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MINISTRY OF EDUCATION AND SCIENCE OF THE REPUBLIC OF KAZAKHSTAN

NEI “ALMATY MANAGEMENT UNIVERSITY”

DEPARTMENT: FINANCE

Term paper

On discipline: "Financial Management"

On a subject: The financial system of the Republic of Kazakhstan

Executed by:

Student 4 course

Checked by:

Almaty, 2014

Content

Introduction

1. The concept of the financial system

1.1 Structure of the financial system

1.2 Financial system and their role in the economy

2. The financial system of the Republic of Kazakhstan

2.1 The legislative basis for the development of the financial system of Kazakhstan

2.2 State and problems of the financial system of Kazakhstan

2.3 Development and improvement of the financial system

Conclusion

Introduction

Background research. Sound financial system is the core of the development and successful functioning of a market economy and a prerequisite for the growth and stability of the economy as a whole. This system is the basis for mobilizing and distributing savings society and facilitating its daily operations. Therefore, although the structural transition from a largely centrally planned and controlled economy to functioning in accordance with market principles, includes many elements, the most important thing - to create a sound financial system. Once established a sound financial system, can develop money and capital markets, particularly the primary and secondary markets of national government securities. The degree of a problem. In recent years, the setting up of a sound financial system and financial policy of the state is dedicated to a significant number of publications. However, the unity of the theoretical aspects of this issue has not been reached. Thus, the major Western economists do not give a clear definition of financial policy. S. Fischer, R. Dornbusch and Richard Schmalensee did not allocate financial policy as an independent concept. At the same time, they are suitable for the study of the topic, expanding the definition of fiscal policy. Similarly, consider the problem and some other representatives of foreign economic schools. In particular, K. R. McConnell and SL Brue combine the concept of fiscal and fiscal policy, defining them as the changes made by the government in order of government spending and taxation, aimed at ensuring full employment and non-inflationary domestic product. Marxists see under the financial policy is primarily a set of government measures to stabilize the financial resources and their distribution and use of the state to implement its functions, indicating that the social dimension of the impact and effectiveness of fiscal policy on the development of the productive forces and relations of production are determined by the objective laws of economic development, socio-political system of the country. Goals and objectives. The aim of the study is to reveal the essence and structure of a modern financial system in a market economy and its development trends. The purpose of the study determines the formulation of the following tasks: - a summary of the financial system of units; - consideration of the main section of the financial system of the state budget on the example of the Republic of Kazakhstan; - identify the basic principle of formation of the financial policy of the state; - disclosure of the process of "financialization" of the market economy.

Chapter 1. The concept of the financial system

1.1 Structure of the financial system

financial system kazakhstan

The financial system of the state is a set of financial and economic institutions, each of which mediates fund of funds, the definition in the economic sense.

In a legal sense, the financial system is a set of financial institutions of the State (Finance Ministry and its affiliated companies, tax authorities, state-owned banks, state-owned insurance company). The financial system of Kazakhstan is the market and usually consists of five units: the state budget, local finance, special funds, finance state-owned banks, finance companies and public corporations.

The financial system can be built on the principle of unity, or on the principle of relative autonomy of the institutions of the financial system.

Public relations are the subject of financial law as a whole and its individual institutions, in particular, are the financial and economic relations. Certain groups of these relations form the institutions of the financial system (financial and economic institutions).

The financial system includes:

1. The financial arrangement;

2. The legal basis of the monetary system;

3. The management of finance;

4. The financial planning;

5. Financial Control

Principles of organization of the financial system can be defined as follows:

1) finance any country are organized, they are divided into certain funds of funds, indirect financial and economic institutions.

2) institute dedicated to the organization of the monetary system in the Country applies to all existing in the state of monetary relations (financial. Commodity-money, the relationship of wages).

3) management in finance always is organizational, because finance is its own organizational efforts or occur, not can not function.

4) financial planning growth given for budgeting, banking planning, financial planning public enterprises and organizations.

5) types of financial control receives the budget, banking, institutional control.

The financial system of the state is a set of various financial links and financial relations. In the economic literature, the financial system is studied in three aspects:

1. The set of financial relationships.

2. The collection of funds of funds.

3. Financial management apparatus.

Financial relations are a set of economic relations emerging between the state and enterprises. organizations, industries, and individuals in connection with the movement of funds.

Picture 1. Financial System of the Republic of Kazakhstan

1.2 Financial system and their role in the economy

At the present stage of public finances in developed foreign countries includes four units: the state budget; local finances; special off-budget funds and finances of state enterprises. The leading element of public finances appears the state budget. According to its material content - is the main central fund of funds of the state.

