Russia's VAT, profit and personal income tax revenues exceed targets in Jan-April - Siluanov

MOSCOW. May 7 (Interfax) - The Russian federal budget's revenues from the value-added tax, corporate profit tax and personal income tax in the first four months of 2025 exceeded targets for this period, Finance Minister Anton Siluanov told reporters on Tuesday, citing the latest data.

Speaking about tax revenues in the fourth months, he said they were "not bad overall so far."

"We collected 3 trillion rubles in VAT in the four months, about 1% more than planned," Siluanov said. Data coming in from point of sale devices indicate that revenues from this tax are up by about 9% while the budget targets 14% VAT growth. "The base increased due to the recalculation of last year's GDP, and so nominally we're approximately fulfilling the plan," he said.

Profit tax revenues totaled 1.3 trillion rubles in the four months, which was more than the planned 1.17 trillion rubles and up from 748 billion rubles a year earlier, he said. This was partly due to higher rates, Siluanov said, adding that profit tax revenues are "about 12% higher than planned."

"The personal income tax is also going higher than planned. We've collected 65 billion rubles for the federal budget this year instead of the planned 56 billion rubles and 45 billion rubles last year," Siluanov said. He attributed this to additional revenue from the tax on higher incomes.

"By the way, we're seeing so far that the growth of payroll and personal income tax in Russia's regions is also in line with our planned figures and in some places even exceeding these figures," Siluanov said.

The ministry is "so far satisfied with the growth of non-oil and gas" revenues, which "in some places is even exceeding our expectations," he said. But oil and gas revenue, "given market and exchange rate correlations, is so far lagging significantly behind the initially planned figures," Siluanov said.

"But the most important thing is that we're counting on receiving revenue from the non-oil economy and, most importantly, we see, expect that we will maintain the non-oil and gas balance at [an acceptable] level. We planned 5.6% of GDP. In the current conditions this parameter will be slightly lower, it will amount to 5.5% compared to 7.3% last year. Obviously, the lower the revenues from hydrocarbon exports, the better our balance will be. Although it's important, of course, that our safety cushion is also replenished," Siluanov said.