The Federation Council Committee supported the law on amendments to the federal budget for 2025

The Federation Council Committee on Budget and Financial Markets recommended that the House of Parliament approve at the plenary session the law on changes in the federal budget indicators for 2025, which are related only to the current year. According to the document, it is planned that Russian budget revenues in 2025 will reach 38.5 trillion rubles, or 17.4% of GDP.

At the same time, oil and gas revenues will amount to 8.317 trillion rubles, or 3.7% of GDP. The growth of funds from non-oil and gas revenues is planned in the amount of 829.2 billion rubles, which will mainly be due to an increase in the receipt of individual taxes and non-tax payments.

"An increase in revenue estimates is envisaged for a number of taxes and non—tax payments, including: value added tax — due to an increase in nominal GDP and an expected increase in collection while reducing imports in ruble terms," TASS quoted an explanatory note to the document.

This indicator is made up of internal excise taxes, personal income tax, and income from transferring part of the profits of the Central Bank of the Russian Federation. In particular, it depends on the balance of funds on the accounts of the federal budget, on their placement, with the exception of the National Welfare Fund, against the background of the current volume of funds allocation and an increase in the key rate level at the end of 2024.

Profits on time: the budget will receive 163 billion unaccounted for in the forecast revenue

Where will this money come from and will it help reduce the deficit?

Earlier, on June 16, Russian Prime Minister Mikhail Mishustin said that the non-oil and gas revenues of the Russian federal budget for the first quarter of 2025 amounted to almost two thirds of the total budget revenues. He also noted that the gross domestic product increased by about 1.5% year-on-year in the first three months. The volume of investments in the country's economy was also increased.