Page 76 - RusRPTFeb23

increase the revenue side. In 2022, this was done, among other things, by withdrawing dividend income from hundreds of thousands of Gazprom shareholders. In 2023, the budget is also planned to be replenished by increasing the tax burden for large companies.
Russia's Finance Minister, Anton Siluanov said at a government meeting on January 10 that the country's federal budget deficit for 2022 exceeded plan and ended the year at less than the 2% of GDP forecast earlier in the year.
Siluanov noted that the deficit was RUB3.3 trillion, or 2.3% of GDP. However, taking into account the funds paid by the state to extra-budgetary funds due to deferrals on insurance premiums, when those funds are subtracted from the spending, the deficit would come in at 1.8% of GDP, lower than the 2% he predicted in the summer, during the St Petersburg International Economic Forum (SPIEF).
Siluanov added that in 2022, budget revenues surpassed their original plan. The total revenue amounted to around RUB28 trillion, which is RUB2.8 trillion higher than the original plan.
Russia’s budget spending amounted to over RUB31bn rubles in 2022, all the social obligations were fulfilled, Mishustin said.
He credited this to the growth in oil and gas revenues, higher energy prices, and growth of non-oil and gas revenues, including due to the increase in VAT due to growing demand during certain periods last year.
He also stated that despite the geopolitical situation, restrictions, and sanctions, all planned spending targets were met and in fact, the spending was increased. "On the contrary, we have increased expenditures - the growth was over RUB6 trillion - this money was primarily used to support people," he said.
In addition, Siluanov mentioned that all Russian regions have consistently executed their budgets and all scheduled responsibilities were met, with measures to assist citizens and businesses put in place last year.
According to preliminary data, Russia spent 6.9 trillion rubles in December 2022, causing a larger-than-expected deficit in the federal budget of 2.3% of GDP for the full year (3.3 trillion rubles).
76 RUSSIA Country Report February 2023 www.intellinews.com