Russian tax revenue up 20% to 56.3 trillion rubles in 2024 - Tax Service

MOSCOW. Feb 26 (Interfax) - Revenues administered by the Russian Federal Tax Service rose 20.3% or 9.5 trillion rubles in 2024 to 56.3 trillion rubles, the Federal Tax Service told Interfax.

The service's chief, Daniil Yegorov, said in March last year that tax revenue for the Russian budget system might grow 12% or 5.7 trillion rubles to 52.5 trillion rubles in 2024.

Tax revenues for the consolidated budget rose 20.1% or 7.3 trillion rubles in 2024 to 43.5 trillion rubles, of which the federal budget received 24.8 trillion rubles, up 26.1% or 5.1 trillion rubles from a year earlier, and the consolidated budgets of constituent members of the Russian Federation received 18.7 trillion rubles, up 13.1%, or 2.2 trillion rubles.

Excluding oil and gas revenues from taxes and customs duties on the export of oil, gas and hydrocarbon products, the budget system received 32.8 trillion rubles in tax, which is 15.8% or 4.5 trillion rubles more than in 2023.

Mineral extraction tax revenue for the consolidated budget in 2024 increased by 27.9% or 2.7 trillion rubles to 12.6 trillion rubles, and profit tax revenue 1.6% or 100 billion rubles to 8.1 trillion rubles. VAT revenue grew 21.6% or 1.6 trillion rubles to 8.7 trillion rubles. Personal income tax revenue increased by 28.1% or 1.8 trillion rubles to 8.4 trillion rubles.

Excise tax revenue on goods manufactured in Russia was down 1.1 trillion rubles in 2024 after falling 700 billion rubles in 2023, with federal revenue down 2.4 trillion rubles compared with a drop of 1.9 trillion rubles, due to higher excise tax reimbursement on petroleum goods after oil prices rose 10% in December 2023-November 2024, as well as 10.3% growth of the dollar exchange rate, the Tax Service said.

Compulsory social insurance revenues in 2024 amounted to 12.8 trillion rubles, which is 20.9% or 2.2 trillion rubles more than in 2023.