The financial system of the state is a commodity-money relationship of business entities in the financial sphere that have their rights and obligations.
The financial system of Russia is a system consisting of national and territorial finance, finance of business entities and finance of ordinary citizens.
Each component of this system has specific tasks, they are also responsible for the functioning of certain relations in the field of finance.
So, for example, the task of national finance is to accumulate financial resources at the state disposal and, if necessary, to channel it, or, according to the approved budget, to finance social programs and other national needs. The formation of this source of state revenue is carried out at the expense of tax fees, the amounts received from the privatization of state property and state duties. The composition of state finances consists of: the federal budget, state lending and insurance, as well as federal extra-budgetary funds. It should also be noted that up to 50% of GDP is redistributed through them in developed countries. It is also a kind of mechanism for stimulating business and economic activity of entities.
The federal budget is represented by a system of comparing income and expenses at the state level, which must be approved by law. The structure of income and expenses is determined by the directions of socio-economic state policy.
The financial system of the state is subject to all changes in its functioning, whether it be political confusion or various socio-economic situations.
The financial system of the state cannot function normally without territorial finances, which are called upon to carry out tasks similar to national finances, but with only one difference - on the territory of individual administrative units that are self-governing. They consist of extrabudgetary funds and territorial budgets. Their formation is carried out at the expense of local taxes and fees, local loans, fines, lotteries and other sources.
As indicated above, the financial system of the state includes such a component as the finances of business entities. The formation of this source occurs both at the expense of profit and depreciation of the business sector.
The financial system and the financial policy of the state are closely interconnected. Let's try to figure out how their relationship occurs.
So, the financial policy of the state is a set of implemented measures that are aimed at achieving those goals that are determined by state financial authorities. It is within the framework of this policy that the main sources of formation and direction in the social sphere of financial resources are specified.
One of the measures of financial policy is the creation of an effective financial mechanism through which government activities in the field of finance are carried out. Here we can see that the financial system of the state serves as a tool or element of a financial mechanism. After all, the basis of this system is financial resources, for the formation of which financial policy is responsible. Also its main components include methods of forming finances (revenue structure), a system of legislation responsible for the efficiency of generating budget revenues and expenses.
Well, of course, the article would be incomplete if you did not determine the priorities of the state financial policy. First, this policy should strive to formulate legislation adapted to the real conditions. Secondly, with the help of an effective financial policy, the state must find a “golden mean” in taxation - the optimal tax burden with the effective functioning of the tax system. Thirdly, in order to increase the effectiveness of state policy, it is necessary to plan and forecast the direction of use of the financial system.
