19 Nov 2020 14:08

Russian consolidated budget's tax revenue to decline 10% in 2020 to 20.5 trln rubles - Yegorov

MOSCOW. Nov 19 (Interfax) - The Russian consolidated budget's tax revenue was down 11% year-on-year in January-October 2020 to 16.9 trillion rubles, with a decline of 10% to 20.5 trillion rubles expected in the year as a whole, Federal Tax Service (FTS) head Daniil Yegorov said in a meeting with Russian President Vladimir Putin.

"If in Q2, the decrease in revenues amounted to 26%, in 10M revenues amounted to 16.9 trillion rubles, I am referring to the consolidated budget, and this is minus 11%," he said.

"Speaking of results for the year, we are planning to reach 20.5 trillion rubles for the consolidated budget (this is minus 10% year-on-year). If we consider postponing and seeing how revenues take share without the hydrocarbons factor, then we go arrive at zero, that is, we arrive at exactly the same revenues we had last," Yegorov also said.

He explained that non-oil and gas revenues remained stable. "As always, we are conservative, so we will look at the end of the year. I hope that maybe we will so some gain. The main thing here is not overdo it," the FTS chief said.