Russian tax revenues grow in October, reaching almost 10 percent

(MENAFN) The head of Russia's Federal Taxation Service (FTS) reported that tax revenues in the country have sustained growth, rising by close to 10 percent from January to October compared to the corresponding period last year.

During a meeting with President Vladimir Putin on Monday evening, Daniil Egorov revealed that the accumulated figure has already surpassed 37.6 trillion rubles (USD428 billion) in the initial ten months of 2023.

“This is, in fact, up USD41 billion compared to last year,” he said, adding that the tax service expects growth for the whole year to be at 9 percent.

“Last year, we got USD478 billion in the total budget, and this year it will be USD523 billion,” Egorov declared.

When questioned by the president regarding the trends in non-oil and gas revenues, Egorov reported notable increases in various sectors. He stated that income tax receipts witnessed a 20 percent rise, while value-added tax (VAT) experienced an 11 percent increase between January and October.

Additionally, insurance premiums, accounting for deferred payments from the previous year, surged by 29 percent, and personal income tax saw a 13 percent uptick.

In further details provided to a business newspaper on Tuesday, Egorov disclosed that the Federal Taxation Service (FTS) has successfully collected USD455 million in windfall tax, marking progress toward the targeted USD3.4 billion.



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