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New Russian regions collected billions in taxes last year – data

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New Russian regions collected billions in taxes last year – data

According to the tax authorities, Donbass, Kherson and Zaporozhye saw a large increase in tax revenues.

Tax revenues in Russia’s four new regions continued to grow, with a total of 210 billion rubles ($2.27 billion) collected in 2023 in the Donetsk (DPR) and Lugansk (LPR) People’s Republics, as well as Kherson and Zaporozhye regions. to the Federal Tax Service (FTS).

Konstantin Chekmyshev, deputy head of the FTS, said this week at an extended meeting of the Board of Directors of the Accounting Chamber that tax collection in the DPR and LPR jumped by 34% compared to 2022, while the tax burden decreased.

According to the FTS, the dynamics of tax revenues at the beginning of 2024, which doubled year-on-year in January and February, also remain positive. Chekmyshev said that the tax service is focused on simplifying legal procedures for businesses entering new regions.

Last year, Russian President Vladimir Putin signed a law creating a free economic zone for new regions with preferential treatment for investors and guaranteed tax and non-tax incentives within it. These are similar to the incentives provided in the free economic zones of Crimea and Sevastopol.

The data shows that 155,000 entrepreneurs are currently registered in the new Russian regions, of which 99,000 are small and medium-sized enterprises (SMEs). According to Chechmyshev, the number of small and medium-sized enterprises continues to grow, especially in Zaporozhye and Kherson, as well as in LPR and DPR.

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Russia reports big increase in tax revenue

In September 2022, Donetsk and Luhansk People’s Republics, as well as Kherson and Zaporozhye Oblasts, voted to join Russia in a referendum that Ukraine and its Western backers denounced as illegitimate.

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