Russian consolidated budget's non-oil, gas revenues surge by 16 percent to USD308B in 2023
Date
3/21/2024 3:31:09 AM
(MENAFN) On Tuesday, the head of the Russian Federal Tax Service announced that the non-oil and gas revenues of Russia's consolidated budget increased by 16 percent in 2023, reaching a total of USD308 billion.
“Non-oil and gas revenues (of Russia’s consolidated budget in 2023) increased by 16 percent, or almost 4 trillion rubles (USD43.2 billion) in annual terms," Russian state news outlet reported, quoting Daniil Egorov.
According to Egorov, non-oil and gas revenues in Russia's consolidated budget saw a significant increase, rising from 24.5 trillion rubles (USD264.8 billion) in 2022 to 28.3 trillion rubles (USD308 billion) in 2023. Additionally, he noted that the proportion of these revenues within the consolidated budget surged from 73 percent in 2022 to 78 percent in the following year.
The announcement comes amidst recent statements from Russian President Vladimir Putin regarding plans to introduce a more equitable tax regime in the country. Putin expressed intentions to enhance tax collection from both corporations and individuals with higher incomes. This move underscores Russia's efforts to bolster its fiscal resources and ensure a fairer distribution of tax burdens across the population.
Furthermore, in line with these objectives, the Russian government aims to ramp up investment in non-oil and gas sectors, with a particular focus on areas like agriculture. This strategic shift is driven by the recognition of the diminishing reliance on energy exports in Western markets, prompting a need to diversify and strengthen other sectors of the economy.
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