TASS. Russian budget revenues from the oil industry would decrease by 1% of GDP by 2025 due to changes in the breakdown of oil reserves and benefits, Deputy Finance Minister Ilya Trunin told journalists at the Krasnoyarsk Economic Forum.
"If rates are changed, budget revenues will drop by 1% of GDP by 2025. The breakdown of oil reserves is changing, with more and more falling (to tight reserves – editorial note). Firstly, the share of the O&G sector in national GDP, all other things being equal, is going down, and, secondly, lower tax rates are applied much broader because of the reserve depletion rate," he said.
Pursuant to the budget law, around Rub 5 tln of O&G revenues is scheduled to reach the budget in 2017, or 37% of total budget revenues (Rub 13.5 tln). Last year the proportion was squarely the same (35.7%). In the past when oil reached nearly $100 per barrel, over 50% of the budget fell to O&G revenues.
