Tax collection growth in Russia

Head of the Federal Taxation Service Mikhail Mishustin was received by Russia’s President, presidential web page reports. Mishustin briefed the President on tax collection in the country, noting that Taxation Service summed up the final 2018 results according to which the consolidated budget received RUR 21.3 tln ($330 bln), which is 23% higher than in 2017, and the trend has remained through the first quarter of 2019.

As he pointed out, profit tax collection grew by 14.1%, personal income tax by 7.8%, which is 1.7% above nominal wage growth – approximately 6.1% in January and February. The growth of insurance premiums has been at 10% while the VAT is up 11%.

In the first quarter of 2019, the Service collected RUR 1.478 tln ($23 bln) in minerals extraction tax, up 15.8 % from the first quarter of 2018.

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