Page 98 - RusRPTMar23

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The basket of consolidated budget revenue streams other than those from special taxes on the oil & gas sector, which account for about 80% of total revenues, went into decline on-year last summer. In the federal budget the shortfall emerged already late last spring. While war and sanctions depressed output, spiking Russian inflation (also due to war) fuelled a rapid rise in nominal GDP (the highest since 2011 not counting 2021). This raised revenues from value-added and excise taxes on domestic producers (an over 13% share of consolidated budget revenues in 2021) during the entire year. Tax collection seemed relatively strong as the ratio of VAT revenues to GDP stayed close to its 2021 peak.
Despite recession, the economy’s wage sum rose at a comfortable pace, lifting labour income tax revenues (10% share of consolidated budget revenue). Revenues from social taxes on wage payments (a 19% share), however, were down markedly on-year after an extension on paying them. The situation began to stabilise in autumn. Revenues from corporate profit taxes (13% share) fell sharply went into freefall around mid-summer.
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Revenues from the sale of oil and gas grew 28% last year to reach a total of 2.5 trillion rubles ($36.5 billion).
Revenues from production taxes and export duties on the oil & gas sector, which together account for about a fifth of consolidated budget revenues and about 40% of federal budget revenues, were down significantly on-year around mid-summer.
98 RUSSIA Country Report March 2023 www.intellinews.com