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The Ministry of Finance recorded an increase in tax revenues from non-resource industries

MOSCOW, 21 Jan – PRIME. The Ministry of Finance of the Russian Federation records an increase in receipts of key non-oil and gas taxes – first of all, VAT and personal income tax in the budget system of Russia at the end of 2020, this indicates the restoration of economic activity and the stability of labor income of citizens, Finance Minister Anton Siluanov told reporters. The federal budget deficit exceeded four trillion rubles in 2020 “VAT revenues increased by more than 15% yoy in the fourth quarter of 2020 after a temporary decline in the second and third quarters, reflecting the recovery in consumer demand in the second half of the year,” said Siluanov, commenting on the results of budget execution over the past year … “A similar trajectory has developed for other major taxes received by the budgets of the budgetary system. Thus, the receipt of salary taxes – personal income tax and insurance premiums – entered the positive zone in the third quarter of 2020. In general, over the year, the increase in personal income tax amounted to more than 3% by the year in real terms, which reflects the stability of the labor income of citizens, “the minister added. At the same time, income tax revenues decreased by 11.6% in 2020. “This negatively affected the revenues of regional budgets, but was compensated by additional one-time subsidies,” Siluanov said. At the same time, during the second half of the year, the dynamics of tax revenues improved: if in the second quarter the decrease compared to the same period in 2019 reached 30%, then in the fourth quarter it slowed down to about 3%. The geography of receipts was heterogeneous: the Ministry of Finance noted a strong decline in oil and gas regions, while in non-resource regions – the decline was replaced by a slight increase in the fourth quarter. Net capital outflow from Russia in 2020 increased 2.2 times. ” key non-oil and gas revenues to the budgets of the budgetary system reflects a confident recovery in business activity after the lifting of restrictions that were introduced due to the spread of coronavirus, “the head of the Ministry of Finance believes. According to preliminary data from the ministry, the RF federal budget was executed with a deficit of 3.8% of GDP against the expected 3.9% of GDP. Siluanov also noted that federal budget spending in 2020 increased by more than a quarter compared to the previous year, reflecting the unprecedented scale of support during the pandemic and recovery after the restrictions were lifted. “In terms of growth in expenditures, Russia is in the TOP-5 countries of the Group of Twenty,” the minister recalled.

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