlaqHBaeTCR n H O H B A e H e X H O M H n H HaTj'panbHOM Bblp2UKeHHH. H ~ K O T O P ~ I ~ BblnJlaTbl H e 06na1-~WTCRq C O H a n b H b I M H U O r O M , K HUM OTHOCRTCR BCe BHAbl KOMIleHCaqMOHHbIX B b l n n a T . H a n o r o ~ a ~ ~a 6a3a Qenepanb Q o ~ n Qenepanb~b~ii Q o ~ n Z l ~ o r o OnHOrO P ~ ~ O T H H K ~ ~ b l i COUHaJlbHOrO OH^ 0 6 ~ 3 a ~ e J l b ~ 0 (%) r 0 6KInXCeT CTpaXOBaHHH 06~3aTeJlb~0r0MeflHUHHCKOrO (YO) (YO) MeAHUHHCKOrO CTpaXOBaHHR CTpaXOBaHHH (%) (Oh) no 280 000 20 3,2 0 2 2,6 26 280001 -600000 7,9 I , ] 0,1 0,9 10 Ceb1111e600 000 2 0 0 0 2 Hanoz na nedsuwu~ocmb A2.29 3a 3eMJllO B b l n n a q H B a e T C R M Y H H ~ M ~ Z ~ J I ~HHM~OI #r BCeMH lOPHAH9eCKMMM M @ H ~ H ~ ~ C K M M M n n u a M w , R B n R r o q n M n c R B n a A e n b u a M u H a A e n o s H a O c H o B a H n H O n p e A e n e H H b l x I l P a B O y C T a H a B n M B a l O ~ M X AOKyMeHTOB. Hanoroo6narae~o# 6a30# RBnReTCR CTOHMOCTb 3eMJlH, YCTaHOBneHHaR r 0 C y A a p C T B e H H b l M 3 e M e n b H b l M PeeCTPOM. C T ~ B HKa ~O n r a 3aBMCHT OT U e n H , W R KOTOPO# MCnOnb3yeTCR 3 e M n R . Ha @ e ~ e p a n b H oY~p O B H e M a K C H M U b H a R C T a B K a Y C T a H O B n e H a B p a 3 M e p e (i) 0,3% 3a C ~ ~ ~ C K O X O ~ R ~ ~ C T B ~ H H ~ I ~ u c n o n b s y e ~ b ~Aen R m n n b R , s e ~ n n s e ~ n u , n (ii) 1,5% H a s e ~ n nH a A p y r n e qenw. Cmmiynuposanue unsecmuyuii A2.32 B Haqane 2001 rona B Poccuu 6bmu y~u@uqupo~a~brnpenenbme cTaBKu ~anoroo6no~e~u11~ @ U U ~ ~ C K U X nuu - KoTopble paHee cocTaenRnu 12%, 20% H 30% - Tenepb ~ s w ~ a e nobenu~oiicmme 13%. B TeqeHue cnenytouero rona noxon ~ ~ e OT l4lX-l BO~POCnpuMepHo Ha 46% (OKO~O26% PeMbHOM ~blpa>tce~Uu).Aoxon B OTHnH KaK npOUeHT OT BBn B03POC nOSTU Ha OnHy nsTyto (MB~HoB~, H KJI~MM,2005 r., CTp. 4) KUH A2.33 @ U ~ U ~ JlUUaK U ~ ~ C 06113a~blBblnJlaqMBaTb nonoxon~bliiHiinor, ~0~0pblfiB3UMaeTCR AOXOAa C OT 3aHIITOCTU (CM. n. 2 . ) HHBeCTMUHOHHOrO AOXOAa (CM. n. 2.1.2), AOXOAa OT npennpu~u~a~enbc~oiinemenbHocTti (CM.n. 2.1.3) u npyrux Bunos noxona ( ~ a n p u ~ enoxon sune p , B sbrurpblrua no~epeto).C y u e c ~ ~ yTame B t o ~ @OPMLInoxona, He 06narae~oroHanoroM (CM.n. 2.1.4). P O C C U ~ ~CMCTeMa C K ~ R H ~ ~ O ~ O O ~ J I O X ~ H M npeAycMaTpHBaeT 06noxe~ueHanOrOM nOBCeMeCTHOr0 noxona p e 3 u n e ~ u~ o06noxe~uenoxona, nonySaeMoro ~ e p e s u n e ~ u3a~~O uC ~ ~ C U ~ ~ C K U X UCTOSHHKOB. A2.35 BblIUlaSU~aeMblerOCynapCTBOM neHCUU OT HanOra 0 ~ ~ 0 6 0 W e ~Cb l1. IlHBaPIl 2005 rOAa BblIUlaTbl, OCyUeCTBnIIeMbleqaCTHblMU IleHCHOHHblMH @OHAIMU,IlOJIyqaeMble Ha OCHOBaHUH B3HOCOB nonySaTenn Tame oc~o60mato~c11.OAH~KO,sbm.naTb1, ocyqecTsnneMble B paMKax npyrux no6po~onb~blxIleHCHOHHblX CXeM, CqUTaIOTCII 06naraeMblM AOXOAOM. A2.40 OC#060;~cdaf?~blfi d0X0d. B COOTBeTCTBMMCH~JIOI-OB~IM KOAeKCOM, 0 ~ ~ 0 6 0 ~ a e M bAOXOA, l f i cpenn npoqero,ewrroqae-rcnenyroqee: E x e ~ e c n r ~ onoco6ne e Bpamepe 3000 py6neii nnu 500 py6neG nnn onpeneneHHblx rpynn HanoronnaTenbquKoa( ~ a n p n ~ eup~, s a n n ~B bpe3ynb~a~e~ ~ P H O ~ ~ asapnn),CnnnO # ~ L ~ ~ K A2.46 K ~ o M ~ noco6ue Ha ne~eiiB pashlepe 600 py6ne# B Mecnu Ha pe6eH~aBbrnnarnBaeTcn Toro, KWOMY HanoronnaTenbqnKy npn ycnoeuu, TOero ~OAOBO# AOXOA He npeBblwaeT 40000 py6neii. Ao pe@op~b~(2000) nocne pe@opub~(2001) 06naraeub~tinoxon" npenenb~anc ~ a e ~ a 06narae~bliinoxon" npenenb~anc ~ a e ~ a Huxe 3 168 0 Huxe 4 800 0 P ~ ~ O T O A ~ T ~ Jn1060# b I 38,5 '/ Hnxe 100 000 35,6 ' I Pa3Hble CTaBKH nPHMeHRloTCR K C ~ J ~ ~ C K O X O ~ R # ~C ~T B ~OHTHH~HIOPHCTaM , ~ ~ M ~ M K H BOnbHOHaeMHblM ~ ~ ~ O T H H K ~ M . B HeKOTOPbIX PerHOHaX B3HMaIOTCR HeKOTOPble AOnOJlHHTeJlbHble ~60pb1,HallpHMep B Moc~ee B3HMaeTCII 06pa30BaTeJlbHbl# c6op B pa3Mepe 1%. ' I 3Ta CTaBKa COCTOHT H 3 B3HOCOB B ~ ~ H C H O H H~ ~O IH~ A (28%), ~ O H A COUHanbHOTO CTpaXOBaHHR (5,4%), ~ O C ) ' A ~ ~ C T~BO~HH3aHIITOCTH (1,5%) AH ~ I # H ~ O H A MeAHUHHCKOTOCTpaXOBaHHI1(3,6%). ~ ~ C ~ O V H U K : HanoroebrA KOjleKC Pocc~#c~oA~ e j l e p a l l%~ C~T, 11, KOnHR H3 ny6nn~awnMsa~oeoA,KHHH ~ KneMM Ta6nuua 5 l l p ~ n o x 2: 0~ 6~ q~ ~noxonbr npaeu~enbc~ea 1994-2003 rr. 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(% e a OTBBH) MBO (2005), c t O ~ r eno cu-ryauuu ~ B Poccufic~ofi Oenepaunu 3a 2005 ron, C T ~ T ~NR KOHC~JI~T~~WW)),CTpaHOBOfi OTreT MBO N~051377,MeWyHapOflHblfi BaJIlO~~blfi@OH&B ~ L U U H ~ O H , OK. B. AHAJIW3 HAJIO~-OBO~CWCTEMbI KWTAH A2.56 Mamepuanb~o-npowsobcmse~~bie sanacbi. M a ~ e p u a n b ~ o - n p o ~ 3 ~ o n c ~3saen~a ~bb1 1Be c BMAe TOBapOB, ~ O T O B OIlpOflyKqUH, ~ e 3 a B e p U I e ~ H o Iflip O n y K ~ H H ,I ~ o ~ ~ ( P ~ ~ ~ H CblPbRo H ,APYrHX ~ K ~ T B T O B a p O B OqeHHBatOTcR no C ~ ~ ~ C T O U M O C T~U~. 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O ~ H ~ Kl Oe I e p H O C HeHCnOJlb30BaHHblX 3 a T p a T H a HMOKP H a ~Jlenytoukifir O n H e p a 3 p e l l r a e T C R . Y 6 b l ~ 0 q ~ b lnep e n n p H R T U R M O V T B b l q H T a T b 3 a T p a T b I H a HMOKP no M e p e HX nORBJleHHR no O T H O U e H H l o K B b l M a ' 4 U B a e M O M Y nOAOXOnHOMY H a n o w , u UM H e H ~ X H O~ 0 6 n t o n a T bc t n p a a u n o 20%)),KaK s ~ noe n a t o T n p H 6 b l n b ~ b l en p e n n p u n T n R . A2.81 0 6 J l a r a e ~ b l HiUlOrOM ~ RBnReTCR p a 3 H H U a M e w BiUlOBbIM nOXOnOM H n0n)'CTUMbIMH B b r r u T a e M b l M n p a c x o n a M n H npyrum s a ~ p a ~ a 0~6uq. u i noxon H a n o r o m a T e n b q w K a B w r m r a e T cnewmwee: Aoxon OT ~ P O H ~ B O ~ C T B ~ H H O ~ n p e n n p u ~ u ~ a ~ e n bnce~moe i n b H o c T n ; Aoxon OT n e p e n a r H C O ~ C T B ~ H H O C T H ; Aoxon OT IlPOUeHTOB; Aoxon OT a p e H n b r ; Aoxon OT POII~TH; Aoxon OT L ~ U B U L ~ ~ H L ~HO B ; nporwi noxon. A2.82 npw p a c r e T e 06narae~oronoxona B b r r u T a m T c Rcnenymuue cTaTbM s a ~ p a ~ : ~ P O U ~ H T ~ IKpenUTaM, IlOJlyreHHbIM OT @ H H ~ H C O B ~ IYX~ X ? X ~ ~ H HB#b,I l l n a r e H H b l e B X O n e no ~ P O H ~ B O ~ C T B ~ H ~H O~ ~~ ~ ~ ~ H H H M AeRTenbHOCTU; K o ~ H ~ T ~ J I ~ c ~ P O U ~ H T ~ KpenHTaM, IlOJlyreHHbIM OT H ~ @ U H ~ H C O B ~J'rpemneHHi, no I I X H e I l p e B b I U a m U H e ~ 6 0 p b 1 ,B3HMaeMble @ U H ~ H C O B ~ I MYU9 p e m e H H R M H no T ~ K me~KaTerOpHH KpenHTOB 3a TOT O me nepnon; 3apnna~a,B b r n n a s u e a e M a R n e p c o H a n y H pa60ru~; B b l l l J l a ~ b l B n p o @ c o m s ~ b l e@ 0 H n b l , @ O H ~ COUHWlbHOrO ~ I 0 6 e c n e r e ~H~0 ~6 p a 3 0 ~ a ~ e J l b H b l e @ O H ~ BbIYHTalOTCR ~ I no CTaBKe 2%, 14% H 1,5% COOTBeTCTBeHHO OT o61qero 06narae~oro @ o ~ n3apa60~~0ii a nnam; H ~ O X ~ ~ T B O B ~ H 6HJRl a r 0 ~ ~ 0 p U ~ e J l b ~@b0lHen b l H @0Hnb1 IlOMOwH B p a 3 M e p e MaKCHMYM B a0 3% OT r o n o B o r o 06narae~oronoxona. A2.83 ~ 0 n 0 ~ ~ H ~ e I~l p abB U J lba lC Ye U e C T B Y m T IlPHMeHHTenbHO K HHOCTpaHHblM H H B e C T U P Y m ~ H M ~ npennpnmnm. Mx noxon B n p u H u n n e T a m e 06narae~c~ no c T a e K e 33%, HO B CBRJH c T e M , TO 6onee 80% HHOCTpaHHbIX H H B ~ C T H U MOCYUeCTBJlReTCH B CneUHWlbHblX 3KOHOMM9eCKUX 30HaX (CM. n. 1.6), ~ P e W l b H a R CTaBKa npHMeHMTeJIbH0 K MHOCTpaHHbIM MHBeCTMUMHM COCTaBnReT 15% HJIH 24%. B OTHOUeHHM AUBMAeWOB, IlpOUeHTOB, PORJlTM M 06narae~orol l p H p O C T a KanUTWIa, nOJlygeHHb1X H e p e 3 U n e H T a M U , K O H ~ Y H ~ I ~ O A O X O A H ~ I #H W l O r COCTaBJlReT # 10% OT BWIOBblX BbInJlaT. C J l e A y e ~ OTMeTUTb, 9 T O CTaBKa nOAOXOAHOr0 H W l O r a M O X e T 6 6 1 ~ 6C H M ( e H a B COOTBeTCTBUH C HWlOrOBblMM C o r n a u r e n u f i M n . A2.86 ~ O B O ~B Xe n O M , HtlJlOrOBble CTWMYJlbl npf2AOCTaBJlSIIOTCR WHOCTpaHHblM npeAnpUIlTUIlM u npki ycnoaww, TO Tame n H o c T p a H H b l e npennpux-rm o o T s e r a m T o n p e n e n e H H b I M T ~ ~ ~ O B ~ H H A M , n P e n y C M O T p e H H b l M K W T ~ ~ ~ C K W M HtlJlOrOBbIM 3aKOHOAaTenbCTBOM. I l p e n O C T a B n e H H H HanOrOBbIX CTHMynOB C y U e C T B y e T M T b OCHOBHbIX K B ~ ~ J ~ W $ W K ~ U H O H HK~p~UX e p U e B . T K m b ~ i i K p w ~ e p k i f i p a c c M a T p w a a e T o n p e n e n e ~ ~ ba~c nf ei K T n e m e n b H o c T w npennpmnun. A2.87 ~ T KUp w T e p w u cnenymqwe: K O M ~ ~ H UnRr O u K H a 6b1~b TPK H a 3 b I B a e M blM ((WHOCTpaHHbIM WHBeCTkiUWOHHb1M n p e n n p w s T u e M ) ) ; H a n o r o s b l ~CTkiMYJlbI npeAOCTaBnSltOTCII T O n b K O CneuWtlJlbHO YKa3aHHbIM nPOW3BOACTBaM. T a K k i ~ 1 . 1 npOki3BOnCTBaMw XBnAIOTCH Te, KOTOPbIe OPkieHTWPOBaHbI H a npOLi3BOnCTB0, w c n o n b 3 o ~ a ~ w e nepenoablx ~ex~onorufi unu H a 3Kcnop.r. Ta~weoTpacnu KaK c e n b c K o e X O ~ X ~ ~ C T BnOe c, H o e X O ~ X ~ ~ C T B OHCHBOTHOBOACTBO w u n w w~$pacTpy~ypa (~amieKaK r a B a H w , aa-ronoporn, x e n e 3 ~ b r e noporw, m p o n o p T b l , n p o u 3 ~ o n c ~s ~e oTn K p o s H e p r w u w n o 6 b l r a ymn) T a m e B K n m r e H b l B TOT neperem; Y ~ U T ~ I B ~ ~M Tc CoRn e T o n o x e H M e , me cosna~o (ww 6 y n e ~cosna~o) npennpwmwe. H a n o r o a b l e CTWMYnbl nPWMeHIIlOTCII B pa3Jlki'4HblX 3OHaX U n U pafio~ax; A o m e ~ YrUTblBaTbCR n e p U O A p a 6 0 ~ b npenllpUXTU5l; ki l 061,e~u ~ ~ e c ~ u unuo fui r K e H 6 6 1 ~ 6H a O n p e n e n e H H o M y p o B H e . A2.90 Hanozosbre KaHUKyJlbl. ~ ~ K O H ((0 H ~ ~ O ~ O O ~ ~ O X ~CIHOCTpilHHOF'O H U U AOXOAa)) n p e n y C M a T p U B a e T HtlJlOrOBble KaHUKyJl bl, KOTOPble IlpWMeHXtOTCR K pa3nHI( HbIM BIlAaM n p e ~ l l p w ~ ~ k i ~ . B O n p e n e n e H H b l X y C n 0 B l l X X npO~OJlHCUTeJlbHOCTbHtlJlOrOBblX KaHPiKyn COCTaBJlReT O T 3 A 0 10 neT. & I x KPYnHblX ~ ~ H $ ~ ~ C T P Y K T ) ' P H ~ I X IlpOeKTOB 3 T O T I l e P H O n MOHCeT COCTaBnXTb 6onee 10 n e T . O ~ H ~ K O H a n o r o e b r e K a H w K y n b l CPOKOM 6onee 10 neT x B n r r m T c x c K o p e e w c K n m r e H w e M , r e M n p a a u n o M . B u n 6 1 IlpennpLi~~LIfiPi npOAOruKkiTenbHOCTb UX pa6o~5lBJlXmTCa O ~ p e n e n A t O ~ U M H$ ~ K T O ~ ~ M H llpw n p e n o c T a s n e H u u H a n o r o B b r x c T w M y n o a , aM e c T o n o n o x e H w e , H a H a m ssmnn, H e y r m b 1 e a e T c r r . A o n e B b l e COBMeCTHble n p e n n p H I l T H R CO CPOKOM $YHKUWOHHPOB~HH~ 15 H 6onee neT, 3aHRTble B n p O e K T a X C T p O H T e n b C T B a n O p T O B H n p H W i J l 0 B ; A2.92 5 - n e ~ ~n ~onr p p a M M a H a n o r o B o r o c T n M y n n p o a a H n H npen0cTaanne-r 2 rona H a n o r o B b l x K a H H K y n C n 0 ~ n e n y t O u e f i 3 - n e T H e f i 50%-~0fi H a n o r 0 ~ 0 f i C K ~ K OJ(JlR ~ BCeX ~ HHOCTPaHHbIX HHBeCTHUWOHHbIX i l p e f i l l p ~ 1 1 ~ H f i3aHHTblX B nPOH3BOACTBe, $ Y H K U H O H H P Y ~ O ~ ~ MB T e r e H H e , 10 6onee ki n e T . A o n o n ~ m e n b ~ a n 15% - 30% c K n n K a M o x e T 6 b 1 T b n p e n o c T a B n e H a ewe H a 10 neT, ecnn npennpumne pa60~aeTB 06nac~nc e n b c K o r o X O ~ H ~ C T Bn~e c, H o r o xo3~fic~sa unn x n B o T H o B o n c T B a H n H PaCIlOJlOXeHO B yfiiiJleH H 0 f i MnH 3KOHOMH9eCKH H ~ P X ~ B HMeCTHOCTH. T O ~ ~ A2.93 ~ - ~ ~ T H R R nporpama COCTOHT n3 1 rona O C B O ~ O X ~ ~ H OTR H a n o r o s H c nocnenymqefi 50%- ~ o fCiKHAKO~B~T e r e H n e2 n e T n n p e n o c T a B n R e T c H c n e n y m u n M npennpnmnm: A o J l e B b l e COBMeCTHble n p e n n p H R T H R CO CPOKOM $ ~ H K ~ H O H H P O B ~ H H I I10 H 6onee JleT, KOTOPble 6b1nn C 0 3 n a H b I B ~ O H ~BblCOKHX T ~ x H o J I o ~ ' ) . ~H~ ~B X 30~23~ pX3BHTHR HHAYCTPHH H O B ~ I X ~ex~onornii; n A2.96 17 C ~ H T H ~ P I I 1999 rona r o c y a a p c ~ s e ~ ~a aMnn n H n c T p a a n H no H ~ I O ~ O O ~ J I O X ~ H H ~ O nsnana y B e n o M n e H n e , K o T o p o e n p e n y c M a r p n s a e T , r ~ o15% c T a e K a n o n o x o n H o r o H a n o r a n p n M e H R e T c R B U e H T p U b H b l X H 3ananHbIX P e r H O H a X C 1 RHBaPR 2000 F'OAa, r~06b1CTHMYnHPOBaTb nPHTOK HHOCTPaHHblX M H B ~ C T H ~ H ~ 3~T H B P e r H O H b l . Ecnn HHOCTPaHHble HHBeCTHUHH OAHOBpeMeHHO ilPH3HatOTCR nepeAOBb1MH C T ~ X H O J I O ~ H ~ ~ CTOgKH ~3 p e H H R , H n H e C n H 3 K C n O P T COCTaBJlReT K O ~ 6onee 70% rOflOBOr0 o6xe~aBbllTyCKa, CTaBKa n O n O X O n H O r 0 H U O r a M O X e T 6 b 1 ~ b ewe 6onbme C H H X e H a , HO H e H m e 10%. A2.97 E0nee TOrO, B 2002 r O A y ~ O C ~ ~ ~ ~ C T anMkiHHCTpa4HRB ~ H H ~ R no H ~ ~ O ~ O O ~ ~ O X ~ H H K ~ BbIIXyCTMna y B e A O M n e H H e 0 peUH3a4Hll flOnOnHHTenbHblX HanOrOBbIX CTHMynOB m H 3 a n a A H b l X pernosos. TO y B e n o M n e H n e o 3 ~ a ~ aYTO~ ,B e c e n p e n n p n n T n n , pa6o~amulneB s a n a n ~ opernose, ~ 06naram~cnno c T a s K e B c e r o 15%, ecnn 6onee 70% n p e n n p n ~ n ~ a ~ e n b cn~e oTfein n b H o c T n n s n n e T c n ~ U ~ H ~ C OCTHMYnHPYeMblM l-'OCYAaPCTBOM. M , E0nee TOrO, IlpeflIlpWlTH5i, Y Y a C T B y t o q H e B n p O e K T a X B o6nac~n T p a H C n O p T a , rllflpO3HepreTkiKH, 3neKTpO3HepreTkiKH, ~OYTOBO# CBn3ll H ~ e n e ~ n n e ~ n n / ~ e qMOVTnn,o a ~ n n y q n T b o c s o 6 0 ~ e ~ nOTe n o n o x o n H o r o H a n o r a B n e p e b i e 2 rona c H a q a n a n e n T e n b H o c T u n 50%-~ymCKWAKY c 15% OOAOXOAHO~OH a n o r a B n o c n e A y m q n e 3 rona. A2.98 Ocso6oxdenue om dsorinozo 06noxenu doxoda s o d ~ o c m o p o ~nopnd~e.Boxon ~ e ~ ~ ~ ~ H A ~ H T O B 06narae~cn~ a n o r o ecnn ~ , OH n o n y q e H KaK B Kn~ae,T a K n 3a n p e n e n a M n cTpaHb1. J l b r o ~ ~ b ~ Mie T o n i n c n o n b 3 y e ~ c n nnn n p e n o c T a e n e H n n ocso60we~m OT nocnenc~snii M e ~ H a p O A H O r O~ ~ B O # H O ~ O o6noxe~m.C Y M Mb~O J r T b l O r p a H H Y e H a p a 3 M e p O M K H T ~ # C K O ~ O a n O r a , H ~ 0 ~ 0 p b l Bf i nPOTUBHOM C I l y Y a e AOJUKeH 6 b 1 ~ bB b l M a Y e H OT HHOCTpaHHOrO AOXOAI. C Y U ~ ~ C T B Y ~ O T U OrpaHHYeHHR B 3aBHCUMOCTI.1 O T CTpaHb1; 06qnii HHOCT~IHH~I#o H a n r , B b l n n a Y e ~ ~ b lC#AOXOAa H 3 BCeX HCTOYHWKOB B onpenene~~oiiT c p a H e 3a p y 6 e ~ o ~Kpenn-ryeTcn , H a CYMMY K H T ~ # C K O ~ OH a n o r a , K O T O P ~ ~A# O n X e H 6 b 1 n 6b1Tb B b l M a Y e H C 3 T O r 0 AOXOAI. B M ~ CCTTeM ~ H e C yU e