According to the Ministry of Finance, oil and gas revenues of the federal budget in June amounted to 528.6 billion rubles, which is the lowest value since February this year. About this writes the publication “Kommersant”. Seasonality is a characteristic feature of oil and gas revenues, including the unequal levy of additional income tax (ATD). Compared to last June, the decrease was 26% and overall revenues in the first half of the year decreased by 47% compared to the same period last year (according to the results of the first quarter – minus 45%).
Even more worrying is the continued lag in fees from the planned base volume of monthly oil and gas revenues. The Ministry of Finance has included in its 2023 plans the 8 trillion rubles necessary to cover budget expenditures from oil and gas, according to the ministry. This amount is also related to the budget rule: If the base volume is short, the Ministry of Finance should sell the currency, and if it is exceeded, it should buy from the market reserves.
In June, the base volume was planned to be 663.8 billion rubles, while the deficit amounted to 135.2 billion rubles. Overall, semi-annual oil and gas revenues amounted to 3.382 trillion rubles. with a planned minimum of 3.936 trillion rubles, which means a deficit of 554 billion rubles.
Therefore, in July, there will be no transition from the sale of the currency to the purchase of the currency by the Ministry of Finance to replenish the National Wealth Fund (NWF), as envisaged by the budget rule. On Wednesday, the Ministry of Finance announced that it will send 34.9 billion rubles worth of yuan for sale. — 1.7 billion rubles. Every day from 7 July to 4 August. This is half (3.6 billion rubles per day) compared to the previous month.
The oil and gas revenues of the budget may increase in July due to the weakening of the ruble and the slight increase in the price of Ural oil. In May, the average price of a barrel of this grade was $ 53.3, and in June – $ 55.3 (oil taxes are calculated on the price of the previous month, and export duty has a smaller delay – half a month).
Kommersant points out that the new method for calculating oil taxes, approved by the authorities, still does not work.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.