15 Jul 2022 09:42

Russian budget for 2023-2025 to be submitted to Duma by Oct 1

MOSCOW. July 15 (Interfax) - The Russian government has submitted a bill to the State Duma that pushes back this year's deadline for submitting the three-year federal budget plan to parliament from September 15 to October 1.

The bill, No. 164525-8, has been published in parliament's electronic database. The draft federal budget law was supposed to be submitted by September 15 this year, while before the deadline was October 1.

A memo attached to the bill attributed the postponement to the need to compile the budget taking into account measures related to countering the impact that changes in the geopolitical situation and deterioration of the economic situation are having on the development of sectors of the economy and the financial sector.

The Duma earlier passed a law that suspends for this year a provision of the Budget Code under which the forecast for budget revenues is based on legislation in effect on the date that the three-year budget plan is submitted to parliament.

"The suspension of this provision makes it possible to take into account the tax changes that are still at the development stage, including in the oil and gas sector, when putting together the federal bill on the federal budget for the three-year period," Deputy Finance Minister Timur Maximov said.