Budget revenue shortfall from insurance pay-in rate cuts to be 512 bln rubles in 2012-2013 - source
MOSCOW. July 6 (Interfax) - Russia's budget will see a revenue shortfall of 236 billion rubles next year and 276 billion the year after due to the reduction of insurance-contribution rates, a government source told reporters.
Deputy Prime Minister Alexei Kudrin, who is also the country's finance minister, had said earlier that the shortfall those years would be from 100 billion rubles to 160 billion per year.
Plans call for the rate on insurance pay-ins to be lowered from 34% to 30% for 2012-2013, and for small business the rate is to be cut from 26% to 20%.
A draft of the main areas for Russian tax policy for 2012 and the planned period 2013-2014 provides for combined annual payments per worker exceeding 512,000 rubles will be subject to an insurance pay-in rate of 10%, for preferential taxpayer categories - 7%.
