Page 112 - RusRPTApr23

income tax by 0.5% in 2023.
After that, First Deputy Prime Minister Andrey Belousov announced that the government was discussing a one-time voluntary contribution to the budget. However, according to Belousov, the discussion was not about a tax rate increase but about a windfall tax. He noted that last year’s financial results were “very good” and many companies were “strongly in the black.” A source for Vedemosti who is close to the Russian government noted that the government is discussing raising around 250bn rubles (around 3.3bn $).
In February, Finance Minister Anton Siluanov announced that the additional fee for large businesses would be collected via taxation, not a voluntary contribution. According to the minister, the total sum collected will total around 300bn rubles (about 3.9bn $).
6.2 Debt
7.0 FX
The CBR says Russia’s foreign debt fell to $380.5bn in 2022.
RUSSIA -FX
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
Currency (units per EUR) (eop)
88.7
91.3
90.6
88.8
86.4
88.6
90.5
56.2
56.5
78.9
79.2
Currency (units per USD) (eop)
75.4
76.5
75.5
73.8
73.4
74.2
81.8
53.1
58.9
74.0
73.6
Currency (units per EUR) (average)
85.9
90.8
89.6
89.4
86.4
88.5
99.4
73.0
87.0
64.3
78.5
Currency (units per USD) (average)
73.6
76.2
74.3
74.2
73.0
73.8
88.9
68.4
77.0
63.0
73.3
source: CBR
Russia has adopted the renminbi as one of the main currencies for its international reserves, overseas trade and even some personal banking services as it pivots towards China in the face of western sanctions, reports the Financial Times.
Before the invasion, more than 60% of Russia’s payments for its exports were
112 RUSSIA Country Report Russia April 2023 www.intellinews.com