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Search resuls for: "Sazanov"


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☆ Russia's optimistic fiscal plans risk budget revenue shortfall
  + stars: | 2023-10-19 | by ( Darya Korsunskaya Alexander Marrow | Darya Korsunskaya | Alexander Marrow | ) www.reuters.com   time to read: +6 min
But Russia's Accounts Chamber, which oversees budget execution, warned on Monday there were risks the Urals price would fall below $60 in 2024-2026. Russia's forecast sees economic growth of 2.3% in 2024, well above estimates of 1.1% from the International Monetary Fund and 0.5%-1.5% from the Bank of Russia. CHANGING TUNEAt Russia's flagship economic forum in St Petersburg in June, Siluanov said increasing expenditure was difficult, as budget spending had already increased by 1-1/2 times from 2019 to 2022. Now, even as the government outlines plans for spending to jump to 36.7 trillion roubles in 2024, he is more relaxed. Renaissance Capital's Donets and Melaschenko said Russia could create temporary taxes, permanently increase rates of VAT, or adjust Russia's budget rule to permit more spending of energy revenues.
Persons: Evgenia, Anton Tabakh, Vladimir Putin, Anton Siluanov, Denis Popov, Yevgeny Suvorov, Suvorov, Sofya Donets, Andrei Melaschenko, Dmitry Polevoy, Siluanov, Melaschenko, Alexei Sazanov, Sazanov, Konstantin Sonin, It's, Sumanta Sen, Mark Trevelyan, Alexander Marrow, Catherine Evans Organizations: U.S ., Russian, REUTERS, Washington, Finance, International Monetary Fund, Bank of Russia, Capital, Reuters Graphics Russia, University of Chicago, Thomson Locations: Moscow, Russia, Ukraine, West, St Petersburg
☆ Analysis: Russia may hike taxes as military spending, oil price weigh on budget
  + stars: | 2023-01-13 | by ( Darya Korsunskaya | ) www.reuters.com   time to read: +5 min
"The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon." Analysts say that as the government increased spending by more than a quarter in 2022, in part to finance its military in Ukraine, the oil price required to balance the budget jumped from $67 to $101 a barrel. "When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank. VAT rates, profit taxes and income tax would not be changed, Sazanov said, but other industries may face a higher tax bill. The measures are expected to net an additional 3.6 trillion roubles for the Russian budget over three years.
☆ Russian oil and gas sector braces for tax hikes of over $60 bln in 2023-2025
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
SummarySummary Companies This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. The budget is seen gaining an extra 628 billion roubles in 2023, almost 700 billion roubles in 2024 and 750 billion roubles in 2025 just by increasing MET on natural gas production. Register now for FREE unlimited access to Reuters.com RegisterTotal additional oil and gas tax revenues are seen at 1.28 trillion roubles next year, 1.13 trillion roubles in 2024 and 1.19 trillion roubles in 2025. It also proposes an increase in income tax on producers of liquefied natural gas (LNG), which will yield an additional 200 billion roubles in 2023. Deputy finance minister Alexei Sazanov said the government is aiming at skimming off windfall profits from oil and gas producers.
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