C T B y e T O ~ ~ ~ H H Y ~BH H # ~ ~ B H C ~ M O COTHB n n a T noxona. Y ~ e p e ~ ~aan nr H o o B a n c K n n K a n p e n o c T a s n n e T c n M H o r n M n ~ a n o r o ~ b ~ ~ n COrJlallleHHHMki, IlOAnllCaHHblMH K H T ~ ~ M . C Y M MH~T K ~ ~ ~ C KHOU~l OOr a , K O T O P ~ IB~nPOTMBHOM CIlyYae I l O m e X l l T Y M a T e O T CYMMbl ~ noxona, n o n y Y e H H o r o B npyrofi c T p a H e , KOTOP~I# O n p e n e n H e T c R no cnenymqeii @op~yne: U H O C ~ ~ U H H ~ ~ ~ ~ O X O ~ H a n o r , nomexaqnii y n n a T e c o6qero noxona x 06yutidoxod A2.101 Ecnn B b l ~ a Y e ~ ~ bWl H O C T ~ ~ HAOXOA#H m e CYMMbl nO&JIeXalUerO # H ~ I YIlSIaTe K H T ~ # C K O ~ O H a n O r a , n p H P a C Y e T e 06narae~oroA O X O n a H a n O r O M a T e n b l U M K M O X e T BblYeCTb TOnbKO H H O C T ~ ~ H H ~ I # H a n o r . Ecnn c y M M a B b l n n a q e H H o r o n H o c T p a H H o r o H a n o r a n p e a b 1 u a e . r C ~ M M YK U T ~ # C K O ~ OH a n o r a , I l O n n e X a U e r O Y M a T e B nPOTWBHOM C n y Y a e , p a 3 H H l l a H e M O X e T 6b1Tb BbIYTeHa KaK KpeAHTyeMaR C y M M a MnH KaK 3aTpaTb1, C B n 3 a H H b l e C n p e n n p n H H M a T e n b C T B O M ; OnHaKO, ee MOXHO I l e p e H e C T H B n e p e n H a 5 n e T . A2.102 +!(ozosopnoe ocso6o~cdenue om dsorinozo nanozoo6no~cenu doxoda. Ecnn H ~ ~ O ~ O O ~ J ~ O3 aXT p~aHHHB a~e T W H O C T ~ ~ H3JleMeHT, r H ~ I # MeCTHbIe I l p a B w l a M O V T 6 b 1 T b U3MeHeHbl IXyTeM IlOnnHCaHWJ COOTBeTCTByiOlUerO HanOrOBOrO COrJlaLUeHWl. XOTHOCHOBHble 3aKOHb1, KOTOPblMU PyKOBOACTByeTCR ~ a n o r o o 6 n o ~ e ~ nHHOCTpaHHblX e HHB~CTHL(U# ki n p e A n p H H H M a T e n b C T B a , @YHWUOHMPY~T JlHUlb ~ e l l p ~ f l ~ J l X H ~ e n b ~ b l f i nepnon BpeMeHH, Kn~afi nOBOJIbH0 6b1cTp0 c$op~npoaannporpamy n p o a e n e H n n neperoaopoa no H a n o r o a b l M c o r n a r u e H m M , nepaoe H a n o r o s o e c o r n a m e H n e ,~orna-nn6on o n n n c a H H o eK H T ~ ~6Mb ,n l o n o n n n c a H oc IIno~neiiB 1983 rony, n c T e x nop K H T ~ s~ aM~ n m ~6onee 80 T e ~ o a K n xcorname~uii. A2.103 H N I o r o ~ b l e COrJlallleHMR OCHOBaHbl H a MOAeJlM KOHB~HUHM n0 n36exa~um~ B O E H O ~ O H ~ J I O ~ O O ~ J I O X ~ H M H 03CP n Monenn OOH no n36exa~nmnaoii~oro~anoroo6noxe~n~. o ~ n Bce ~ p e 6 y m ~q , 0~ 6 b l K H T ~ #n p e n O C T a B W IlpHXOnHylO CYMMY pe3HAeHTaM B IlOrallleHHe BblnJlaSeHHOrO HHOCTpaHHOrO HiUlOra OT MHOCTpaHHOrO AOXOAB, a T a m e npeAOCTaBMn o c ~ o 6 0 w e OT~KeM ~ T ~ ~ ~ C K O ~ ' O H a J O r a H a AOXOA, noJlySeHHbl# B Ku~ae. A2.104 Ecnu p e 3 H n e H T CTpaHbl, H B J ~ R H > W ~ ~YSaCTHMKOM COrJlaUleHMR, ~ C H nOJlySaeT fiHBHAeHAb1, npOUeHTbl, PORJlTM HnM a p e H n H y I 0 nJlaTy B Kn~ae( K ~ O Mn ~0 ~ 0 6 H b l x BblnJlaT, n O q S e H H b l X Sepe3 IlOCTORHHble (POPMCIPOB~HHHKn~ae),CTaBKa B nOnOXOnHOr0 HWlOra CHlsKaeTCR C 20% A 0 15% MJlH 10%. B COOTBeTCTBMH CO MHOrHMU COmallleHMRMM, npeAOCTaBJlReTCR o c ~ o 6 0 w e ~ OTenOAOXOAHOr0 n H M O r a C npOqeHTOB, n0JI)'SeHHblX H3 KWT~#CKWXHCTOSHMKOB 3aPerHCqHpOBaHHblMH ( P W H ~ H C O B ~ I M H y . l p e ~ e H M R M MCTpaHbl-YSaCTHMUbl COMaWeHWR. Ta6nuua 7 I ~ ~ H ~ O X ~2:H Hanoro~aucTpynypa H U B K H T ~2000-2005 rr. ~ , Hanorosble n o c ~ y n n e ~21u ~ 14,l 15,7 16,8 17,l 17,6 17,l 18,2 Hanoru Ha noxon H npn6brnb 2,9 4,o 4 s 4,1 4,3 4 2 4 s Hanoru Ha rosapbr H ycnyrn 9 s 10,O 10,6 11,l 11,2 10,8 11,7 npoque ~ a n o r u 1,7 1,7 1,7 1,9 2,1 2,l 2,1 He~anorosblen o c ~ y n n e ~ u ~ 1 2 1,3 1,5 1,6 1,s 1,7 1,4 http://ip-online2.ibfd.ordchti/via wwwibfd.org Kasaxc~a~ Cnosauu~ llonb~ua C T ~ B KOpnOpaTUBHOrO K ~ * H a O r H a n p u 6 b 1 n b 30% * H W O r H a n p u 6 b 1 n b19% * H m O r H a IlpU6bInb 19% IlOAOXOllHOrO HHanOra * HiUIOrU C AUBUAeHAOB U npOUeHTOB 15%(3a * AUBUAeHjlbI H e 0 6 n a r a m ~ c ~ * H m O r C nUBUAeHAOB U nPOUeHTOB UCKJIloYeHUeM ~BHKOBCKMXI ~ o I ~ ~ H T o B ) I * H W O r C llpOIleHTOB 19% 19% C X ~~MO~P T U ~ ~ U U U M * MeTOn I l o ~ U X a l o L U e i i c R6ana~c0~0ii * MeTOLl n p O n O P U U O H a n b H O ~ 0CnUCaHUR * MeTOA n p O ~ O P U U O H Z U I b H O ~ 0 CTOUMOCTU WIU CnUCaHUR * aMOpTU3aUU5I MeTOAOM nPOnOpUJlOHanbHOr0 * ~ C K O P ~ H MeTOA~ ~ H ~ I CnUCaHUR B COOTBeTCTBUU C HOPMaTUBaMU AOnXeH IlPUMeHIlTbCR nOCTORHHO * JlbrOTHbIe MeXaHU3MbI D R ~enpononbsosa~eneii C n e U J l a l I b ~ b ~PeXUMbl e * KIIH 10%am c e n b c ~ o r oX O ~ R ~ ~ C T B ~ * 1994-2002: C 3 3 b 1 C IlOnHbIM * oc06b1ii p e x u ~DR ~enpononbso~a~eneii, o c ~ o 6 o x n e ~OTem~ H ~a 10n e u~ u 0 6 n a r a e ~ b l xT a K X e HanOrOM H a C B b l l l J I a ~ ~nfO ~ O B U H b 1CTaBKU i c ~ e p x n p u 6 b 1 n Bb n o n o n ~ e ~ uK em H ~anoraB nocnenymuue 10n e ~ * HeT KnH, H a O r a H a C O ~ C T B ~ H H O CUT ~ * 2002 r.: C HtUWiHbIe I'PaHTbI H a ~ ~ M ~ J I ~ H O IB- 0 ~an0ra C33ax CYMMY A 0 50% UHBeCTUUUOHHbIX pacxonoa - Y I l p o L U e ~ ~ bPeXUMbI l e * YIlpOueHHbIe P e X U M b l D H n p e n n p U 5 I ~ U f i M a n o r 0 6u3~eca C T U M ~ ~ U ~ O B ~ H U ~I & n M H B ~ c T u U J ~n~0~~. I l a n a l o ~ E inOfl X MHn: * HanOrOBbIe KaHUKYnbI 5 JIeT (100% KnH * KOMnaHUU, pa6o~am1uueB U H B ~ C T U U H ~ ~ * Y K O P O Y ~ H H ~n eI p~U~O n aMOPTU3aUJlU (5 JleT B I l p U X 0 ~ ~ 0ZI~CTU)D R UHOCTPaHHbIX f i 0 6 n a c ~ ~C xBblCOKUM YPOBHeM npu n p O I l O p ~ U O H ~ b H OMeTOne C I ~ U C ~ H U R ) M UHBeCTOpOB, 3aperUCTpUpOBaHHbIX B 6e3pa6o~uub1, M O V IlOJTpUTb * oc~o6o~fleOTuHea ~ n O r a H a C O ~ C T B ~ H H O C T ~ C ~ O B ~ KA U2004 r0na 0 U 6onee 6 ~ 1 a r o n p n ~ ~~~Cb ~l eO B U ~ I * O C B O ~ O X ~ ( ~OTHTaMOXeHHbIX IlOUIJIUH ~ U ~ * 10JleT JlbrOTHOrO n e p U O n a D R H ~ J O ~ O B O ~ ~ aMOPTU3aUJlU * JlbrOTbl B HaTypanbHOM BbIpaXeHUU K O M ~ ~ H KOTOPble OTBeZIaloT U ~ ~ , * K BKTUBaM, ~ ~ I C VYCTapeBaloUlUM O T ~ ~ ~ O B ~ HKUCTpaTerUYeCKUM ~ I M B CBR3U C TeMnaMU TeXHWieCKOrO UHBeCTOpaM p a 3 B U T M , MOXeT IlpHMeMTbCR K O ~ $ @ U ~ M ~ H T 2 O u e ~ MaTepuanbHo- ~ a * @MOO,JiM@O,cpen~mCTOUMOCT~mu * u e ~ na o ~ y n ~cup, e n ~ e ~ 3 ~ e luuee~~a~*a@M@O,J I M 0 0 mu ~ TeXHUYeCKUX 3anaCOB o c o 6 b 1 e yCnOBUR nOnXHb1 nPUMeHIlTbCR IIOKynKU, @MOOUnU CpenHRR CTOUMOCTb CpenHeB3BelueHHa5l CTOUMOCTb IIOCTORHHO * 3anaCb1, IIpOU3BefleHHbIe npennpURTUeM, nOJIXHb1 npHMeHXTbCR IIOCTORHHO * ~ X ~ M ~ C Rnepeoue~~a Y H ~ 3anac0~ OueHuBamTcR no CTOUMOCTU m * IIpUpOCT RBnReTCR ZIaCTblo COBOKYnHOrO npOU3BOnCTBa rOAOBOrO AOXOAa Y ~ ~ I TBKc Uc * * u T e M e * MOV 6 b 1 ~ bn e p e ~ e c e ~ b ~ snepen M ~ K C U M ~ M MOYT 6 b 1 ~ bn e p e ~ e c e ~ b ~snepen ~a 5 MOYT 6 b 1 ~ nb e p e ~ e c e ~ b ~ snepen ~a a050%Y H ~ O ~ O O ~ ~ O X ~ H E ~ ~a 3 r0na JleT 5 n e ~ . ~ ~ I T K OMOXeT 6 6 1 ~ 6 B * MOYT 6 b 1 ~ bn e p e ~ e c e m l ~nepen~a 7 n e ~ KOMneHCUpOBaHO B KBXAOM rOnY HenPOIlOJIb30BaTeJIIIMU Poccusl Ku~aii Beurpaa C T ~ BKOp~OpaTHBHOrO K ~ * H m O r H a n p A 6 b l n b 24% (BKJIIQrm * H U t O r H a rrpA661nb 33% (BKJIFOZIm * H a n o r H a n p e 6 b m b 16% nonoxon~oro~mora n p o u e ~ ~ b ~ ) nmmew b r A ~ P O U ~ H T ~ I ) * ano