State budget - the main means of redistribution of national income. Through this link the financial system is redistributed to 40% of national income. The state budget revenues are concentrated the largest and most important politically and economically expenditures. It contains organic linking major financial institutions - taxes, home loans, expenses.

The main income of the state budget are the taxes that make up 70 to 90% or more of its total revenues. For the state budget in countries with developed market economies secured major taxes - income tax on individuals, corporation tax, excise tax, value added tax, customs duties. From the state budget are made and the main costs: military objectives, intervention in the economy, the state apparatus, social spending, subsidies and loans to developing countries.

The state budget in a position closely connected with other parts of the financial system. He performs a coordinating center, is in a market economy the help they need. This assistance is in the form of budgetary grants, loans, guarantees, ensures the proper functioning of the other parts of the financial system, the solution of their tasks.

The next in importance is the link of the financial system of local finance. In modern conditions influenced the development of the productive forces, scientific and technical progress is an increase in the role and influence of local authorities. The phenomenon of the local economy, their relationship and dependence on big business, expand and become more complex functions of local authorities. All this reinforces the importance of local finance, enhances their role and share in the financial system. Local Finance cover a wide group of minor taxes (mainly of a property), the system of local credit, special funds. Central to this link belongs to the local budgets, which are not included in the state budget and have a certain amount of autonomy. The structure of local government finance is determined by the device and the administrative division of the state.

Under present conditions this link financial system is increasingly used for economic purposes, for the regulation of economic processes. To this end, a significant part of local budgets is directed to the development of economic and social infrastructure.

Special financial link form special government funds, which have a certain autonomy, separated from the state budget and managed directly by the central, and in some cases - and local authorities. These include the social security funds, various trust funds, as well as public and semi-public financial and credit institutions.

The original purpose of these funds was to finance specific targeted interventions. Subsequently, they acquire value reserve, to which the government resorted to in cases of financial hardship, i.e. used to improve the maneuverability of the financial system. In contrast to the state budget, special funds are subject to much less control by parliaments, making them easier to use and increases the interest of governments in their growth. Separate financial link form finances of state enterprises. Its occurrence is associated with the development of the public sector in the economy of a number of Western European countries (Great Britain, France, Italy, Germany, Austria) - a process that is most prevalent after World War II. Its main task is to support the private sector through the preservation and development of important industries, which by their nature have low profitability and thus unfavorable to entrepreneurship (rail, air transport, electricity, gas, coal, etc.). State-owned enterprises thus represent an attempt to resolve the contradiction between the interests of private and national economic problems. At the same time finance state-owned enterprises - a unit of the financial system, by which the state participates in the primary distribution of national income, accumulating in their hands of the revenue generated by these enterprises.

State-owned enterprises have assigned to them fixed and current assets are on an independent estimate and carry out legally defined relationship with the state budget. Depending on the type of business they have varying degrees of autonomy, operational and financial independence.

The second area of the financial system developed foreign countries are the business finance, corporate monopolies that arise in the course of economic activity and provide the process of production and profit. They materialize in the form of money-capital, various cash assets of the enterprise

Due to the fact that the activities of enterprises is based on the individual circulation of capital, these cash funds are separate, decentralized nature. At the same time, the state has a direct relationship with business finance. They are expressed in the form of collection of payments to the state budget, the formation of a sinking fund, regulation of credit relations, providing government subsidies.

Private companies make up the bulk of the material production, they account for a major share of generated gross domestic product and national income. Therefore, the government uses a variety of techniques (including financial) to stimulate the activities of these enterprises, increase their savings, variety of funds associated with the acceleration of scientific and technological progress, the creation of reserves, further training of employees. The State shall establish a preferential tax treatment profit system of accelerated depreciation, in some cases, provides low cost loans, provided other forms of financial support. In turn, the private enterprises with their payments involved in the formation of the revenue base of the state budget and other state funds.

Local finance or finance local governments are an important element of the financial systems of the developed foreign countries. The share of local finance accounts for a significant part of the financial resources of these countries: the US, Germany and Japan - 50-60%; in the UK and France - more than 30%.

They represent a system of economic relations, through which local governments distribute, redistribute and use national income in accordance with their assigned functions.

In recent decades, in many states there is regionalization of economic and social processes. Increasingly, the regulatory function of the process of transition from central levels of government to local. Therefore, the role of the regional finance increases and expands their scope. Local Finance actively involved in the regulation of the economy, stimulating economic growth, the implementation of regional programs, the reproduction of the labor force.

