MIL OSI Translation. Region: Russian Federation –
February 21, 2022, 07:03
Photo by E. Samarin. Mos.ru
The value added tax forms more than a third of the federal budget.
In 2021, Moscow companies transferred almost 1.6 trillion rubles to the federal budget in the form of value added tax (VAT). This amount was 30.8 percent higher than in 2020 and 44.5 percent higher than in 2019, said Deputy Moscow Mayor for Economic Policy and Property and Land Relations Vladimir Efimov.
“The volume of VAT received by the federal budget from Moscow companies in 2021 amounted to 27 percent of the nationwide. The bulk of the tax came from trade enterprises (531.4 billion rubles), companies operating in the field of information and communications (322.5 billion rubles), as well as in the construction industry (209.2 billion rubles). In total, these three industries accounted for more than two thirds of VAT revenues to the federal budget and showed a steady increase in tax payments both compared to 2020 and 2019,” said the Deputy Mayor of Moscow.
An increase in tax revenues to the budget is an indicator of the dynamics and volumes of production, as well as the sale of goods, works and services. The increase in VAT deductions for 2020-2021 is clearly visible in trade, construction, IT, real estate, energy, culture, sports, leisure and entertainment.
“VAT receipts from Moscow trade enterprises increased by more than 2.6 times compared to 2019 and exceeded half a trillion rubles. VAT deductions of organizations engaged in real estate transactions increased by 32.5 percent over two years, construction enterprises – by 28.6 percent, organizations in the information industry – by 24.3 percent, enterprises in the field of culture, sports and leisure – by 59 percent,” said the Minister of the Government of Moscow, Head
The value added tax forms more than a third of the federal budget and remains the first source of income in terms of volume. Taking into account all tax payments received by the federal budget (VAT, taxes on profits, on mining, and others), Moscow accounts for about 12 percent of it, Kirill Purtov emphasized.
More information about the economic policy and property and land relations of Moscow can be found on the website economy.mos.ru.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.