or c n u ~ u n e ~ 25%~ n o * H m O r C nABUneHnOB 9% (15% .LUl5l KPYnHblX * ((Hanor)) C ITPOUeHTOB 0% K O M ~ ~ H U ~ - ~ K ~ U O H ~ ~ O B ) C X ~~ MO~P T H ~ ~ U U U M * aMOpTA3aUWl MeTOnOM ~ p O n O p U U O H U t b H O r 0 * aMOPTA3aUWI MeTOnOM * aMOPTU3aUWI MeTOnOM CnUCaHHR, WIA IlpOnOpUUOH&llbHOrO CnUCaHWI n p O n O p U U O H a n b H O r 0 CnACaHUH * Y C K O ~ ~ H (HeJIAHefi~b1fi) MeTOn H ~ I ~ ~ * Y C K O P ~ H H ~MeTOn M O X e T I ~ ~ * MeTOn ~ 0 ~ k i X a t O L q e~f iU~ ~ ~ H C O B O ~ ~ ~ r r p m e m T b c n B cnyqae ~ b ~ c o ~ Ao ~r Ho O C ~CTOUMOCTU * OCTaTOYHaR CTOUMOCTb 1 0% * ~pOnOpUHOH&llbHOrrpOU3BO~CTBy, mu * MeTOn UCTOLqeHWI C n e u u a n b ~ b r ep e m m b l * nnn npennpm~uiiH ~ ~ T X H O ~ O~,~ O B O I - oc H m e H u e cTaBoK B 24% ~ u * u 15% m - no6breamurero c e K T o p o s npenrrpmruii, pa60~amquxB C33ax * B ~ ~ A H H H ~ U M~a r~a nca ~Kc Ko o ~RC33 ~ ~ HeT TaMOXeHHbIX A 3KCnOPTHbIX nOUIJlHH Y ~ P O U ~ HP HX~UIM~~ I ~ * ~ a n b H~ )eP U ~ Z ~ ~ ~I CI H UH ~~ K H H n u a u n y a n b H b l e r r p e n n p u H u M a T e n u MOYT B b 1 6 p a ~ b6% H m O r OT HUtZfqHOCTW MIIU 15% H m O r C 11pu661nu C T U M ~ ~ U ~ O B ~ H H* ~YCKOpeHHm aMOpTU3aUWI BO3MOXHa &llR * HUtOrOBbIe KaHUKynbl CPOKOM H a 3 - 10 * MHOrHe CTUMYnbI 6b1nuOTMeHeHbl B U H B ~ C T H U H ~ ~ BCeX c$ep neXTeJlbHOCTU n e T LWX yKa3aHHblX AHBeCTHUHOHHbIX 2003 IWLl)' * C ~ J I ~ C K O X O ~ X ~ITPennpUXTWIH ~ I ~ C T B ~ H npOeKTOB B C33ax * MUHHCT~~CTBOC $ U H ~ H O B M O X e T M O Y T P A M e H R T b K O ~ ~ $ H U U ~ 110T2 K H ITPenOCTaBUTb HanOrOBble KpenUTb1 O ~ U U MCTaBKaM a M O P T H 3 a W A * M U t b l e 6 u r ~ ~ e c b 1 , 6 e p y u r u3akMb1 OT e * C O ~ C T B ~ H H O C TKOTOPaR RBJUIeTCII B3HOCOM ~ , $ U H ~ H C O B ~ I XyZIpeXneHAfi H a B K a n U T m Poccufic~ofiKOMllaHHU, l T p A 0 6 p e ~ e ~ AMaTepHanbHbIX e O C B ~ ~ ~ X ~OT~TaMOXeHHblX nOUInUH ~ T C R aKTUBOB, M O Y T BbIZIUTaTb 40% OT IlpOUeHTOB, BbIMaYeHHbIX OT HX HaJIOI-OB O U ~ HMaTepAiUTbHO- K ~ * CTOAMOCTb npOA3BOnCTBa, * 0 M 0 0 , JIMQO, C K O J I ~ ~ ~ U ~ ~ cpen~ee * M O X ~ T~ P Z I M ~ ~ ~ M ~~ CTI OI ~ T 0 M 0 0 , T e x H C I q e c K m sanacoe c p e n ~ e a 3 ~ e u r eCTOHMOCT~,M ~ T 0M0O mu ~ ~ m O ~ c p e n ~ e e 3 ~ e u t e ~ ~ o e n o n x ~ o CTOUMOCT~n o K y n K u me mki J I M 0 0 n 0 J l X e H rrpUMeHXTbCR nOCTORHHO nPWMeHRTbCII nOCTOIlHH0 CpeflHeB3BeUIeHHm CTOUMOCTb * M a T e P U m b H O - T e X H W e C K A e 3 a n a C b I OUeHUBaIOTCH B KOHUe r O n a Y ~ ~ I TBKc Hc u T e M e * M O X ~ T6 6 1 ~ 6 nepe~ece~o ~nepen~a 10n e ~ * M O X ~ T 661~6e p e ~ e c e ~enepen ~a 5 n o * M O X ~ T661~6 nepe~ece~o ~nepen~a ~anomo6no~e~wr n e ~ ~eorrpenene~~briio ~ c p * C ~ J I ~ C K O X O ~ X ~ ~ C TKOMnaHUUI ~ B ~ H H ~ MOYT n e p e H o c m b Y ~ ~ I T K~a3an a 2 U H rona A4.2 M H n ~ ~ H n y a J I b H b 1 OpenLlpHHEiMaTenH e M O Y T B b l 6 p a T b OAHH U 3 BHAOB Y I U a T b l HaJlOrOB C n p U M e H e H U e M ( I ) pa3013020m m O H U , K O T O P ~ IM~O~ Y T U C n O n b 3 0 B a T b @ U ~ W ~ ~ C K U ~ JlUUa (6e3 perHCTpa4UI.I KaK H ~ ~ U ~ ~ y W l b ~n pbel~ fn pi U H k i ~ a T e J l b ) , KOTOPble OCYll&XTBJlRmT AeRTenbHOCTb UHAUBHAyWlbHO U 3 n H 3 0 A H q e C K U ( C ~ O KOCylIleCTBAeHUR H e I l p e B b l W a e T 90 AH^# 3a ~ a n e ~ ~ a p r~ob~~) ,i(2) i n a m e H m a , KOTOP~I# MOYT n p u M e H x T b s a p e r u c ~ p u p o ~ a ~ ~ b ~ e UHAHBUAYWlbHble n p e A n p U H U M a T e J l U , KOTOPble H e UCnOJlb3YmT TPYA HaeMHblX pa6oqux, U e C n H UX A0XO.Q COCTaBJlReT H e 6onee 2 MI.LnnUOHOB T e H r e (16 TblCR'i AOJlnapOB CUA) B rOA, U J U (3) ynpol44eHHoli deKJlapal+llll, KOTOPYW M O Y T n P H M e H R T b UHAHBUAYWlbHble IlpeAnpUHHMaTeJlU, B A e s T e n b H o c T u KOTOP~IXy q a c T B y e T H e 6onee 25 q e n o s e K ( B M M c~a M o r o ~ n p e ~ n p u ~ u ~ a ~ue n n ) 'ie# ronosoh noxon H e n p e B b 1 w a e - r40 M n n n n o H o s T e H r e (330 T ~ I C RA o~n n a p o B CUIA). 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M (B Ta6nnua 1 llpnnoxenn~4: Hanoro~blenna-rexn n npyrne BJHOCLI npn cneunanbublx HanoroBblx pexnMax nns nHnnBnnyanbHblx npennpn~n~a~enei3n mpnnnrecmix nnu - cy6aemoe Manoro 6n3neca -- Pasoeb~lTanoH n a ~ e ~ ~ Y n p o u e ~ n a unelcnapau~u II~nn~nnyanb- m: e m e n H e e H b l enna.remw, ronoeoii noxon He 6onee 2 Aoxon He donee 10 MnnnHoHoe TeHre B Hble pX3Mep KOTOPbIX MHJJIHOHOB TeHre: KB~PTM: npennpnnn~a- y n a ~ a s n n e a e ~Mc~~C m:1% m:I ~ H ~ I M W OT noxona .5% OT noxona ~ e n ~ MaCflWXaTaMU ( M ~ C T H ~ I M W C o u u a n b ~ b ~Hf ia n o r : 1% OT C o u u a n b ~ b ~AOXOa: f i 1.5% OT LlOXOAa 38 3aKOHOAaTenbHblMU 0 p r a H a ~ W ) AOXOAa 3a MUHYCOM MUHYCOM COUWiMbHblX B3HOCOB B r@CC* ~a OCHOBe 0 6 3 0 p k COUWUlbHblX B3HOCOB B nPOBOnUMOr0 MeCTHblMW r 0 ~ y l I a p C T B e H H b l f iOH^ HMOrOBblMW O p r a H a M U C O U U ~ ~ ~ H0 6Oe ~c nOe q e ~ u 1 1 C o q n a n b ~ b ~Hf iM O r : (~@cc)* o c ~ o 6 o x ~ e ~ b r Manble Aoxon ~e donee 25 M H ~ ~ H O H O B ~ e ~er e n p e n n p ~ u ~ n u usap~an: m:1 3 % OT noxona C o u w a n b ~ b r RHiMOr: 1,596OT LIOXOAa MWHYC COUUiMbHble B3HOCbl B r@CC* * r 0 ~ y n a p ~ ~ B e H H b l f i OH^ C O U U ~ b H O r O 06ecnere~ws(r@CC) - 3TO BHe6lo~~eT~b@OH& l f i ~ 0 ~ 0 p b l 6fbi1 n C 0 3 n a H nflR CTPaXOBaHWR H a c e n e H n R H a c . 4 ~q a n~eaeecnoco6~ocr~.T n o e p u ~ o p ~ w n b u an o, T e p w p a 6 o q e r o M e c T a . OH H a v a n @ ~ H K U U O H U ~ O B ~ T RHBapx c 1 ~ 2005 r O n a . C o ~ W i M b ~ b B3HOCbI B l e r@CC PaCCqWTblBaIOTCII KaK nPOUeHT OT OKflaLla 6pyrro ( 3 a MHHYCOM BblqeTOB, TaKWX KaK 0 6 ~ 3 a ~ e f l b ~ b l e neHCUOHHble B3HOCbI B HaKOnWTenbHble neHCWOHHble 40HLlbl) WflW MWHWMMbHaR 3 a p n f l a T a (6 C f l y q a e IIpWMeHeHUX CneUUiMbHOrO p e X U M a AflR CaMOCTOllTeflbHO 3aHRTblX fl UU): H ~ ~ M H1UXHBapR 2005 C r O n a : 1.5% O T O K J l W a ~ ~ ~ ~ T o / M u H u M ~3apnflaTbI~ ~ M ~ H o H a q w ~ a RC 1 RHBapX 2006 r O n a :2% OT O K J l W a ~ ~ ~ T T o / M u H u M ~ M3~a H non~a~~ b l p H a q w ~ a RC 1 RHBapR 2007 r0na: 3% OT O K J l W a ~ ~ ~ o / M u H u M ~ Ma ~p nHn ao~~b l~. 3 A5.4 P ~ B ~ H C T BUHOCTPaHHblX O H OTe9eCTBeHHblX UHBeCTOPOB CnpaBeAJlHBO n p H n p e n o c T a B n e H u u r a p a ~ ~ uOTi i ~ ~ K B M ~ MH~HM ~M~ H O H ~ H ~ ~ ~o cWy qMc T, B n e H u n n p o B e p o K npu e rOCynapCTBeHHblMM O p r a H a M U , n p U p a 3 p e U I e H U H MHBeCTMUMOHHblX CnOPOB, n p U MCnOJlb30BaHMM flOXOflOB, a T a m e B03MeU&HMM B p e A a , npM9MHeHHOrO ~ ~ ~ ~ C T B U F'OCynapCTBeHHblX O p r a H O B H R M U ~OIIHCHOCTHbIX nuu. a. MHBeCTMuMOHHble HLUIOrOBble n p e @ e p e H ~ M U ,B TOM 9 U C n e : (i) l l p e @ e p e H U H H no KOpnOpaTMBHOMy n O n O X 0 n H O M y HaJlOry (ii) npe@epe~uunno ~anoryH a n M y q e c T B o (iii) npe@epe~uunno s e ~ e n b ~ o ~ y ~anory A5.6 Nnsecmuyuonnbre nanozosbre npetpepenyuu n p e n o c T a a n R m T c R H a c p o ~ , 0 n p e f l e n H e ~ b l f iB 3aBHCHMOCTM OT O ~ ~ ~ M HOB ~BC T H U MB~@~ H K C M P O B ~ H HIKTHBbI. H ~ I ~ b. npe@epems~nno nanory ea AmyqecTBo A a m T npaeo H a n o r o n n a T e n b u n K y H a 0 ~ ~ 0 6 0 ~ eOT~ Hy nen a T b 1 H a n o r a H a n M y u e c T B o no B H O B ~ BBOAHM~IM B 3KCllJT)'aTaUHW (PHKCHPOBBHH~IMaKTHBaM B P a M K a x HHBeCTHUMOHHOrO n p O e K T a H a CPOK AO 5n e T ; Cnpaeou~o.Ha~ozosofi6a3ofino o 6 b e ~ m a~anozoo6noxe~uxxe.