Through local government finance is actively pursuing social policy. On the basis of local government funds for their budgets is funding municipal public education, health and public services. In this range of funded activities is expanding. At the expense of regional budgets began to be financed not only to public schools, but also universities, major health care facilities, activities for internal security, law and order, protection of the environment and others.

In accordance with the constitution and laws of the local authorities have their household budget autonomously and independently, i.e., responsible for the planning and execution of their budgets, and oversee these processes.

Composition and structure of local finance. Functioning of the system of local finances are local budgets, special funds of local importance, finance companies owned by local governments. The main unit of local finances - the local budget, which includes the basic income and expenses of local authorities. In the US, these include the budgets of states, counties, municipalities, townships; France - regions, departments, districts, communes; Germany - land, counties, cities, communities; UK - counties, districts; Italy - regions, provinces, municipalities; Japan - prefectures and municipalities.

In modern conditions increasingly local authorities are intended to ensure the comprehensive development of territories, balanced development of production and non-production areas. Significantly increased their coordination function in economic and social development of the regions. These factors make it necessary to further expand and strengthen the financial base of regional authorities, solving a number of problems associated with the improvement of methods of formation and use of financial resources of the regions.

Local budget revenues are generated from local taxes and levies, non-tax revenues, revenues from higher budgets and loans. The relationship between these sources depends on the functions assigned to local governments from the potential opportunities of local taxes, as well as opportunities for higher levels of government to provide financial assistance to the Territories. International experience shows that the more economically developed countries, the share of income of the regional budgets in the total resources of the state above. Thus, if it is in Portugal - 3% GNP, Norway - 15%, Sweden - 31%. Taxes are the main source of income for local budgets.

In accordance with the tax laws of each country they are assigned to certain types of regional budgets. Rates on these taxes are set, as a rule, the local authorities. The number of such taxes in different countries varies from 20 to 100, while their share in total revenues of local budgets - from 30 to 70%. There are three main groups of local taxes. Local direct and indirect taxes applied in almost all countries. Widespread direct local taxes are of a property, commercial, land records and vehicle taxes, and in some countries - for residents and their profession (France). The local indirect taxes include taxes on the purchase, excise taxes on gasoline, tobacco, alcoholic beverages, electricity and gas consumption. In the UK, local indirect taxation is essentially absent.

The second group of local taxes can be called taxes that are levied in addition to the national taxes or deductions from them (for example, in Italy - to the Land and agricultural tax). These taxes are established in a certain percentage to the state, collected in the territory of the local authorities. In particular, in Germany 42.5% of revenues from income tax on individuals to the federal budget; 42.5% - in the budget of the relevant land and 15% - in the local budget, the tax on corporate profits is divided in the proportion of 50 to 50% between the federal and state budgets.

Other local taxes are a special group of local taxes. It taxes the spectacle of dogs engaged in trade, to own vehicles, to issue licenses for gambling (Spain), and others. As a rule, these taxes are a big financial value have no income for local budgets.

Designated in the formation of local budgets occupy and non-tax revenues. These include income from property managed by local authorities, from the rental or sale of land, forests, income from the operation of reservoirs, utilities, revenues from court fees, fines and various fees. In France, many municipalities set tax on municipal public transport. Usually it is introduced in the municipalities with a population of more than 30 thousand. Residents. His pay all enterprises in which the number of employees exceeds 9 hired workers. Local authorities in consultation with the population may introduce other permanent or temporary taxes - paving roads, laying of sidewalks, street cleaning, etc..

In some countries, additional taxes are set on the garbage disposal, energy consumption, etc. Non-tax revenues occupy a modest place in the total revenues of local budgets.

Their weight varies in different countries from 10 to 30% of total revenues.

An important source of income for local budgets are subsidized. Their share in the revenues of local budgets in different countries is 20-40%. Subsidies are a special form of communication - financial and economic - between the individual links of the budget system and essentially determine the direction of the financial activities of local authorities, thus ensuring control by the central government for local governments. In its economic essence subsidies close to the tax sources, since they are based on the taxes placed at the disposal of the central government and transferred to the reallocation of income to the local budgets. Subsidies cause permanent significant scarcity of local budgets. Subsidies are divided into subsidies general and special purpose.

Subsidies for general purpose (or subsidies) are available to cover the deficit of local budgets. They give local authorities a certain freedom in the use of funds contain a smaller amount of regulating and restricting the use of plant resources.

