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Russia’s tax collection up 40 prc in January-September 2011

October 24, 2011, 18:23 UTC+3

The profit tax accounts for the biggest portion [of these payments] – 25 percen

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MOSCOW, October 24 (Itar-Tass) —— Russia’s tax collection in the first nine months of this year increased by 40 percent to 3.33 trillion roubles, Federal Tax Service Head Mikhail Mishustin said.

“We have reviewed our performance in the first nine months: up to date 3 trillion 334 billion roubles have been paid to the federal budget, which makes up 42 percent of the 2010 level,” Mishustin said at a meeting with Prime Minister Vladimir Putin on Monday, October 24.

“The profit tax accounts for the biggest portion [of these payments] – 25 percent,” he added.

“Speaking of how fast [the collection of] other taxes are growing, the mining tax is growing because it depends on oil prices, but we can also see a considerable increase in revenues from the value added tax – up 37 percent,” Mishustin said.

“The tax debt continues to decrease” and “has declined by three billion roubles since the start of the year, which is about 8 percent”, he said.

“If these trends continue, we think that all the target figures in the budget – macroeconomic indicators – will be met,” the official said.

“We believe that we will have a small surplus [this year], and if all of these trends persist, we will get it in the fourth quarter,” Mishustin said, adding that the surplus can be about 3 percent.

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