~xemcxcped~ezodosas ~ OcmamovHas cmomocmb 06be~m06O ~ ~ O X ~ H U ~ , onpedeme~asno ~ ~ H H ~ I M 6yxzanmepc~ozo yvema. IOpuduvec~uenuya u u~dusudya~b~bienpednpu~uwame.rlu ucvucnxmm doxod Ha m y ~ e c m s no c m a s ~ eI npoyeHm cped~ezodosoficmomocmu o6be~mos~a/rozoo6noxe~m. o K c. n p e @ e p e ~ sno~ ~semenbmomy manory n a m T n p a B o H a n o r o n n a T e n b q u K y H a O C B O ~ O ~ ~ H TH ~y l l n a T b l O 3 e M e J l b H O r O H U O r a no 3 e M e n b H b l M YqaCTKaM, n p H 0 6 p e ~ e ~ ~ bHl M C n O n b 3 y e M b I M A n R p e W l H 3 a U H H HHBBCTMUMOHHOTO n p O e K T a , H a H c p o no 5~ n e T . Cnpaeou~o.B coomsemcmsuu c deficmsywquw sa~o~odamenbcmso~~anozoo6noxe~uw nodnexam onpede.le~~bieKamezopuu se~enb. Upu smo,u, 6asosbre nmozosbie cmas~u onpedenxwmcx d m ~ a x d o fomdenb~okKamezopuu Ha oc~oseonpede,~e~~brx~pumepues.B i vacrnHocmu: 2. 3 e M J l H HaCeJleHHbIX ITYHKTOB (BKJKIYaR 3eMJlH, 3aHHTble X H J l H q H b I M (POHAOM, B TOM Y H C n e CTPOeHHRMH H COOPYXeHHRMH n p H H ~ M ) 6 a 3 0 s b r e CTaBKU yCTaHaBnHBatOTCR B - P a C Y e T e H a 1 K B W ~ ~ T H ~ M#e T p I l J l O u a f l U B 3aBHCUMOCTH OT M e C T a H a X O m e H H R H I ~ o n e 6 n OT ~ c ~T~ 0,09 e H r e H a 3 e ~ n3~a ,~ ~ ~XbU ~l Ue U I H ~ I M (POHAOMB n o c e n K a x ,cenax (aynax), no 28,95 T e H r e B r.A n ~ a ~ Hb ar s e ~ n nH, e s a ~ x ~ bmr nen n m H b r M $OHAOM. A5.7 Ocso6oxdenue om 06noxenu~maMoxennblMu nournunmu npegocTaBnHeTcH npn HMnOpTe o 6 0 p y ~ o ~ a ~ nHn KOMWleKTylOqHX K HeMy, BBO3HMbIX AnSI p e U H 3 a U H H HHBeCTMUHOHHOrO IlpOeKTa. Pe~ue~ueno o c e o 6 0 m e ~ nOT 06noxe~u~a ~ T M o x e H H b l M u n o w n n H a M n H n p o a n e H n e ero c p o ~ o ~p n u H n M a e T c R y n o n H o M o q e H H b 1 M o p r a H o M no HHBeCTHUHH M. Cnpasowio. B coomsemcmsuu c deircmsymq2~u sa~o~odameilbcrnso,~c m a s ~ u mauoxeHHbix nouwH onpedenruomcx s pauKax o6u4eu m m o x e ~ ~ o - m a p u @ ~noaumuKu u o i r ycma~asnusamrncx 6 coomsemcmsuu c ~odu@u~ayuetiTH B3A. B Hacmoxqee spe.ux cyqecmsyem n0p~dKaI I mbrcxr mosapHblx nosuyuir. 3 ~ c n o p m ~ bnowluHbl ssbl~ammcxmonbKo npu ableose w ~ y KPC u ,MemannurecKozo l e p no.vta. A5.9 OIJSHK~l'OCyflapCTBeHHblX HaTYPHblX QXlHTOB OCYI4eCTBnHeTCH n0 HX P ~ I H O ~ H O ~ CTOHMOCTM B IlOPHAKe, YCTaHOBneHHOM 3aKOHOAaTenbCTBOM Pecny6nn~uK a 3 a x c ~ a ~ . A5.11 B cnyrae, ecnn oqeHorHaR CTOMMOCT~sanpamnaae~ororocynapcTseHHoro Ha-rypHoro rpama npeablmaeT y ~ m a ~ ~ ~ba~~fcin ~ a n b ~pmMep, ropnnnrecKoe nnqo Pecrry6nn~n b 1 i 3 Ka3axc~a~nMeeT npaao nonyrmb sanpamnsae~oenMyqecTBo c oma~oi3pa3~uqb1Mexny ero O ~ & H O ~ H O ~ ~ CTOUMOCTblO U MaKCUMaJlbHblM pa3MepOM F'OCyflapCTBeHHOrOHaTj'PHOrO rpaHTa. Cnpasorno. B ~avecmsezocydapcmse~~blxHamypHbrx zpa~mos.vozym nepedasambc~ 3e,WeRbHble YYUCmKU, 3daH~A, COOpyXeHusl, MaUtUHbl U 06opydosa~ue, 8blVUCRUmeJlbHaR mexHuKa, u 3 ~ e p u m e ~ ~ bu~pezynupy~~quertp~60pbluycmpolicmea, mpaHcnopmHble cpedcmsa b l e (3a ucKnloveHueM nez~oeozo asmompa~cnopma), npou3eodcmse~~b~liu xo3~licmse~~brli u ~ s e ~ m a p b . A5.12 B paMKax rocynapc~se~~oiinomepmKn n~aec~uuuii nepnon c 1997 rona no 1 B RHBapR 2007 r0na 6b1no3aKJllO.leHO 707 KOHTpaKTOB Ha 06qyl0 CYMMY 954,9 MJlPA. TeHre (7,2 Mnpn. nonn. CLUA), BKnroraR: Ta6nuua 1 llptinoxe~ti~ ZIHB~CTHUHH,npmnercaemble npu nonaepxlce npaetiTenbcTsa 5: ~ O ~A O ~ ~ H C ~ H H R ~ H B ~ C T H U HBHOCHOBHbleCpeACTBa K O J H ~ ~ C T B O KoHTpalcra mnpa. TeHre M ~ H . nonn. CLUA B coo-reeTcTBtiuc 3arco~omPK OT 28 cpeepan~1997 rona ((0rocynapc~eeeeoiinonaepxrce nPRMblX H H B ~ C T H U H ~ H 3alc~IO9eHO: 1997 1 1 2,46 33,4 1998 72 17,9 229,5 1999 67 101,l 847,l 2000 76 34,6 243,5 2001 115 188,2 1 282,9 2002 2 0,126 0,822 llonu~or 343 344,4 2 637,2 B COOTBeTCTBHH C 3 8 ~ 0 PK 0OT~8 RHBaPR 2003 rOAa ((06 HHBeCTHUHAXII 3alcJlIO9eHO: ~ 2003 64 52,95 361,9 2004 84 103,2 777,l 2005 117 290.8 2 171,9 A5.13 B HaCTORqee BpeMR fle#c~BylO~u~llKOHTpaKTaMI.1 RBJlRlOTCR 331 KOHTpaKT Ha 06qyro CYMMY 604,6 Mnpn. TeHre (4,5 Mnpn. nonn. CUA). A5.14 M3 06~e1-0KOnMreCTBa KOHTpaKTOB 3aBePUleHHbIMI.1 RBJIRlOTCR 255 KOHTpaKTOB Ha 0 6 ~ y l 0CYMMY 344,6 MnpA. TeHre (2,6 MJlpA. AOnn. CWA), PaCTOprHJ'TO 121 KOHTpaKT Ha 06qyro C ~ M M Y5,7 Mnpn. TeHre. H e ~ e ~ a n n n r e c ~nsnennii (~npnnr,rnnc, n x ~ ~ T O H , KpoaenbHble MaTepuanb1, c~emo); nponylcr0~nHTaHuR (BKJllOraR H ~ ~ ~ H MTH3fleJlURU nJlaCTWKa. K M ) 3 A5.16 Y B ~ ~ H W ~ BKOnHreCTBO ~ ~ T C R IlpOeKTOB, OPUeHTHPOBaHHblX H a P a C l l l H p e H H e OCHOBHblX aKTHBOB n p e n I l p u R T u # , 3aHRTblX B OKa3aHUl.1 TPaHCnOPTHblX Y C n y r , CenbCKOM X O ~ H ~ ~ C T B ~ , n p o u 3 ~ o ~ c1.1 pacnpenenesuu ~ s e 3 n e ~ ~ p o s ~ e p r u 1 . 1 , ra3a u B O A ~ I . KonH'leCTBO Cercrop H H B ~ C T H ~BHMJIPA. H , T e u r e KOHTpaKTOB A5.17 OCHOBHO#T n 0 O K H H B ~ C T W U HH~a ~n p a B n e H H a P a C U l l p e H H e M ~ T ~ ~ M ~ J ~ ~ H O - T ~ X H H ~ ~ C K O ~ ~ 6 a 3 ~n e p e p a 6 a ~ b 1 ~ a t o q e rcoe K T o p a(227 n p o e K T H a CYMMY 366,5 M n p n . T e H r eunu 68,6% OT o6qero K O n H W C T B a IlOnnllCaHHblX KOHT~IKTOB). ~ a 4 ~ ~ e n bHHBeCTUUUH B I U l a ~ b l B a t o T C RB 3 ~ b l e T p a H c n o p T H o M c e K T o p e - 101,7 M n p n . T e H r e , r T o c ~ s s a ~c opeanusauueii n p o e K T o e o K a 3 a H u n T p a H C n O P T H b l X Y C n y r . A6.1 n e p ~ b l k B a p M a H T 3 a K n t O q a e T C R B TOM, 9 ~ 0 6 6 1 p a 3 p e U l M T b CnMCaHMe no aMOpTH3HPYeMblM BKTMBIM B n e p ~ b l # r O n , H e p X 3 p e U l a T b B b l W T YIIJlaqeHHblX IlpOUeHTOB, M C K J I ~ O ~ H T ~ AOXOA no n p o q e H T a M ~3 ~anoroo6narae~oro noxona H npn6a~mbn p k i 6 b l n b OT I l p O A a X H yXe aMOPTH3HPOBaHHblX IKTHBOB K H W I O ~ O O ~ ~ ~ AOXOAy O M ~ ~ ~ ~ M B rOAbl, K O r A a n p O H 3 0 U l n a I l p O n a X a . B~opo#B a p M a H T B K n t O q a e T 3KOHOMHqeCKyIO aMOPTM3aUHt0, B b l q e T Y n J l a q e H H b l X IlpOUeHTOB, I l e p e H O C H U O r O B b l X 3 a 9 e T O B H3 Y ~ ~ I T O ~ HJ l~TI X n p H 6 b l n b ~ b l eM e B H ~ ~ O ~ O O ~ J I O X ~ H H ~ noxona no n p o u e H T a M . Ann B T o p o r o B a p u a H T a ~ e o 6 x o n n ~s aa ~ e ~r aT y e a p a C X 0 n O B no TM3 MnH XOTR 6 b 1 B03MOXHOCTb HCllOJlb30BaHHR n p a B H n O u e H K H m@0.n e p ~ b l f i B a p H a H T H e rpe6ye.r K ~ K O ~ O - A H 6 0C n e U H a J l b H O r O cnoco6a OUeHKH TM3 H n H TOBapOB, n p o n a ~ ~ b ~3x l TM3. A6.2 H e ~ e m e ~ ~c onec n a H n e B n e p ~ b ~ron nnn # B K n t O r e H n e B p a c x o n b l KaK ewe Ha3blBaeTCR 3 T a CHCTeMa H a M H O r O n p O l 4 e C ~ ~ ~ M H H H C T ~ ~ T H BTOqKH 3PeHHR, 9 e M 0 6 b l q ~ b l e H O # H U O r O B b l e CKHAKM H a aMOPTH3aUMt0, O C O ~ ~ H H OB CHCTeMe, KOTOPaR n p e A y C M a T p H B a e T KOPPeKTHPOBKM C YqeTOM HH@IIRUMH. 