Revenues to the Russian federal budget have significantly exceeded the forecast, Prime Minister Mikhail Mishustin said at a government meeting on Thursday.
According to him, the state of the treasury was affected by the recovery of the economy, consumer demand and employment, thanks to the support measures that the authorities implemented during the pandemic.
Business activity is recovering, the number of unemployed has almost halved since December, the growth rate of housing construction has accelerated, including thanks to preferential mortgages, Mishustin said.
As a result, the budget returned to a surplus. “We have taken a good pace,” Mishustin said. “It is necessary to consolidate positive trends with unconditional financing of social and other priority obligations of the state” (quotes from TASS).
According to the Ministry of Finance, in January-May the federal budget received 9.319 trillion rubles in taxes – 49.7% of the annual plan. The fees were thus one month ahead of the schedule and turned out to be 18% higher than last year’s level.
Oil and gas tax revenues returned to pre-crisis levels (617.5 billion rubles in May). Although oil exports remain 15% lower than a year earlier, the weak ruble and soaring gas prices are helping the budget. Export revenues of “Gazprom”, according to the Federal Customs Service, in January-April jumped 1.5 times, to $ 13 billion, and the volume of supplies increased by 16%, to 74.8 billion cubic meters.
Fees from the non-resource sector of the economy increased by 13%, or 736 billion rubles, to 6.19 trillion. Both the Federal Tax Service and the Federal Customs Service are working ahead of the plan, having completed more than 48% of the task for the year by May, follows from the data of the Ministry of Finance.
For five months, the tax service received 502 billion rubles of additional VAT (+ 31% year-on-year), 60 billion rubles of additional excise taxes (+ 17%) and 40 billion rubles of income tax on top of the amount of the previous year (+ 8%).
A sharp increase in imports from non-CIS countries (by 48% in April) “made customs money rich”: VAT charges on imported goods jumped by 376 billion rubles (+ 36%), and the flow of import duties increased by 41% (+98 billion rubles).
Finally, the federal budget received another 25.9 billion rubles from the increased personal income tax rate, which is levied on income above 5 million rubles.
With a double-digit increase in revenues, treasury expenditures grew by only 8.5%, or 707 billion rubles. As a result, the government had a surplus of 312 billion rubles, to which was added 1.086 trillion rubles of debt raised from the placement of OFZs.
About 40% of this “free” money – 594.5 billion rubles – was allocated by the budget to buy foreign currency for the National Welfare Fund, and the rest was placed in banks on deposits and under repo agreements. Their total volume approached 8 trillion rubles and became a record in history.