Russia reports big surge in tax revenues

A total of $428 billion was raised in the first ten months of 2023, according to the fiscal authorities

Tax revenues have continued to grow in Russia, increasing by nearly 10% between January and October compared to the same period last year, according to the head of the Federal Taxation Service (FTS).

Daniil Egorov, who met with President Vladimir Putin late on Monday, said the figure has already reached 37.6 trillion rubles ($428 billion) in the first ten months of 2023.

“This is, in fact, up $41 billion compared to last year,” he said, adding that the tax service expects growth for the whole year to be at 9%.

“Last year, we got $478 billion in the total budget, and this year it will be $523 billion,” Egorov reported.

Asked by the president about the dynamics of non-oil and gas revenues, Egorov said income tax receipts between January and October rose by 20%, and value added tax (VAT) increased by 11%. The head of the tax service also pointed out that insurance premiums were up by 29% (taking into account deferred payments for last year), and personal income tax has increased by 13%.

Egorov told RBK business daily on Tuesday that the FTS has so far collected $455 million in windfall tax out of the planned $3.4 billion.

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