Sverdlovsk Region gets 27.5% less in income tax revenues

March 24, 2014. As of March 18, 2014, 21.3bn RUR worth of taxes flew in Sverdlovsk Region budget, which was 0.9% less than a year earlier. The corporate income tax revenues were down by 27.5% (2.3bn RUR), yet the personal income tax revenues rose by 22.7% (the same 2.3bn RUR), Sverdlovsk Region Finance Ministry reports.

‘In 2014, Sverdlovsk Region’s economy has been stagnating so far, which tells upon the local budget revenues,’ the ministry explains.

All in all, 21.3bn RUR worth of obligatory payments were made to the federal constituency’s budget as of March 18, 2014. This comes to 14.2% of the annual target figures, the ministry says. This figure is also 0.2bn RUR, or 0.9% less than a year earlier.

The corporate income tax inflow decreased considerably down to 6.2bn RUR (2.3bn RUR, or 27.5% less than a year ago).
‘Smaller advance payments due to lower profits in the third quarter of 2013 are the main reason behind this drop in revenues,’ the ministry points out.

Nevertheless, the under-performing corporate income tax inflow is reported to be compensated by rising personal income tax revenues (these went up by 2.3bn RUR, or 22.7%). The increase in this parameter has to do with increased salaries in several economic segments, for example, healthcare, education, and the processing industries.

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