Growing volume of collected taxes reflects recovery trends in the economy

According to the disclosed data, the consolidated volume of taxes totaled 7.7trln rubles, which was 22% higher than the last year's level and just only 3 % less than the amount collected in 2008, seen as the historical maximum, thanks to the ‘sky-high prices’ for oil in pre-crisis times. “If we compare the price scenario conditions, the average oil price in 2008 was $94 per barrel, while in 2010 it was $77 per barrel, a negative trend that naturally influenced taxation in the oil industry,” Mishustin said.  

According to the official, almost all types of taxes increased last year. Specifically, the personal income tax (PIT) increased in 2010. Thus, PIT’s share in the gross tax structure, which was 21% in 2008, increased to 23% in 2010. However, in absolute terms, the PIT’s volume in 2009 stood at 1.67trln rubles, whilst it rose to 1.79trln rubles, a figure that underscores the tangible increment in collection of this tax.

Other positive tendency in the economy, according to the FTS director, was the significant growth in companies’ corporate profit taxes (CPT). For instance, year-on-year comparison has shown that the consolidated volume of CPT increased by 40% in 2010 from 2009, while a similar analysis has shown an increase of 60% in the first two months of 2011 compared to the same period in 2010.” Thus, in absolute terms, the volume of companies’ CPT in January-February 2011, according to preliminary estimates, totaled 632.6bln rubles, which is 10% higher than the volume of CPT collected in the same period in 2010. 

Acting on these optimistic data, one can draw a conclusion that the Russian economy is gradually, but confidently exiting the current crisis, a trend that invigorate companies, promotes the payment of PIT, CPT, etc., Mishustin said. “All this makes Russia less dependent on the perennial fluctuations on the oil and gas market.”