12 Jul 2024 18:51

Russian president signs amendments to 2024 budget

MOSCOW. July 12 (Interfax) - Russian President Vladimir Putin has signed the law on amendments to the 2024 federal budget.

The law is published on the legal information web portal.

According to the amendments passed in the second and third readings, total federal budget revenues for 2024 will decrease by 2.8 billion rubles or 0.01% to 35.063 trillion rubles or 18.3% of GDP. Spending increases by 522 billion rubles or 1.4% to 37.183 trillion rubles or 19.4% of GDP. The federal budget deficit widens by 524.7 billion rubles to 2.12 trillion rubles or 1.1% of GDP instead of the previously approved 0.9% of GDP.

Oil and gas revenues in 2024 will decrease by 519 billion rubles to 10.985 trillion rubles, while non-oil and gas revenues will rise 516.2 billion rubles to 24.077 trillion rubles.

Anticipated oil and gas revenues will fall due to a reduction in forecast excess profit tax on hydrocarbon production, mineral extraction tax on natural gas, customs export duties on hydrocarbons as well as an increase in excise refunds for petroleum feedstock for processing. Certain oil and gas revenues will increase due to higher mineral extraction tax receipts for oil and gas condensate.

The bill reflects 173.1 billion rubles of revenues that were not previously forecast, of which 105.3 billion rubles from the transfer of a portion of Central Bank of Russia profit for 2023, other non-tax income by way of compensation related to production sharing agreements totaling 51.6 billion rubles and windfall profit tax of 5.1 billion rubles.

The new budget parameters assume GDP for the year will be 191.437 trillion rubles and inflation 5.1%, the previous forecasts being 179.956 trillion rubles and 4.5%.