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President Vladimir Putin sent the Annual Budget Address to the Government and the Federal Assembly

July 12, 2004, The Kremlin, Moscow

Long-term priorities for the country’s development should form the basis of the budget, the Address reads.

The emphasis of the budget process should be shifted from management of expenditure to management of results.

In 2004–2005, tax reform is expected to be generally completed. The tax system should ensure financing of budget demands without being cumbersome for economic subjects.

Priorities of budget expenditure for 2005 are in the sphere of provision of social reforms, modernising the state military organisation and developing the social infrastructure.

July 12, 2004, The Kremlin, Moscow