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Russian Budget Revenue Holds Firm Despite Tax Cuts

by Tatiana Smolenskaya, Tax-News.com, Moscow

29 November 2002


Giving his opening speech at a Cabinet meeting on Thursday, Russian Prime Minister, Mikhail Kasyanov revealed that despite the various tax cuts and tax reliefs introduced this year, the Federal Budget Revenue has remained steady, and has not dropped compared to the same period in 2001.

Reviewing the the figures for the first nine months of this year, Mr Kasyanov noted that budget revenues came to 20% of GDP for the period between January and September 2002, the same amount as for the corresponding period last year.

The Pravda news service quoted the Prime Minister as observing on Thursday that: 'the income is stable, despite cuts in the number of taxes and the overall tax burden'. Mr Kasyanov also announced that profits for the first nine months of this year had come in at around 140 billion roubles (approximately $4.4 billion), which, he revealed, was 'twice the government's target'.


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