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Tax Service Knows Where Margin Is
Russia’s Federal Tax Service hit an absolute record in tax collection in July of 2008. The amount exceeded 1.5 trillion ruble (less VAT), having surpassed 1 trillion ruble similar to April of 2008. The greatest achievement of July is the booming growth in profit tax, which collection was over 0.4 trillion ruble. With no big deals clinched on the M&A market in spring and summer, economic analysts see no reasons for this surge in the tax payments.
The budget system of Russia received 6.31 trillion ruble from the Federal Tax Service in the first seven months of this year. Of this amount, 2.71 trillion ruble went to the federal budget, 0.92 trillion ruble was transferred to off-budget funds (Pension Funds, etc), while the remainder was forwarded to the regional and municipal budgets. The budget receipts grew 37.3 percent on year.
The receipts of the federal budget manifested the accelerated pace; the amount was 5.68 trillion ruble in January to July, 46.6 percent more than a year ago. The difference is attributed to the increase in receipts ensured by the Federal Tax Service, which funneled 2.63 trillion ruble in the first seven months of this year.
Tax receipts are stepping up thanks to a number of reasons, ranging from inflation and the economic growth that is accompanied by the growth in individuals’ income to the improved tax compliance and high prices for Russia’s raw. Indeed, the income tax soared 39.3 percent on year to 0.93 trillion ruble in the first seven months. Salaries and revenues grew by roughly 30 percent over the period fueled, perhaps, by the general abandonment of shadow schemes for paying salaries.
www.kommersant.com
All the Article in Russian as of Aug. 20, 2008
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