Page 69 - RusRPTMar21

6.1.1 Budget dynamics - results
The Russian Federal Tax Service in 2020 collected more than RUB28 trillion ($379.11bn) to budgets of all levels, the Federal Tax Service said in a press release published on February 17. Tax revenues to the Russian consolidated budget in 2020 decreased by 7.6% to RUB21 trillion ($284.33bn).
Russian government revenues from the consolidated budget fell by only 3% in nominal terms in 2020, Bank of Finland Institute for Economies in Transition (BOFIT) reported in its weekly update.
The consolidated budget covers the budgets of the federation, regions and municipalities, and state social funds.
The decline in revenue was curbed by last spring’s operation, in which the central bank recognized the bulk of its surplus from the sale of Sberbank to the Ministry of Finance and moved this money to the state budget. The long mooted deal where the ownership of Sberbank was transferred from the regulator to the government was not only a more logical organisation of state bank ownership – the regulator of the banking system should not also own the biggest bank in the system – but was also a ruse to move some of the $173bn held in the National Welfare Fund (NWF) to the budget and in effect create a crisis-fighting slush fund.
“Without the operation, revenues would have decreased by about 6%.
69 RUSSIA Country Report March 2021 www.intellinews.com