Budget revenues fell for the second month in a row

Federal budget revenues fell for the second month in a row in annual terms - in August by 11% after 26% in July, the Ministry of Finance disclosed. Decreased as oil and gas revenues,

Federal budget revenues in August 2022 decreased by about 11% in nominal terms compared to August 2021 (to 1.83 trillion rubles), follows from the data disclosed on September 12 by the Ministry of Finance and RBC's calculations. This is the second month in a row that overall budget revenues have declined year-on-year. In July, their decline reached 26%.

Revenues slightly increased compared to July, when they amounted to 1.76 trillion rubles. Also, for the second month in a row, both oil and gas revenues from the federal budget and non-oil and gas revenues have been declining in annual terms.

The budget execution data for August is preliminary and may be revised at a later date. The final data take into account data on budgetary transactions made bypassing the accounts of the Federal Treasury, including foreign ones.

The budget surplus shrinks

The budget deficit in August amounted to 344 billion rubles. — after an adjusted deficit of 1 trillion rubles. for July. According to the results of eight months of the year, there is still a surplus of 137.4 billion rubles, but for the whole year the budget will be in deficit, which will amount to 2% of GDP, Finance Minister Anton Siluanov estimated in June (2.9 trillion rubles based on the August estimates of the Ministry of Economic Development for this year's nominal GDP).

According to President Vladimir Putin, budget expenditures this year will exceed last year's by 20%. Based on this (Putin did not name the amount), the costs could reach 29.7 trillion rubles. — by 6 trillion rubles. more than was envisaged by the budget law approved in December last year.

Oil and gas revenues

The use of crypto in payments seems inevitable. How it will turn out Predictions Pro 6 effective exercises,

Oil and gas revenues of the federal budget in August amounted to 671.9 billion rubles. (lowest since mid-2021), which is 3.4% less than in August last year. Compared to July, oil and gas revenues decreased by 13%, which is primarily due to tax receipts on additional income from hydrocarbon production: they fell to 42.8 billion rubles. compared to 306.3 billion in the previous month. AIT is a quarterly tax, which is normally paid in the first month of each quarter following the results of the previous one.

According to the Ministry of Economic Development, the average price of Russian grade Urals oil on world markets fell to $75.94 per barrel in August against $84.19 in July. The "sanctions" discount for Russian Urals oil relative to the world Brent benchmark has recently decreased to $18-25 per barrel, while in the spring it reached $30-40. However, the G7 countries intend to introduce cap prices for Russian oil and oil products by December 2022, which in one of the scenarios will lead to an expansion of the discount on Russian oil (even if neutral countries do not join the formal price cap, they can request additional discounts).

Growth of domestic VAT

Non-oil and gas revenues in August dropped to 1.157 trillion rubles. - by 14% compared to the same month last year. In particular, VAT collections on imported goods fell by almost 26% year-on-year, reflecting a decline in imports of goods to RUSSIA amid sanctions pressure.

At the same time, imports to Russia are recovering on a monthly basis, as evidenced by a slowdown in the decline in "import" VAT receipts (in July it reached almost 40% compared to last year). At its peak in April, the decline in imports was 38% in annual terms, while in July it fell to 24%, in incomplete August - by 13%, estimated the chief economist of Renaissance Capital for Russia and the CIS Sofya Donets in early September, noting in in particular, the growth in deliveries to Russia from CHINA and Turkey in the summer in annual terms.

However, domestic VAT revenues increased by 86% compared to August 2021, to 428.1 billion (in August last year, it was about 230 billion). RBC sent a request to the Ministry of Finance with a request to explain such growth. Also, revenues from the federal part of income tax increased by 11% year-on-year, to 127.7 billion rubles.

Reduction of "other" income

The final decline in non-oil and gas revenues in August is associated with a decrease in “other”, non-tax revenues, which include dividends from state-owned companies, payments for the use of natural resources, income from the sale of state assets, etc. According to the Ministry of Finance, other income decreased by 2.3 times compared to August last year - to 222.7 billion rubles. The base of August last year (520.7 billion), in particular, included the transferred dividends of state-owned companies in the amount of 243 billion rubles, but this year the budget will receive almost two times less dividends from state-owned companies compared to 2021, it was estimated in August " Vedomosti". In particular, state-owned banks - Sberbank and VTB - will not pay dividends this year.

Federal budget expenditures for January-August reached 17.5 trillion rubles, as of September 6 - already 17.8 trillion rubles, follows from the data of the Electronic Budget system. In the spring, the Ministry of Finance stopped disclosing expenditures in the context of functional areas, such as social policy, the national economy, and so on. According to the estimates of the analytical center "Economic Expert Group", in the first half of the year, federal budget expenditures in the direction of "culture and social sphere" increased by 13% compared to the same period last year, in the field of healthcare - by 38%, the national economy - decreased by 2%.