Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Customs Service Forecasts Extra $193Bln Budget Contribution

MTImport duties only make up 13 percent of planned customs revenues.

The Federal Customs Service has raised its 2011 revenue forecast for its contribution to the federal budget by 15 percent to 5.4 trillion rubles ($193 billion), up from 4.7 trillion rubles.

"We have major foreign trade growth, and we have revised our forecast for the year on the basis of the first-quarter results," Vladimir Ivin, head of the customs service analytical department, told reporters.

He added that the increase in the forecast was also driven by strong import growth. "We have had strong import growth. It has already surpassed the pre-crisis level," Ivin said.

Of the earlier planned 4.7 trillion ruble contribution by the customs service, 1.3 trillion rubles was to have come from value-added tax; 30 billion rubles from import excise levies; 2.8 trillion rubles from export duties; 628.5 billion rubles form import duties; and 50.4 billion rubles from customs fees.

The Federal Customs Service planned to transfer 5.058 trillion rubles into the state budget in 2012 and 5.47 trillion rubles in 2013.