Subsidies purpose available to local governments to finance specific programs or projects. In France and the UK is dominated by subsidies in the United States, Italy, Germany, Japan - subventions. Constant shortage of own revenues to finance current operations, on the one hand, and the need for cash activities in the field of economic and social infrastructure, on the other hand, forcing local authorities are widely used and a funding mechanism as loans. The most widely used local long-term loans - mortgage bonds and municipal bonds. Validity of mortgage deed 10-15 years. The payment of interest on them is provided by the sum of all taxes and income of local authorities. These loans are the most stable and most in demand. Municipal bond loans are issued for a period of 10 to 16 years, but more often - 40-60 years. The main form of short-term loans are booms. They are available for up to a year, and in some countries - up to 4 years.

Local spending is largely dependent on fiscal policy in the state, the degree of decentralization of social management. All this is a decisive factor in the amount of financial resources that pass through local budgets, their share of the national budget expenditures.

The volume ratio of costs passing through various types of budgets, in different countries varies. For example, in Finland, Germany, Norway, France due to territorial budgets spent more money than through central. Differences in the size of funds passing through the different types of budgets, due to a certain level of financial responsibility of the central and regional authorities for the implementation of mainly social programs for which funding is the largest part of the budget.

From local budgets are carried out cost economic and social infrastructure: local transport, water and gas, construction of schools (in Germany, these costs amount to 1/4 of local budget expenditures in Japan and France - more than 1/3, and in the budgets of the United Kingdom and the United States - more than 40%), hospitals and other social institutions. The share attributable to local authorities to finance urban renewal, improvement of industrial zones in the appropriation for utilities and housing. The costs of local budgets also include the costs of the local administration, the police and the courts, on the transport and road construction. At the expense of local budgets and health care is financed. For example, in Norway, Sweden, Finland, these costs make up more than 50% of budget expenditures.

One of the significant items of local budget expenditures are costs associated with the repayment of loans and interest payments on it. For example, in France for the payment of interest on loans and advances have to allocate more than 10%, and for repayment of loans - about 20% of total expenditure budgets of municipalities.

The next link local development finance foreign countries are special local funds have usually targeted. For example, due to special credit funds local authorities carry out operations due to the social insurance fund financed by targeted social programs. In some countries, special funds are covered by temporary cash "gaps" that are formed during the execution of local budgets. Sources of formation of such funds are borrowed resources, special charges (insurance), income from the central budget funds (pension), and others. Special funds have a certain amount of autonomy, separated from the local budgets.

Link independent local finances are the local state-owned enterprises. These include municipal, road, transport enterprises, gas, electricity and water supply, as well as housing. Local Businesses engaged in service of the population, provide assistance to private capital in the construction of new facilities. Local Businesses operate on the principles of self-sufficiency in local budget reflects only the losses from their activities or profits. In some countries, local budget revenues include gross revenues of local businesses, and the costs - the costs of their current activity. Capital expenditures for the construction of local businesses, usually financed by loans placed by local governments.

Special funds were one of the links of national finances. The most well-known form of the organization of financial resources in the national (territorial) scale are the state and local budgets. But limited resources and a number of factors determine the feasibility of concurrent use of both forms - special funds. The increase in the number and size of these funds a number of reasons. Firstly, by public authorities there are additional means to intervene in economic processes and financial support of business, especially in a volatile economy. Second, the government receives the funds that are largely beyond the effective financial control of the legislature, as these funds are usually autonomous from the budget. Third, diverting part of certain costs from the budget, extra-budgetary funds reduce its deficit. Surplus funds may be used to cover the budget deficit through credit operations.

Thus, special government funds - is a form of redistribution and use of financial resources attracted by the state to finance their activities. The procedure of formation and use of this section of the financial system is regulated by law. These include various funds, special accounts and estimates. In other developed countries the number of large special funds ranges from 30 to 80.

Special funds are established in two ways:

-Allocation of certain budget expenditures are particularly important;

- The formation of the special fund by a special decision of the legislature specific purpose.

The financial system in foreign countries special funds play an important role. Displacement means are being concentrated in considerable. In France, special funds in size approaching the state budget, in Japan have funded more than half of government spending in the UK - 1/3. On special funds entrusted primarily functions such as economic and social.

With their help, perhaps:

-Impact on the manufacturing process by funding subsidy, lending to domestic enterprises;

-Ensure environmental protection measures, financing them through specially defined sources and fines for environmental pollution;

-Provide social services to the population through the payment of benefits, pensions, subsidies and financing of social infrastructure as a whole;

To provide loans, including foreign partners, including foreign governments.

