The department explained that the decrease is due to falling Ural oil prices and a reduction in natural gas exports.
At the same time, innovations in the taxation of the fuel and energy complex will help restore the volume of revenue to the budget, according to the Ministry of Finance. “The changes adopted to the tax legislation will contribute to the gradual restoration of tax revenues from the oil sector, especially in the second half of this year,” the ministry said.
In addition, the sustainability of the budget system is guaranteed by the National Wealth Fund (NWF), the use of which will cover the loss of oil and gas revenue.
Budget revenue from the placement of NWF funds in financial assets in 2022 amounted to 52.3 billion rubles. At the same time, the financial result of the placement of NWF funds in foreign currency accounts at the Central Bank, taking into account the outstanding loss of the previous interest period, amounted to minus 6.19 billion rubles. In accordance with the terms of the bank account agreement regulating the placement of NWF funds in accounts with the Bank of Russia, this loss is attributed to the financial result of the next interest periods and is offset by future income. The Ministry of Finance expects that already in 2025 the budget will be balanced: expenses will be equal to income.