Mining companies brought 40% of tax revenues to the budget in 2022

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Last year, the largest taxpayers were companies from the mining industry – they brought about 40% of all revenues to the consolidated budget. This follows from FinExpertiza calculations based on data from the Federal Tax Service (Izvestia has it).

Voluntary contributions to the budget can be extended to extractive enterprises – in world practice, payments are often collected from companies that receive rent, says Georgy Ostapkovich, director of the HSE Center for Market Research.

The possibility of introducing one-time voluntary payments for large businesses, which received windfall in 2022, was announced in February by First Deputy Prime Minister Andrei Belousov.

Last year, tax revenues to the consolidated budget of the Russian Federation grew by 18% or 5.05 trillion rubles, reaching 33.58 trillion, according to a study by FinExpertiza. Revenues rose sharply in the spring amid record commodity prices, strong demand for Russian energy and a weak ruble. However, after the introduction of sanctions and the weakening of the currency of the Russian Federation, the positive gap gradually decreased.

Tax collections in 2022 increased in 70 regions. The largest increase was noted in the Irkutsk region (+232%), Yamalo-Nenets (+30.8%) and Khanty-Mansi Autonomous Okrug (+13%). The reduction occurred only in 15 subjects of the Russian Federation. Most of all – in the Kaliningrad (-32%), Belgorod (-11%) and Kaluga regions (-13%).

Most likely, in 2023, the loss in the price of oil will not be so high, says Olga Belenkaya, head of the macroeconomic analysis department at FG Finam. However, a decline in oil and gas revenues by more than a third compared to 2022 seems quite realistic, she added.

Read more in the exclusive Izvestia article:

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p class=”MsoNoSpacing”>Big business: in 2022, mining companies provided 40% of tax revenues

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