Friday, July 21, 2017

Sverdlovsk region tax revenues increase 1%

The Sverdlovsk region's tax revenue rose almost 1 percent in the first 10 months of 2014, Ural Business Consulting reported on Monday. 

Between January 2014 and October 2014, the region’s tax revenues rose approximately $53 million, despite the decline in productivity for some of the key industries in the Sverdlovsk region.

“Production did experience a downfall in quite a few sectors of industry, including, for example, the chemical industry, the machine-building one, the construction one, and the trading industry,” Sergey Loginov, the head of the Federal Tax Service Sverdlovsk Region division, said.

Despite these concerns, Loginov remains hopeful about the local economy.

“However, tax revenues did not decline,” Loginov said. “The increase actually came to 2.4bn RUR in the 10 months of 2014 compared with January-October 2013. It was only the corporation tax where the figures went down.”

Some have expressed concern about how the import replacement programs will affect the local economy following import bans by the European Union, but Loginov said the area will receive more tax revenues as more products are manufactured locally. 

Organizations in this story

Ural Business Consulting Yekaterinburg, Sverdlovsk Oblast

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