6 0 J l e e TOrO, B T ~ K O #CHCTeMe OTCYTCTBYIOT TPYAHOCTM, C O l l p R X e H H b l e CO C ~ O P O M H U O r a H a AOXOA no I l p O q e H T a M ; O H a TaKHte ~ C T O # ~ U BK ~ B O ~ A ~ # C T B H I O M H @ ~ R U H H , e C n M n e p e H O C H M b l e H U O r O B b l e CKHnKH H a A n e X a u l H M 06pa30~ MHAeKCMPOBaHbI. A6.3 B a p n a ~ ~npn , KOTOPOM H e M e m e H H o e c n n c a H n e coqe-cae-ccn c s a n p e ~ oH~a sb1qe-r PaCXOflOB no n p O U e H T a M (M COOTBeTCTBeHHO - BblqeT AOXOAOB n0 n p O U e H T a M H 3 ~anoroo6narae~oro noxona), n p H B n e K a T e n e H c T O ~ K H3 p e ~~A M~ H~H ~ C - ~ ~ ~nTp ~c Bo HbO, ~HO~ o T T 1 n p e n c T a a n R e T TPH 6 0 n b ~ l n en p 0 6 n e ~ b l . nep~arr- TO CTOMMOCT~ nepexona K ~ a ~ oc ui ciT e M e . n0cne ee H C n O n b 3 0 B a H H R B T e q e H M e HeCKOnbKHX JET cpefl~llfin O X O n O T H U O ~ O O ~ ~ O X ~ H H R tOpkiflHqeCKHX JIHU A O n X e H 6 b l ~ bH e M e H b U l e q e M AOXOA n p H n e # c ~ ~ y t O ~CHCTeMe, r n a B H b l M e # 06pa30~H3-3a 3anpeTa H a B b l q e T PaCXOAOB n0 n p O U e H T a M . O ~ H ~ KB OT ,q e e H H e n e p B b l X HeCKOJlbKHX J l e T AOXOAbl IOPHAHqeCKHX nMLl 3 a M e T H O CHM3RTCR H3-3a n p H M e H e H H R 3 T O r O MeXElHM3Ma y C K O p e H H O r 0 CnHCaHHR. B~PORTHOCT~0 3 T O r CTaHOBHTCR ewe BblUle, e C n H Y W C T b ewe H e aMOPTM3MPOBaHH)'tO q a C T b C Y U e C T B Y t O U e r O OCHOBHOrO K a n H T U a . Ecnn O C yUleCTBnTb I l e p e X O A 3a OAMH pa3, T O n O X O n b l O T ~ a n o r o o 6 n o ~ etOPMAMqeCKHX ~ n ~ IIMU BepORTHO ~ Y A Y T p a B H b l H y n t O B T e q e H M e 6 n m a # m ~ xHeCKOnbKHX n e T . Ecnn Xe H e Y q H T b l B a T b c ~ a p b 1 #O C H O B H O ~ K a n H T U TO C03AaCTCR H ~ Y A O ~ HCHTYIUHR, K O r A a K CTaPOMY H HOBOMY OCHOBHOMY K a n H T U y ~ H nPHMeHRtOTCR p a 3 H b l e n p a B M n a . 6 0 J l e e TOrO, MOr'J'T BO3HMKHyTb TPYAHOCTM C n p H M e H e H M e M T a K H X n p a B H n H a P b l H K e TeXHHKH 6 b 1 ~ ~ 1 e B# yno~pe6ne~un. Tame p a 3 n M 9 ~ b l f ip e X H M AJIR n n a ~ e ~ enoi f n p O U e H T a M B P a M K a X 3TMX ABYX CMCTeM M O X e T C 0 3 A a T b n p o 6 n e ~ b 1B rn6pnn~oi Cnc-reMe. A6.5 T p e ~ b R npo6ne~aC 3aLLeTOM K ~ ~ ~ u T ~ J ~ o B J ~ oBx T~eHKuY U H X PaCXOAaX HOCHT ~ ~ 6onee @ y ~ n a ~ e ~ ~ a n b ~ b l f i xapamep. 3alie~n3nepxe~K a n n T a n o B n o x e H u R B T e K y q u x pacxonax - s T a HUlOrOBaR CHCTeMa, PaCCLLHTaHHaff &rlR K O M ~ ~ H UO~C ~y ~, e C T B J l R l o ~ U X PeanbHyIo n e f f T e n b H 0 C T b B OTJlHLLHe O T @ H H ~ H C O B ~ I0Xn e p a u U f i . TOT@KT, LLTO B P a M K a X A ~ H H OCHCTeMbl AOXOAbl ~ n0 n p o u e H T a M H e s K n m l i a m T c R B ~ a n o r o o 6 n a r a e ~ b l f i noxon H p a c x o n b l no n p o u e ~ ~ean~o H n n e x a T Bbl'leTY, n O A P a 3 Y M e B a e T , LLTO @ H H ~ H C O B ~HHCTHTJ'Tbl I ~ CMOrYT ~ o o 6 q en 3 6 e x a ~ bYflnaTbl KOPnOPaTHBHOrO H a J l ~ r a ' ~ ,nOCKOnbKy n p n 6 b l n b TaKUX 0 p r a H U 3 a u U f i @OPMUPY~TCR 31 C'leT p a 3 H H u b l n P O U e H T H b l X CTaBOK: HX CTaBKa KpenHTOBaHHR BblUIe, LLeM CTaBKa 3aUMCTBOBaHHR. TO 6 o n b w a n npo6ne~a. Tame, O n b l T Mspann~, me nPUMeHRIoTCR p a 3 H b l e MeXaHH3Mbl K o p p e K T n p o B o K n n H y l t e T a u ~ @ n ~ uno~am~-~,n ~ u , LLTO p n M e H e H u e pa3~b1xp e x n M o B n n R p a 3 ~ b 1 x CeKTOpOB 3KOHOMHKH OTKPblBaeT 6 0 n b w n e B03MOXHOCTH A n R yKJlOHeHl.rrr OT HaJlOrOB, ycyry6nne, TaKUM 06pa30~,T e 3 @ @ e ~ ~ bHla AOXOAbl OT H ~ O ~ O O ~ ~ O X ~ H U R KOTOPble 6b1nn OnHCaHbl BblWe. Bsene~ne0 ~ ~ e J l b H o fHi OTJ~HLLHO~~H ~ J ~ o ~ o BCHCTeMbl m R @ U H ~ H C O B ~ I X o ~ ~ ~ o ~ n a ~co3nac.r noxoxne n f i n p o 6 n e ~ b l y w o H e H n e M . c A6.6 B~opofiB a p H a H T BKnIoLLaeT 3KOHOMHLLeCKYIO aMOpTH3alJHK), BblLLeT PaCXOAOB no f l p O u e H T a M U 3 H a n 0 r 0 0 6 n a r a e ~ 0 # n p n 6 b l n ~ ,n e p e H O C H a n O r O B b l X CKHAOK U 3 Y ~ ~ I T O L L H ~ I X B n p H 6 b l n b H b 1 e rOnb1, ~ a n o r o o 6 n o x e ~AOXOnOB ~ e B B U n e n p O U e H T O B H YLLeT B n M H M UH@IIRUMU n p U O u e H K e BCeX 3TUX KOMnOHeHTOB. B M U p e C T ~ ~ K ~ ~IJeH ~B ITaKOM PeXttuMe 0 6 ~ 3 a ~ e J l b H a R H X HanOrOBaR CTaBKa 6b1na6 b 1 P a B H a M ~ K C H M ~ ~n e~f iHc ~OB~y l~o 4 e f iH U ~ O ~ O B O ~ ~ CTaBKe. O ~ H ~ K O , B OTCYTCTBMH MeXaHM3Ma nOJlHOrO YLLeTa BJlUIIHI.IR HH@JIRUUU, HH@IIRIJUR H C K m a e T PaCLLeT P e a n b H O r O 3KOHOMHLLeCKOrO AOXOAI, nOJlyLLeHHOr0 OT HHB~CTC(UU#B aMOPTU3HPYeMble IKTUBbI. OH^ T a m e M e H R e T P e a b H O e H a n O r O B O e 6 p e ~ ~ ~ a n 0 r 0 0 6 n 0 x HOMHHaJlbHOr'O H3-3a e ~ ~ ~ ,QOXOAa no n p o u e H T a M H B b l r e T a H O M H H ~ ~ ~ Hp a~cIxXo n o B no n p o u e H T a M . & I R p a 3 p e m e H w n nassofi n p 0 6 n e ~ b lH ~ O ~ X O A H MKOPpeKTHPOBaTb HaJlOrOBble CKHAKH H a a M O P T H 3 a U H l o IKTHBOB, nOXOAbl O n p a c x o n b l OT nonyLLeHnR H y n n a T b l n p o u e H T o B c y l i e T o M n o T e p n n o ~ y n a ~ e n b c ~Co~iOi C O ~ H O C T H B c n e n c T B u e M H @ ~ R U H H . K p o ~ eT o r o , n p H n e p e H o c e H O M U H ~ ~ H ~ HI aXn o r o B b l x c K n n o K ~ e o 6 x o n u ~Toa W e YLLHTblBaTb BJlHRHHe HH@~RIJuH H B p e M e H H b l e 3anepW. Ta~oiin O n X O n ( K O ~ ~ ~ K T H ~ O BYLLeTOM UH@JlRuHU) C K ~ npHMeHRJlCX B HeKOTOPbIX pa3BHBalOUIUXCII C?paHaX, KOTOPble CTpZiAanH O T XPOHMLLeCKU BbICOKOrO YPOBHR UH@IIRIJUM, HO H e HCnOJlb3yeTCR pa3BHTblMM CTpaHaMH. B K a 3 a x c ~ a H e yXe MMeeTCR CHCTeMa, XOTR M H e nOnHOCTbH) c @ o ~ M H ~ o B ~ H H ~ X , no KOppeKTHpOBKe HaJlOrOBblX CKHnOK H a a M O p T H 3 a u H I O AJlR YLLeTa HH@n5lL(HLi; n 0 3 T O M Y OCHOBHble IllarH, KOTOPble ewe OCTaeTCR n p e n n p U H R T b , BKJlmLLamT 3 a n p e T H a BblLLeT KOMnOHeHTa H H @ I I R ~ W U B HOMHHanbHblX IlnaTeHcaX no n p O U e H T a M , p a 3 p e I l l e H H e n p u M e H e H n n c n c T e M b 1 JIMmO npw y Y e T e TM3 NR p a c r l e T a H a r 1 0 r 0 0 6 n a r a e ~ 0 r 0 noxona H KOPPeKTMpOBKY n p H n e p e H O C e HaJlOrOBblX CKHAOK. nepex0~O T BbILLeTa HOMHHanbHblX PaCXOAOB no n p O u e H T a M K BbILLev P e a n b H b l X n J l a ~ e l K e # O C O ~ ~ H HCHJlbHO nOBJlH5leT H a H e ~ e m e H H b l f iH O 59 E ~ H KHeUu36ery~~ a n o r o o 6 n o x e ~HenpoueHTHoro AoxoAa npu 3 a ~ u c n e ~ u~ua n u ~ a n o e n o x e ~Bu i i u ~ cqeT TeKyuux pacxoAoB. C ~ ~ ~ C T B ~POCTH AOXOAOB H ~ I ~ OT ~ a n o r o o 6 n o x e ~IOpHflHYeCKHX n ~ JIHU B H ~ $ M H ~ H C O B O M CeKTOpe, XOTR TRXeJlO n p e A C K a 3 a T b TOYHO, HaCKOnbKO YBeJIHYaTCR 3TH AOXOAbl. A6.7 B H a C T O R U e e BpeMR P a C Y e T C ~ ~ ~ C T O H M O CTOBapOB, B ~ I Y M T ~ ~HM3 O ~~U H XAOXOAOB, T H O OCHOBblBaeTCR H a M C T O P M Y ~ C K OCTOHMOCTM AaHHbIX TOBIPOB, e C n H O H a MMeeTCR; B nPOTHBHOM ~ cnyrae o s e H K a n p o e o n n T c R no c p e ~ ~ eU iH e e n p n o 6 p e ~ e ~ nBo. ~ B p e M e H a Y C K O P ~ H H O ~ MH$JIRUMU 3 T 0 IIPHBOAHT K 3HaYHTenbHOMY 3aBbIUIeHHtO ~an0r006narae~0r0 AOXOna. AOXOA OUeHHBaeTCR 6onee TOYHO, eCnM H N l O r O n J l a T e n b I 4 H K a M pa3pelLIHTb H C n O n b 3 O B a T b YYeT TM3 no nPHNUHIlJ' m@O, T.e. KOrAa TOBapbI, n p M 0 6 p e ~ e ~ H b 1IlOCJleAHMMH UC~OJlb3YHITCRB n e p B Y K l e O q e p e A b B IlpOUeCCe npOH3BOACTBa. MOXHOP a C C M O v e T b H C ~ O n b 3 0 B a H H e Y Y e T a no U e H e 3 a M e q e H M R HAM MHAeKCaUMM B COYeTaHHH C mkfmo MJIH YYeTOM no c p e ~ ~ eUeHe, f i OAHaKO 6onbmne n p o 6 n e ~ b 1 , B 0 3 H H K a l O ~ M e n p H BblnOJlHeHMM Hi3JlOrOBblX ~ p e 6 o ~ a ~ nHi i aAMHHHCTpHPOBaHHH, JlHUlalOT 3TM BaPMaHTbl X M ~ H ~ C I I O C O ~ H O C T M . A6.8 B CBR3M C 3TMM no B a p H a H T y 2 Mbl P e K O M e H A y e M MCnOnb3OBaTb n p a B M n a 0 U e H K H .JIM00 npn yge-re TM3. A6.9 H H O A H a M3 CWCTeM H e 0 6 e ~ n e Y H ~ ane0 ~J I ~ 0 f i3aUMTb1 K O ~ ~ O ~ ~ T H Hi3Jlor0~0fi B H O ~ ~ CTPYKTYPbl OT BnMRHMR HH$JIHUHH: n e p ~ b l i B a p H a H T H e C O B e p m e H e H , IlOCKOJlbKy ~ p e 6 y e ~ M C n O J l b 3 0 B a H M R 0 6 ~ 4 e r 0MHAeKCa WH$IIR~HH, a H e C O O T B ~ T C T B Y W U ~UeHbI aKTHBa, KOTOPO~~H e T ~ B P a C n O p R X e H H M . B T O ~ ~ R CMCTeMa T a m e H e M O X e T A a T b ~ o J I H o ~3 a m H T b l : HHBeCTHUHH, O C y U e C T B n R e M b l e 6 0 n b ~ ~ 1 1 .~1O~P I~J H R M H , CBeAyT ~ i 3 J l 0 r 0 0 6 n a I ' a e ~ b l e AOXOAbl A 0 YPOBHR HMHte HYJIR, BbIHYXAaR KOM n B H H t 0 nepeHOCMTb 3TH Y ~ ~ I T K MH a 6 y ~ y q n eI'OAbl. TO p a 3 p y u l a e T npocrory M e T o n a s a ~ e ~ a n u ~ a n o ~ n o x Be ~Tne i K y q n e pacxonbr B n e p ~ b l i i ron n B H O B ~ o 6 p e ~ aKOpIlOpaTHBHYtO e ~ HNlOI'OByW CMCTeMY H a 3aBHCHMOCTb OT HH$IIRIJHM. A6.10 Arne T a c n c T e M a , K o T o p a R 6 b 1 n a n p e A n o x e H a B n p e A b r n y q n x naparpa$ax, 0cTaBnRe-r B03MOXHOCTH A n R BJIHRHHR HH$IIR~HH, e C n H n e p e H O C Hi3JlOrOBblX CKMAOK OCTaHeTCR $ W K C M P O B ~ H H ~ I M B HOMHHi3JlbHOM BbIPSU1CeHHI1, K I K 3 T 0 e C T b c ~ ~ W Ca.~ H b l e CKHAKH, A n O J I y Y e H H b l e B ~ 6 b 1 ~ 0 Y H b l eTOAbl n p H n e p e H O C e B n O C n e n y l O W H e n p l I 6 b 1 n b ~ b l e TOAbl, ~ ~ $ W K C H P O B ~ BH ~ I HOMHHNlbHOM BblpSU1CeHHM; B CBR3M C 3THM HX no npOlLIeCTBHH B p e M e H H OHH CTaHOBRTCR M e H e e UeHHbIMH no ABYM IlPMqHHaM: BO-nepBblX, BCJlenCTBHe TOrO, YTO CKHAKH ~ ~ $ H ~ K C H ~ OBBHOMHHNlbHblX p a 3 M e p a X MH$IIRUMR O ~ ~ C U ~ HHX pei3JlbHYH) CTOHMOCTb. ~ H ~ I H T Bo- BTOPbIX, A r n e e C n H n e p e H O C H M b l e CKHAKH KOPpeKTHPOBaTb QnR Y q e T a H H $ I I R ~ H , HX BCe P a B H O J I y Y l u e H e nepeHOCMTb, eCnM P e N l b H b l e n p O U e H T H b I e CTaBKH n O n O X H T e n b H b 1 . ~ T A B e n p o 6 n e ~ b r H MOXHO P e U l H T b IlJ'TeM KOPPeKTHPOBKH nepeHOCHMb1X CKHAOK H e H a n P O U e H T HH$JIRUMM, a H a HOMWHi3JlbHbIe llpOUeHTHbIe CTaBKH. TO n O A p a 3 Y M e B a e T O n n a T y n p O U e H T O B H a H e H C n O n b 3 0 B a H H b I e Hi3JlOrOBble C K W K H . B AaHHOM C n y Y a e KOMnaHHRM 6 y n e ~BCe PaBHO: n c n o n b 3 0 ~ a ~ b nn H a n o r o B b l e CKHAKH ceiqac H ~ Hn e p e H e c T n nx B nocnenymmnii nepnon. B CBOW O Y e p e n b B03MOXHOCTb H ~ O ~ X O A W M O C T Hn e p e H e C T H HNlOrOBbIe CKHAKH C T B K O ~ K O ~ ~ ~ K T H ~ OHBe K O ~ 6 y n e f~l e $ o p ~ k i p o ~ a ~3KOHOMMKY. b A6.11 T ~ Me H M e H e e , r n a B H a R p a 3 H H U a 3 a ~ n m ~ a eBO~ c ~ BJIMRHHH CMCTeM H a AOXOAbl H Hi3JlOrOBble OTYMCneHMR K O M ~ ~ H M #$WH~HCOBOTO CeKTOpa. n e p ~ a R CHCTeMa, KOTOPaR H a m t 3 X a q H M o6pa30~YYMTblBaeT llpMpOCT H n O T e p t 0 CTOHMOCTM KanHTi3Jla nPHYHHeHHblX k i ~ $ J C R ~ k i eBb130BeT H e ~ e Q n e H H b 1 iH 3 H a q M ~ e n b H b l f iP O C T nOXOAOB, nOCKOJIbKy W H $ ~ R ~ M O H H ~ R ~ , n o T e p n B CTOHMOCTH n e H e x H b l x O ~ A ~ ~ T ~ J I ~ C T B (nonra) 6 y n e ~npn6a~ne~a~ K a n o r o o 6 n a r a e ~ b 1 ~ A o x o n a M . O ~ H ~ K O , nepexon K c n c T e M e sare~aH H B ~ C T ~ UBHT~e K y q n x pacxonax c K o p e e B c e r o Bbl30BeT OTTOK nOXOAOB KOpnOPaTHBHOrO H ~ ~ O ~ O O ~ ~ O H a~ H W R X 6nnxaG~1neHeCKOnbKO AeT, KaK BCJleACTBHe npo6ne~H a q a n aee HCflOnb3OBaHHH, KOTOPble 6 b 1 n n 0 6 c y m e ~ b 1P a H e e , T a K H BCJleACTBHe TOTO, q T O 3 T a CHCTeMa $ ~ K T W ~ ~ C KOCBO~OAHT$HHIHCOB~I# H CeKTOP OT YnJIaTbl H a n o r o s . M M ~ H H Ono TO# n p n q n H e HH o n H a c T p a H a M u p a H e n p n H n n a M e T o n saqe~a K ~ ~ H T ~ ~ o B J ~ o x ~BHTHe#K y q H e PaCXOAbl B flepBbl# rOA. B CBH3H C 3THM, Mbl P e K O M e H a y e M BTOPO# B a p H a H T - H Z ~ . L U ~ ~ X C ~ UYUq#e T IlpHpOCTa H n O T e p H CTOHMOCTH KaflHTaJla, Bbl3BaHHblX n~$nnuneii,npn o n p e n e n e H n n~anoroo6narae~oro noxona. e, n p o 6 n e ~ b lnepexona n B e p o n T H o c T bqpe3~ep~oroa H n o r o e o r o6 p e ~ e ~ n . A6.14 n e p ~ b l e TpM B a P H a H T a OnHHaKOBbl KaK nOKa3bIBaeT npOCTOe M a H H l l y n H p O B a H H e PaBeHCTBOM ~ Y X ~ W I T ~ ~ C K O ~ O 6ana~ca.~ ~ O C K O ~ BCeK Y ~ aKTHBbl P a B H b l BCeM 0 6 1 1 3 a ~ e n b c ~ ~ a ~ , p a 3 H H q a M e w H e A e H e X H b I M M BKTHBIMH H HeAeHeXHblMM O ~ R ~ ~ T ~ ~ ~~CYT ABTO4HOHP a B H a ~~ TM o T p M L l a ~ e J l b ~ o #p a 3 H H U e M e m y A e H e X H b l M H aKTMBaMH H AeHeXHbIMM 0 6 1 1 3 a ~ e f l b ~ ~ ~ a ~ H ~ ~ . ~ O ~ T O M C y M M a Y H H @ J ~ H ~ w M ,~ O M H O X ~ H H O #H a BTOPYtO pa3HMLJJ, T.e. - (m- go), M ~anoroo6narae~b1xnoxonoa pama c y m e , n o n y r e ~ ~ o f irry-reM B b w e T a HH@~RUHH, ~ O M H O X ~ H H O #H a n e p B y t O pm~nqy,T.e. (WA - WO), n3 ~ a n o r o o 6 n a r a e ~ b 1 xnoxonos. ~ O C K O ~ ~ KOPHeM K Y n p 0 6 n e ~ b 1 RBnReTCR n O T e p R p e W I b ~ o # CTOHMOCTH 4HCTblX A e H e X H b l X 0 6 H 3 a ~ e n b ~ ~ ~ , (6) K m e T C R 6onee eCTeCTBeHHblM H 3 T p e X . Y e ~ ~ e p b l #BapHaHT, HeflOCpenCTBeHHaR K O p p e W M p O B K a n O X O n a , 6 b 1 n B CBOe BpeMR H p e A J O X e H B C u A , HO OH nn60 CO3flaeT q p e 3 M e p H O e aflMHHHCTpaTHBHOe 6 p e nn6o ~ ~ HeCeT C e p b e 3 H b l e n p 0 6 J l e ~ b l npn c6ope HWIOrOB C @ H H ~ H C O B ~ IHHCTHTYTOB. X A6.15 OCHOBHO~ npo6ne~oiC 4 e T B e p T b l M MeTOAOM, OCHOBaHHOM H a npn6brnn, HBJlReTCR C n e ~ l O q l W :C p e n H l O t O np0ueHTH)'tO CTaBKy HeBO3MOXHO BbIBeCTM, HCnOnb3YR OAHH TOJlbKO I l p O u e H T H b l e M a T e X M H Y P O B e H b flOJlra. C ~ ~ A H H ~ IlepHOA llOralUeHHR K p e n H T a RBnReTCR H ~ ~ o c T ~ ~ O Uq a~C T# b t O HH@OPMBUHH: n p O q e H T H b l e m a T e X H , YKXiaHHble B O T q e T e 3a C O O T B ~ T C T B ~ ~ O ~ HW#I o r o ~ b rlOkn , H e flatOT H H @ O P M ~ U M M0 AnMTeJlbHOCTH KpeAMTa, IlOCKOJlbKy I l p O u e H T H b l e CTaBKH H a rono~oRK p e n H T B A B a pa3a H M X e 4 e M H a ~ o J ~ ) ' ~ o ~ ~ o BKPeflHT. o # RCHO, q T O npn p a B H b l X n p O s e H T H b I X B b l n n a T a X H H @ ~ R U H O H H ~ IKOMnOHeHT # 6 y n e ~r O p m f l 0 6 o n b r ~ e # none# o6qux HOMHHWIbHblX IlPOqeHTHblX B b l m a T B C n y q a e K p e n H T a H a O n H H rOfl C H M ~ K O # C T ~ B K O # , 4 e M A n R K p e n H T a H a 6 M e C R q e B C B~ICOKO# CTBBKO#. OAUHH 3 C ~ O C O ~ O BKOTOPblM , MOXHO PeUlMTb A a H H y t O npofine~y,3 T 0 IlOnPOCHTb KOMnaHHH npenOCTaBJlRTb OTqeTHOCTb 060 BCeX H3MeHeHHRX B A e H e X H b l X aKTHBaX M 0 6 ~ 3 a ~ e J l bH~a ~~~OaM~~ C R ~ H O # WJlH flsuKe eXe~eflenb~o# OCHOBe KaK 3 T 0 npaKTHKOBWIOCb B HeKOTOPblX C T p a H a X C BblCOKHM YPOBHeM H H @ ~ R U M H( K ~ KB kZ3pame B n o c n e n H M x n e c x T m e T m x 20 ~ e ~ a3) .