The financial system in foreign countries an important place belongs to the state-owned enterprises. At the present stage of development, despite holding a 80-ies. Privatization of state property in these countries maintains a strong position in the economy. State-owned enterprises receive numerous orders, providing an extensive private enterprise and a guaranteed market for a number of products, stimulate the process of capital accumulation by redistributing national income in favor of other parts of the financial system (through lower prices and tariffs for public goods and high prices for the products of private enterprises, consumption state) and investing its own funds in unprofitable sectors of the economy.

You can select multiple causes of state-owned enterprises, which are often intertwined and act simultaneously.

1. The economic reasons due to the need of state intervention in economic processes. The functioning of state-owned enterprises affects the ratio between the different branches of material production, contributes to a change in its structure, stimulates the growth of progressive sectors.

The widespread introduction of new technology and scientific advances, automation of production processes require large financial resources, a highly energy base. In this regard, particular importance is the development within state industries such as gas, electricity, oil, coal. In addition, to create public research centers and experienced enterprise; produced redevelopment monopolistic enterprises, on the brink of bankruptcy; construction of new enterprises in capital-intensive industries. State-owned enterprises are widely used as a tool for countercyclical and anti-inflation regulation.

2. The development of the above-mentioned industries, conducting research require large initial investment. Private companies are reluctant to risk associated with the development of new industries. Therefore, these costs are financed by the state. Therein lies the financial reasons.

3.Politicheskie reasons due to the development of internationalization, which led to increased participation of state enterprises in the integration processes of production and capital. In modern conditions the state and mixed enterprises generate foreign branches with foreign capital, enter into licensing and other agreements on scientific and technical cooperation and thus become directly involved in international economic relations. Many state-owned enterprises implementing abroad significant part of the products (this is especially true for France, which sells abroad 50-60% of the production of a number of public companies). State-owned enterprises in foreign countries differ in their legal status, system management, organization of Economy and Finance, the nature of the relationship with the budget. They can be divided into three main groups: public corporations; mixed enterprises; enterprises which are financed from the budget.

Are essential public corporations, which are large industrial complexes, covering all companies within the industry or a substantial part thereof. Each corporation is approved by a special Act of Parliament; it has the operational and financial autonomy, the right to enter into contractual relationships with other companies.

A distinctive feature of public corporations is their "autonomy", ie their daily production activities is outside of parliamentary control; finances are separate from the state budget. Mixed enterprise - an enterprise, part of the capital owned by the state. They are created as a result of the acquisition of the shares of state enterprises or state-building enterprises with the involvement of his participation of private capital. The management of such companies is similar to a joint stock company.

Enterprises that are financed from the budget, part of the Office of the relevant ministries and municipalities. All of their economic activity regulated by the state. Profit fully or partially fed to the appropriate budgets and capital investments are funded mainly through budget allocations. These companies make annual budget to be approved at the same time with the state or local budgets. They are fully subject to the procedures established with regard to state and local budgets. Finances of state enterprises represent a set of economic monetary relations associated with the formation and use of funds of funds and savings companies, as well as control over the formation, distribution and use of these funds and savings.

The relationship of state corporations with the budgetary system implementation through the payment of taxes to the state and local budgets, interest on loans and receiving subsidies from the central budget, primarily to finance capital investments, grants and loans at high interest rates. The relationship of joint ventures with the state budget through taxes are added in the same way as in ordinary corporations. Relationships enterprises which are financed from the budget, with the budget are based on the so-called principle of gross or net. In the first case, the budget includes revenue and expenses of enterprises, in the second - reflects only the positive or negative balance. Such enterprises are on their own, autonomous budget, and the state or local budgets, taking into account only the financial results of their activities. As a rule, now in most countries, the principle of the net.

Chapter 2. The financial system of the Republic of Kazakhstan.

2.1 The legislative basis for the development of the financial system of Kazakhstan

The financial system is composed of a large number of areas and units, and only it can be analyzed to understand how such a complex mechanism can operate. A source and a regulator of the financial system are the laws and legal acts. It is on the basis of their mechanism can be traced functioning of the financial system, understand how to accumulate and allocate and reallocate financial resources. In the course of this paper, we consider several legislative and legal acts that form the basis of the financial system.

Public finances are the one of the main areas of the financial system and the state budget - one of the largest of their units. This is where the most important combined revenues and expenditures. Budget your tool integrates such key financial category as taxes, charges, state credit, and others, their interaction and dynamics. Considering the socio-economic essence of the state budget should be noted that it is determined by:

- Methods of production;

- Availability of ownership of the means of production;

- Operation of the basic economic laws of the state;

- Character of production relations;

- Nature, objectives and tasks of the state.

