VAT Collection Goes Up on YUKOS Misfortune
The report of H1 tax collection released by the Federal Tax Service yesterday manifests sharp surge in the VAT receipts, though little hopes have been traditionally put on this tax.
All fears about the failure to execute the 2007 federal budget have nearly passed off. Given for January to June, the budget receipts accounted for 97.8 percent of the target, having shown the great improvement vs. early this year. For some reason, the better part of the increase could be attributed to June activities of tax officers.
The situation improved on the surge in VAT collection, showed the H1 data promulgated by Federal Tax Service. Of interest is that tax officers funneled to federal budget no more than 1.244 trillion rubles in January-May of this year, but the amount widened to 1.621 trillion rubles if calculated from January to June. That is the monthly transfer stood at roughly 250 billion rubles in the first five months of 2007 but it stepped up to 380 billion rubles in June. Moreover, the average VAT transfer accounted for about 80 billion rubles from January to May and surged to 190 billion rubles in June.
The explanation is simple. In addition to usual tax payments, Federal Tax Service benefited from tax arrears of YUKOS paid from the bankruptcy assets of that former oil giant. Of 500-billion ruble debt, 151 billion rubles went to the budget in June, and the remainder will be received in August to September. Exactly VAT accounted for a sizeable portion of YUKOS arrears.
www.kommersant.com
All the Article in Russian as of July 20, 2007
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