~ noo 3 ~ o n wn~o c T a T o q H o T O q H O OUeHMBaTb flJlHTeJlbHOCTb ll CYMMbI qHCTOrO 3aMMCTBOBaHMR H COOTBeTCTBeHHO - CpeflHHe HpOUeHTHble CTBBKH. OAHBKO, no H a l l l e M y MHeHHtO BBeAeHHe T a K O r O T ~ ~ ~ O B ~ nHO B J lHe q e T H H3JlHlUHee WMHHHCTpaTMBHOe 6 p e ~ RKaK AnH K O M ~ ~ H M #T,a K H AnH HWIOrOBblX OpraHOB: COrJlDCHO ~ ~ # c T B ) ' ~ O ~ M Mn p a B H J l a M B K ~ ~ x c TKOMnaHHM ~ H ~ AOJlXHb1 HpeAOCTaBJlRTb OTqeTHOCTb TOJlbKO pa3 B r O n . CYU~CTBY~TWIbTepHaTHBbI: n B e C n e n a T b n O l l y q e H M e B OTHOlUeHHM p e W I b ~ 0 #I ~ P O U ~ H T H O #CTIBKH M BblBeCTM OTCtOAa H e p H O A n O r a l U e H H R H n H C n e n a ' r b A O l l y q e H H e B OTHOrUeHHH C p e A H e r O IlePHOAa llOraUleHHIl HOBbIX MOB H BblBeCTH ( H ~ R B H O ) C p e A H H e n p 0 q e H T H b l e CTaBKH. K ~ b l #H 3 3THX IlOAXOAOB, K I K Mbl YBHAHM nO3flHee, COBeplUeHHO n o - p a 3 H O M y BJlMHeT H a ~ a n o r o o 6 n o ~ e ~ nHeH @ ~ H C O B ~ IHHCTHTYTOB. X A6.16 C~aqaJlaPaCCMOTpHM B a p H a H T n O l l y 4 e H H R 0 PeWIbHbIX npOUeHTHblX CTaBKaX. TO 6 b m o c n e n a H o B p a M K a x n p e n n o x e H n R "Km~aqekc~~o-I"CUlA n p a 6 o ~ a ecnenyioqm B ~ 06pa30~.no 3TOMY n p e f l n O X e H H t 0 6 b l n o CAeJlaHO n p O C T 0 n O l l y w e H H e , q T O CPeAHRH P e U I b H a H CTaBKa P a B H a 6%. 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(1) MOXHO ewe IlepenkiCaTb KaK ( l a ) H&4-HA0=-(,&4-A0) A6.17 OAH~KO,C B p e n H e M 3TOT MeTOA A a e T C y 4 e C T B e H H b l e HaJlOrOBble CKUAKH W R @ H H ~ H C O B O ~ OCeKTOpa, CKHAKU nOJlyqafOTCR H3-3a n p O C T O r 0 HCIlOnb3OBaHWl A a H H O r O KOHKPeTHOrO MeTOAa f l p u 6 n m e ~ ~ l . npo6ne~aB03HMKaeT BCneACTBLie TOrO, q T O ~ B H K U , B OTnHqMe O T K O M ~ B H H #P e a n b H O r O CeKTOpa, f l O n y q a t O T 6 0 n b U y t O W C T b CBOMX AOXOAOB 38 C q e T Pa3HUUbl CTaBOK KpeAUTOBaHHR H a HOMWHanbHble aKTUBbl H CTaBOK 3aUMCTBOBaHI.III, YnJlaqkiBaeMblX H a HX H O M H H U b H b l e 0 6 ~ 3 a ~ e n b c ~ ~ a . O ~ P ~ ~ O~ M~ ,H KflOnYqatOT q N C T b l e T ~ K ~ M M IlpOUeHTHble IlJlaTeXH Aa>tte KOrAa OHU H e UMetOT ZIMCTblX A e H e X H b l X aKTHBOB. ~ O ~ T O M Y n0 3TOMY MeTOAy OHM IIOnyqatOT H U o r o ~ b l k3 a W T ( I ~ o c K o ~ ~HX ~qUCTble n p O U e H T H b l e MaTeXtcw K 0 ~ p k i u a ~ e J l b H b l eA) W e e C n n HX 'IMCTbIE A e H e X H b l e 0 6 ~ 3 a ~ e n b PaBHbla Hynm H fl03TOMY H e c ~ ~ M O V T 6 b l ~ b BblqTeHbl. B CBR31.I C 3TUM IlOAXOA K a 3 H a ' i e f i c ~ ~ a - I K UH@IIR~WOHHO# KOppeKTHpOBKe n H l J l a e T npHBJleKaTenbHOCTki AeRTenbHOCTb B @HH~HCOBOM, B O T n H q H e O T PeaJlbHOrO, CeKTOpa. ~ O ~ T O MMbl H e PeKOMeHnyeM HCnOnb30BaTb MeTOA KOPPeKTUPOBKH, Y O C H O B ~ H H H aI ~AOXOAaX. ~ ~ A6.18 ~ O ~ X O A ~ I n B, OCHOBaHHble H a ~ ~ ~ ~ H C OOBWOe TMe , a, 6 a H e O T q e T e 0 AOXOnaX H P a C X O ~ a X , H e flpeACTaBJIRtOT T ~ K On~p o 6 n e ~ b 1 . C O ~ ~ ~ C H O flOAXOAy qMCTblX A e H e X H b l X O ~ H ~ ~ T ~ ~ ~ 6Ca HT~B1 .On,0 J l y q a m T H U O r O B b l e 1 3 a q e T b l TOnbKO B KaqeCTBe B 0 3 M e 4 e H W R 38 0 6 e c u e ~ n ~ a B~ np e3 e y n b ~ a ~ en~@nrrunn,HO T o n b K o B TOM cnyqae, ecnn y ~ n x nMetOTcH q n c T b l e A e H e X H b l e aKTHBb1. n p c l OTCYTCTBUW qHCTb1X 0 6 R 3 a ~ e~nC T BKOPpeKTkiPOBKa H a HH@IIR UMlO llPOU3BOAWTbCR H e 6yne~,cl C OTPWUaTenbHblMH qWCTb1MU AeHeXHb1MI.I O ~ R ~ ~ T ~ ~ ~~C~ H K L~ I M W T B Y B e J l n q a T CBOH HanOrOBbIe 0 6 ~ 3 a ~ e n b TOqHOaTaK c ~ ~ Xe KaK H ~ @ W H ~ H C OKOMIlaHUU B P a M K a X B ~ I ~ A ~ H H O ~ ~ CUCTeMb1. A6.19 O ~ H ~ KyOe, C q C T B y e T eule OAHa npo6ne~a,KOTOPaR X a p a K T e p H a TOnbKO AAll MeTOAUK n p n 6 n ~ e ~Cn ~ HCflOJlb3OBaHHeM 6 ~ a ~ c o ~ oOTqeTa. Ecnnr o B3HTb qUCTble AeHeHcHble 0 6 ~ 3 a ~ e n b cH~a ~ Ha'GUO a flepHOAa, TO BbIrOAbl UH@JIR~UOHHO~OO ~ ~ C U ~ H U B ~ H~H R Y T Y A 3 a H W e H b 1 , e C n H qHCTble 0 6 ~ 3 a ~ e J l b cBO3pOCJlki ~ ~ a B T e q e H M e rOAa; TaKUM Xe 0 6 ~ ~ 3 0 ~ : I.ICflOnb30BaHWe o ~ R ~ ~ T ~ J T ~HcaT KOHeU IlepkiOAa IlpUBeAeT K 3 a B b l U e H U l O U H @ J ~ R U H O H H O ~ O B O ~ ~ C L & ? H H B ~ HBHrOA KOrAa 3TW 0 6 ~ 3 a ~ e J l B03POCJlH. m 5 I PelJleHHR ~ a H H 0 f ni p 0 6 J l e M b l H e T R b ~ ~ ~ a T a K o r o p e m e H n n , K o T o p o e 6 b 1 H e no~pe6o~anon p e n o c T a B n e H n R e x e ~ e c ~ q ~ o f i nnn e X e H e ~ e J l b H 0 f i OTqeTHOCTW, q T O npkiBeAeT K H ~ ~ ~ I T O ~ H OaAMWHI.ICTpaTUBHOMY 6 p e M e H n . M Y OAH~KO, IlOCKOnbKy A O l l y 4 e H c l e H a HaqaJlO n e p M O A a BCerAa f l O A p a 3 y M e B a e T flpeAB3RTOCTb O ~ P ~ T HTO#,O K0TOp;lll 661 B03HWKJla ~ npn HCIlOJlb30BaHHH ~ ~ l l y l I l e ~ cHl a# KOHeU IlepkiOAa, npOCT%I CpeAHRH BeJlHqHHa AByX ~ o l l y u l e H k i # RBJlReTCH pa3YMHblM n p ~ i 6 n n X e H ~ e M~. O ~ T O M Y 3 T 0 H ~ Y A ~HalJlefiT p e ~ ~ M e H ~ a u n e #B3RTb : CPeAHtOtO BeJlMqHHy qMCTblX A e H e X H b I X 0 6 ~ 3 a ~ e J l bH a~ ~H~a q U O n KOHeU n e p H O A a , YMHOXUTb 3 T 0 qHCJlO H a COOTB~TCTBY~OUM# H H @ ~ R U H O H H ~ I #HHAeKC I.I n p n 6 a ~ k i ~nOJlyqeHHytO b n p n 6 n m ~ e ~ ~IlOnOXHTenbHytO y m BbIrOAy U H @ J ~ R ~ U O H H O ~0 O6 e ~ u e H ~ ~ a H KW ~l ~ a 0 ~ 0 0 6 n a r a eAOXOAaM. ~ b l ~ Bonpoc TOrO, qTO ~060ii n p e A C T a B n l l e T C O O T B ~ T C T B ~ I O ~ HI .#I H @ R ~ I . I O H H ~ ~HHneKC, PaCCMaTpkiBaeTCR H W e . # H a n p a K T H K e T.K. 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BOSMOXHO,a npo6ne~aH3 T e HBJlReTCR O q e H b cepbe3~0fi,n 0 C K O n b K y CTaBKH WC H e MeHRtOT CJlllUIKOM YICTO, a e C n H M MeHRtOT T O H a TaKYH) AOnKJ KOTOpaR RBnReTCH O q e H b ~ e 3 ~ a W I T e J l b ~ o i i CpaBHeHHtO no C YpOBHeM HH@IIHUHH B Kmaxc~a~e.B n m 6 o ~cnyqae, 3 ~ ynpo6ne~yM o m H o n 3 6 e m a ~ b , ecnn ncnonbso~a~ba ~ o i i ~ PiHAeKC KaK PiHAeKC OnTOBblX UeH (MOU) WlM n e @ n R ~ o p BBn no U e H e H a @IKTOP~I npObi3BOnCTBa. M3 3TMX ABYX MOU rOCyAapCTBeHHblX I l p e ~ n p l I H ~ H f iHBnReTCR 6onee npeAnO9THTeJlbHblM, nOCKOnbKy OH ll3MePHeTCH C 6onbrueii T04HOCTbtO Pi ~ ~ C T O T O ~ ~ . A6.21 APVM~HTOM nPOTMB H H @ ~ R U M O H H ~ ~nXO n p a B O K , K O T O P ~ I ~3 a W C T y t O MOXHO y c n b r r u a T b , TO TO, STO T a m e nonpamn HB~R~OTCR~ ~ ~ O ~ A ~ B UecnnMo~H n, I H c A e n a H b 1 c MCnOnb30BaHMeM @ ~ K T H Y ~ C K O T O , yXe HMeBLUerO MeCTa, YpOBHR I . I H @ ~ R U W ~ ~ . 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