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In turn, Vladimir Putin said that customs duties in the first half of 2024 increased by 500bn rubles ($5.69bn). "The Federal Customs Service is doing its job. In the first half of this year, almost 500bn more fees and payments were transferred than in the same period last year," he said at a meeting with Head of the service Valery Pikalev.
Russia’s coffers will be replenished by an unexpected 173 billion rubles ($2 billion), which had not been included in budget forecasts. Most of this money is coming from the Central Bank. Last year, for the first time in seven years, the Central Bank made a profit – 140.4 billion rubles. According to Russian law, 75% of this must go to the government.
6.1.2 Budget dynamics - specific issues...
Overdue taxpayer debt to the Federal Tax Service (FTS) increased by 1.3 times in 2023, RBC writes , citing data from the Accounts Chamber. The total debt amounted to 1.325 trillion rubles. The data is provided in comparison with 2022. The latest open data for the end of 2022 noted that the total debt was estimated at 1.3 trillion rubles, and the total amount of arrears at 1.027 trillion rubles.
The State Duma, the lower house of the Russian parliament, approved in the second reading amendments to the Russian Internal Revenue Code on July 10. In particular, the document provides for the increase of the corporate income tax from 20% to 25%. "It is proposed in conditions of the sanctions pressure on the national economy and for purposes of ensuring the fair fiscal burden to increase the general fiscal rate of the corporate income tax to 25%, keeping the effective preferential mechanisms," accompanying papers to the document indicate. The tax rate for IT companies will be set at the same time at the level of 5% in 2025-2030. The State Duma also approved indexation of excises on alcoholic drinks for the next three years.
Russian President Vladimir Putin signed the law setting the income tax rate for IT companies at the level of 5% in 2025-2030. The document was posted on the legal information web portal. It follows from the document that the zero income tax rate for IT companies will be in effect until the end of 2024. The tax rate for the income to be credited to the federal budget will be set at 5% later on, in 2025-2030. The zero tax rate was approved in spring 2022 and became one of support measures for the sector after introduction of sanctions by the US and the EU.
The Duma approved a law on progressive income tax on July 10.
According to the law, the personal income tax rate will remain 13% for citizens with revenues up to 2.4mn rubles ($27,450). The tax will stand at 15% for revenues from 2.4mn to 5mn rubles ($57,200); 18% from 5mn to 20mn rubles ($228,770); 20% from 20mn to 50mn rubles ($572,000), and 22% when
136 RUSSIA Country Report August 2024 www.intellinews.com