- The content of the socio-economic essence of the state budget is manifested in the fact that it is both:

- Redistribution ND;

- An instrument of state regulation and stimulation of the economy;

- Tool for effective influence on the processes of expanded reproduction;

- The lead element of the financial and budgetary system of the state;

In the budget in terms of modern centralized substantial part of the resources that are a prerequisite for the implementation of the State's functions, such as economic, social and political. The budget is a component of the budget system. A budget system is regulated by the "Law of the Republic of Kazakhstan on the Budget System"

Law of the Republic of Kazakhstan dated 04.12.2008 N 96-4

"On the republican budget for 2009-2011"

Article 1.

To approve the republican budget for 2010 - 2013 years, according to the applications, respectively, including for 2010 in the following amounts:

1) income - 2,845,331,476 thousand tenge, including:

tax revenues - 1,827,322,214 thousand tenge;

Non-tax revenues - 55,352,958 thousand tenge;

Proceeds from sale of fixed assets - 17,957,823 thousand tenge;

revenue transfers - 944,698,481 thousand tenge;

2) costs - 3,175,298,064 thousand tenge;

3) The net budget loans - 46,154,983 thousand tenge, including:

low cost loans - 60,177,000 thousand tenge;

Repayment of budget credits - 14,022,017 thousand tenge;

4) the balance of financial assets - 195 242 554 thousand tenge, including:

acquisition of financial assets - 196 742 554 thousand tenge;

Proceeds from sale of state assets - 1 500 000 thousand tenge;

5) deficit - -571 364 125 thousand tenge, or 3.4 percent of gross domestic product;

6) finance the budget deficit - 571 364 125 thousand tenge.

Article 2.

Provision in the national budget for 2009 income rent for the use of RK complex "Baikonur" in the amount of 14,202,500 thousand tenge and military range in the amount of 3,061,071 thousand tenge.

Article 3.

Approve amounts of revenues for 2009, sent to the National Fund of the Republic of Kazakhstan, according to appendix 4.

Article 4.

Establish that the relevant budget income credited: the code "tax on mining" classification of income single budget classification - debt subsoil royalty, as well as royalties on subsoil use contracts, which are stored guarantee stability of the tax regime; the code "social tax" income classification unified budget classification - in arrears, previously transferred to the Pension Fund, State Center for pension payments, the Mandatory Health Insurance Fund, the State Social Insurance Fund, to promote employment, as well as contributions road users before enters the Road Fund.

The taxpayers carrying out activities under subsoil use contracts, which are stored guarantee of stability of the tax regime, reduce the above deductions or social tax in the amount of payments to the State Social Insurance Fund, calculated in accordance with the Law of the Republic of Kazakhstan "On Compulsory Social Insurance"; the code "Gasoline (except aviation) of own production, the producers realized gross" - debt collection with gasoline before coming into the Road Fund; the code "Diesel's own production, sold wholesale manufacturers" - debt collection with diesel fuel before coming into the Road Fund.

Article 5.

The negative balance, formed on December 31, 1998 as a result of excess amounts accrued employers of temporary disability benefits, maternity, childbirth, funeral, paid from the State Social Insurance Fund, on the amounts assessed contributions to the fund monthly counts in payment of social tax within 4 percent of payroll.

2.2 State and problems of the financial system of Kazakhstan

According to many experts, Kazakhstan has already overcome the most painful after reaching the peak of the financial stabilization of structural economic reforms and has achieved notable success by implementing its own strategy and tactics of economic reforms.

In Kazakhstan, for fifteen years of independence, has completely changed the system of economic and social relations. Since the beginning of the 1994 global economic reforms largely achieved financial stabilization, privatization is nearing completion of all state property, there has been a rise in production. In 1993, inflation was more than two thousand per cent, in 2001 it dropped to 23.7% and is now around 7.9%. There have been almost complete liberalization of prices and the abolition of most restrictions on foreign trade.

In 1996, for the first time in recent years was achieved growth in gross domestic product compared with the previous year by 0.5%. The refinancing rate of the National Bank of Kazakhstan, which reached in mid-1994 of 450-480%, decreased by more than 20 times.

To conduct a rational policy of public expenditure levels have been reduced budget deficit. In turn, this allowed to lay a solid foundation to ensure the financial stabilization of the economy: real conditions created to attract investment, promote moderate economic growth, recovery and restructuring of the national economy and improve on this basis, the quality of life of the population.

