Sunday, July 15, 2018

Income tax reduction could cut $80 million from Yekaterinburg city budget

A reduction in private individuals' income tax payments may result in a significant dip in the Yekaterinburg budget for 2014.

The head of the Yekaterinburg administration Alexander Yakob said the budget could be cut by $80 million and that over $120 million might be underpaid into the city's budget due to lack of inter-budgetary transfers, Ural Business Consulting reports.

Yakob also said the city budget could be $210 million less next year.

The Sverdlovsk region's consolidated budget for next year would increase income from $4.8 billion to $5.1 billion--a 6.5 percent increase. The Sverdlovsk government has also referenced a decrease in the city budget that would reduce subsidy inflow, according to Ural Business Consulting.