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. The processes of budgetary destabilization in Russia, especially at the regional level, have become protracted, which means that ways to overcome them should be devised. A considerable part of the budgetary problems of the regions is associated with the shortcomings of the tax policies, in particular, with the component related to the taxation of profits of large companies. The purpose of the article is to reveal the factors influencing the volume of corporate tax revenues to regional budgets from Russian ferrous metallurgy corporations, on the basis of the results of the study conducted.Materials and Methods. Data from the Federal Tax Service in the Vologda, Chelyabinsk and Lipetsk Regions and from the Federal State Statistics Service were analyzed, as well as the reports on the financial and production performance and annual reports of such metallurgical corporations as Severstal, MMK, and NLMK. Both the horizontal (dynamic) analysis, showing changes in indicators, and the vertical (weight) analysis, revealing the role of each indicator of financial performance, was performed. Content analysis made it possible to identify the cause-and-effect relationships of changes in the dynamics and structure of indicators.Results. The study has revealed the imperfection of the regulatory and legal instruments currently in force in Russia in relation to large taxpayers. First of all, this concerns the amount of the corporate tax, which was negatively influenced by the peculiarities of the dividend policies of enterprises and the volumes of commercial and administrative expenses. The depreciation of the national currency had a positive impact on the export proceeds, which led to a twofold increase in the total ruble gains of all enterprises under study on average, but not to a corresponding increase in the amount of the corporate tax revenues to the budget.Discussion and Conclusion. Taking into account the identified factors will make it possible to further substantiate measures to increase the efficiency of state’s taxation policies in relation to large business, which is necessary to mobilize corporate tax revenues to the country's budget system and to develop its territories. The results of this study will be useful for public authorities responsible for making decisions in the field of interaction with business entities.

Malyshev Key Factors Affecting the Corporate Tax Levied from Russian Ferrous Metallurgy Corporations to Regional Budgets