One of the main sections of the government program to deepen the reform is to reform the management of financial resources of the country and its adaptation to market conditions. In this regard, in recent years the government's efforts were directed primarily at streamlining the budget expenditures, strengthening financial discipline, creating a real owner and incentives to attract investment in the development of the national economy, improvement of inter-budgetary relations and the formation of an effective mechanism to control public external and domestic debt, strengthening and development of the market for government securities and other instruments of market infrastructure.

Despite the complexity of the economic situation in recent years, from the national budget allocated significant funds to support domestic producers, sanitation and rehabilitation of state-owned enterprises, financing investment and social projects of small and medium business. In particular, only 200B year for these purposes more than 15% of the budget, or 26.9 billion. tenge, including on the development of agro-industrial complex - 9.8 billion. tenge, or 91.4% of the forecast. Loans to finance investment projects $ 3.6 bn., Or 99.5% of the plan, and the Rehabilitation Bank to carry out procedures for insolvent companies - 5,8 bln., Or 97.1% of the plan.

In order to attract foreign capital to expand production and acquisition of skills in marketing and management in the years 2005- 2006 are transferred a number of large enterprises of ferrous and non-ferrous metallurgy, chemical industry to foreign investors. You can, of course, as you wish to criticize the government for these measures, the more that no one is immune from mistakes in this extremely complex and totally new for us really, but the fact remains. These enterprises only in 2006 produced goods more than 190 bln., Which is almost 28% of total industrial output.

Compared with the corresponding period of 2005 increased steel production (6%), ready-rolled (7%), refined copper (1.4 times), magnesium and magnesium alloys (1.5 times), lead concentrate (5.8%), alumina (5.8%). Has also increased production of iron ore and pig iron. But most importantly - are able to save time, avoid major social conflicts are already taking measures to strengthen control over tax revenues from these businesses. A key objective of the Government is creating a real owner, which will expand the revenue base budget. In 2006, significantly accelerated the pace of privatization in accordance with the separate individual projects. Currently, almost all large enterprises in private hands. At this stage a lot of work to complete the privatization of individual projects.

However, as in other transition economies, the development of the public sector in recent years, we have held back decline in government revenue as a result of severe crisis and high inflation in the previous years, the deterioration in the financial condition and financial discipline, especially in public enterprises, weak tax administration and tax difficulties with the growing private sector. For example, the state budget revenues to the level of GDP decreased from 22.3% in 2003 and to 16.9% in 2006, including tax revenues from 15.6% to 11% of GDP.

The main share of tax revenue in 2006 was provided by taxes from consumers - 40.7% to the total amount of taxes.

In 2007, budget revenues amounted to 15.3% of GDP, including tax - 11.7%, respectively, in 2008 - 16.4% and 12.2% to the level of GDP.

To address major issues relating to the general policy of public spending in 2006 were initiated major reforms: to optimize the network structure and the social sphere, the reorganization of the system of central and local executive bodies, the reform of housing and communal services, social protection and provision of pensions .

The priority areas of public spending are education, health, social security and welfare. In general, the share of spending on social programs on the draft budget for 1998 was 61.5% of total government spending.

To solve the social problems of the republic in 2007, the Government of the Republic of Kazakhstan have been taken serious steps to strengthen the revenue side of the state budget. The main directions in this field have been the strengthening of control over income taxes and work with individual taxpayers, improved methods of administration for the collection of taxes, modernization and computerization of tax services of the republic. However, these measures did not give rapid effect in 2006, the financial capacity of the state budget was limited. In this context, the main focus of this year's budget policy was aimed at more efficient management of state property, the management of public finances, strengthening of control over a target expenditure of taxpayers' money. This work will be conducted continuously and systematically.

Despite the additional burden on the state budget in connection with the reform of the pension system and the emergence of tangible cost of servicing the national debt, the government allocated in the 2006 budget for a much greater amount of investment programs than in previous years. If the 2007 budget investments envisaged in $ 19.9 bln., Then in the next budget in priority investment projects from external sources was sent to 34 billion. Tenge, or about 400 million. Dollars. That, in turn, stimulated a significant increase in effective demand and economic growth of the country.

The main priorities of the state investment program is the development of social and industrial infrastructure, as well as the activation of housing construction. V. list of investment projects include the rehabilitation of the education system, the development of the road network, reconstruction of irrigation systems and water systems. Funding for the project is provided by the state budget, as well as funds provided by foreign donors.

Since 1998, the Ministry of Finance refuses to direct loans of the National Bank. To finance the budget deficit in 1998 was used only non-inflationary sources and market methods of borrowing in domestic and foreign financial markets.

