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The organization of a financial system is one of the main governmental objectives. Today, this function is implemented by the Ministry of Finance of Russia. The prototype of the modern finance ministry in Russia emerged in the 15th century under the rule of John III. Back then, its activity mainly consisted in collection of taxes and stamping of coins. The reforms of the Financial Control boding started under the rule of Peter the Great, who expanded the scope of activity of this governmental body and arranged it. Financial control institutions started dealing not only with collection of taxes, but also with maintenance of expenditure statements. The work of the governmental financial control was finally structured under Catherine II, who allocated the four main areas of work - control over income, expenditure control, accounting and collection of arrears.

However, the very Ministry of Finance was established only in the beginning of the 19th century. A number of ministries, including the Ministry of Finance were established by the Manifesto of Alexander I as of September 8, 1802. The Ministry’s duties included government revenues management and allocation of assets among different areas of the governmental activity. The Minister of Finance reported annually on the structure of government revenues and expenses.

© Russian Club CFO, 2014
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