The draft Russian budget for the next three years takes into account the introduction of the budget rule in 2025, as well as the normalization of the budget policy. This was announced on Thursday, September 22, by Russian Finance Minister Anton Siluanov during a government meeting.
According to him, the draft budget of the Russian Federation was drawn up taking into account the parameters of the macroeconomic forecast. It, in turn, provides for a gradual recovery of the economy as early as 2024, as well as reaching sustainable positive growth rates.
Siluanov added that the basic oil and gas revenues of 8 trillion rubles were taken into account in the calculation of income. “Everything that basic oil and gas revenues will come from above, everything will go to the National Wealth Fund (NWF). This will help reduce the budget deficit from 2% of GDP in 2023 to 0.7% in 2025,” the head of the Ministry of Finance explained.
In addition, the draft budget provided for the reduction of the non-oil and gas deficit. The indicator will decrease from 7.9% in 2023 to 5.7% in 2025, writes TASS.
Siluanov also said that in the next three-year budget period, the Ministry of Finance will focus on domestic borrowing. At the same time, in the ideal case, the ministry plans to stop using NWF funds for borrowing purposes.
In addition, measures were taken to increase the revenue side of the Russian budget. Thus, relevant tax innovations and a measure to prioritize expenditures have been prepared.
“The tax proposals take into account the fair withdrawal of part of the natural resource rent, which has increased as a result of changes in the global commodity price environment. What are the key proposals? This is an increase in the export duty on natural gas and the withdrawal of additional income from liquefied natural gas producers,” Siluanov specified and added that we are also talking about the introduction of export duties on thermal coal and fertilizers, if the cost of these products remains high.
Increasing the taxation of the oil industry will be carried out by maintaining the damper mechanism, as well as by adjusting the calculation of the mineral extraction tax.
Earlier, Russian Prime Minister Mikhail Mishustin said that in 2023-2025 the Russian budget will be in short supplyand government borrowing will be the main source of budget coverage. Compared to this year, costs will rise slightly.