In 1997, there had been no single default on government financial liabilities that significantly enhance the image of our country as a reliable partner in international affairs. For the first time in the history of Kazakhstan in November 1996, he received an international credit rating, which allowed a month to carry out a confident debut issue of Eurobonds in the amount of 200 million. Dollars. United States in the global financial markets.

On the level of foreign direct investment per capita Republic is surely among the top five Central and Eastern European countries, as well as the CIS. The total inflow of foreign direct investment, according to the European Bank for Reconstruction and Development in Kazakhstan's economy for the period 1989-1996 y. amounted to 2.761 billion. dollars. USA. Unfortunately, in the near future to rely on internal resources is not necessary. Looking for best practices, new technologies and know-how, managerial and marketing skills. That's why we put a lot of effort to create a favorable investment climate in the country.

It may be emphasized that Kazakhstan is now quite perfect legislative and institutional framework for effective engagement and use of foreign investment. Today we have the most liberal tax regime compared to other CIS countries, a limited number of taxes - there are only 11 to 45 existing in the old tax law. [1] Equally important is the fact that reforms in the country move forward. According to the World Bank, Kazakhstan is the initiator and leader among the CIS countries in implementing reforms.

Attracting investment in the economy, we address another important social problem - the preservation of employment. It is very important for Kazakhstan, as in 1996, the statistical authorities of the republic officially recognized unemployed - 391.7 thousand. People. or 4.1% of the economically active population.

Another factor - its structural reforms. According to government plans, all radical reforms should be completed in the next two years. Transit status of the Kazakh economy, moving from administrative system to market, goes into the category of more established. There are all conditions. This is the legal framework of the market, and investment packages, and a way of organizing the budget, fiscal, monetary and anti-inflation policy, and, finally, a way of organizing themselves relations not only in the economy but also in society. The country established a sufficiently strong foundation for sustainable growth in the future.

2.3 Development and improvement of the financial system

One of the most urgent and fundamentally important issues today is to strengthen the financial system and ensure the output of the national economy on the path of growth and social development. This requires consolidation of efforts of the state apparatus as well as the general public, the intellectual potential of scientists and purposeful energy entrepreneurs. It is up to the overall effort, and effectiveness depends on the provision of irreversibility of the positive changes, which first met on the way to stabilize the economy and its exit from the crisis.

Prospects for the development of the financial system at the stage of building a market economy and the way of its human and professional software should be considered in the context of their role and impact on the functioning of our society. It is well known that the finances of the economy on the value equivalent to the circulatory system of the body. They create a close intertwining of specific financial spheres, such as - the budget, treasury, taxation, social security, banking or credit, if even be brought to the ideal state, can not have a positive influence on the economy, since they are separate links in a single chain. They must be improved simultaneously.

This approach to the solution of urgent problems requires focus in the context of two planes: improving the evaluation of available financial system and mechanisms of its functioning, respectively, and evaluation of the needs of the modern professional financial service personnel and their ability to implement these tasks. After the establishment of the financial system - are not abstract form, they are represented by people who carry on their shoulders the heavy burden of today's financial problems. Only the professionalism and responsibility - the key to success in the formation of financial management and efficiency of the financial system influence on the socio-economic development of society.

Conclusion

The financial system is a system integration type, characterized by close ties of its constituent elements (subsystems) and the fact that none of its subsystems can not exist on its own finance, on the one hand, express the part of the relations of production and, therefore, are the element of the relationship with another - represent a system consisting of interconnected elements that have their functional properties. In finance can be called as functional subsystems such as tax, budget, financial plans (forecasts), estimate financing, financial performance and other.

In addition to the functional classification criterion of the financial system is applied on the basis of classification of subjects Finance (involved in financial relations), which allows to distinguish between the financial system for the link.

Links of subordination as a number of classifications contain elements of higher categories: financial ratios, financial fund managed by the device. This property gives the systematization of the financial system integration character.

In the market-economic performance of commodity-money relations regulated by the state to a much lesser extent. Basic Controls - supply and demand of goods works and services. Regardless of commodity relations finances can not exist. Only the exchange of manufactured goods, services, implementation of certain cash equivalent of producers produced cash proceeds. Of the proceeds from the sale of goods, works and services should be allocated funds of funds, which are sent to a refund expended means of production, labor. And the cost of the surplus product to be distributed to parts that meet the economic interests of all participants in social production, reproductive sphere, disabled members of society, to create insurance funds and resources.

For the implementation of the reorientation of the economy requires large investments, so important issues are finding sources of structural reforms, the definition of the relationship between the means of the state in the form of budget allocations and own funds of enterprises.

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