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14 January 2020, 14:40

Business

LPR tax revenue increases 12 percent in 2019 year-on-year - State Committee

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LUGANSK, January 14 (Lugansk Media Centre) - The Lugansk People’s Republic tax revenue has increased by 12 percent from the previous year.

“Tax deductions in 2019 exceeded those in 2018 by 12 percent,” the LPR State Tax and Revenue Committee said noting that all annual budget revenue targets had been met in full.

Budgets of all levels and extra-budgetary funds reported an increase in tax revenue, the Committee added.

Revenue from turnover tax  increased by 37 percent, land tax by 16 percent, vine growing, gardening and hopgrowing by 15 percent, income tax by 14 percent, simplified tax by 14 percent and profit tax by 13 percent.

The Committee also noted a positive revenue collection trend across sectors of the LPR economy.

Tax revenue grew by 48 percent in the machine-building sector  year-on-year, 47 percent in the construction sector, 24 percent in light industry, 16 percent in chemical industry and 14 percent in trade.

Earlier, State Tax and Revenue Committee Chairman Sergey Borodin said that the social security tax rvenue had increased by over 15 percent from the previous year.

 

LuganskMediaCentre — 14 January — Lugansk