MOSCOW, April 7. /TASS/. The level of Russia’s tax revenues from the oil sector will recover in the second half of 2023, the Ministry of Finance said on Friday.
"Clarification of the mechanism for determining the base of the relevant taxes, as well as the gradual reduction of price discounts for Urals oil will contribute to the gradual recovery of tax revenues from the oil sector, especially in the second half of this year," the report said.
The presence of unallocated reserves, as well as the release of budgetary appropriations in the amount of 1.496 trillion rubles ($18.34 bln) due to the advance transfer of certain transfers envisaged for 2023 to the Pension and Social Insurance Fund in December 2022, ensures increased flexibility in managing the structure of marginal budgetary appropriations in 2023, including, if necessary, directing them to unforeseen expenses, according to the Ministry of Finance.
The ministry added that the deficit of the Russian federal budget will amount to 2.4 trillion rubles ($29.42 bln) in the Q1 of 2023. "According to preliminary estimates, the volume of federal budget revenues in January - March 2023 amounted to 5.677 trillion rubles, which is 21% lower than the volume of revenues in the first quarter of 2022, which is associated with a reduction in oil and gas revenues. At the same time, there is a general positive dynamics of revenues in annual terms," the statement said.
The preliminary volume of federal budget expenditures in the Q1 of 2023 amounted to 8.077 trillion rubles ($99.04 bln), exceeding the same period last year by 34%, the ministry said. The Ministry of Finance stated that the dynamics of non-oil and gas revenues and expenditure financing suggest a gradual stabilization of federal budget execution during the Q1 of 2023 and, in general, matches the budget law parameters.