News

14 June 2018, 20:43

Business

LPR tax revenue increases 55.4 percent in May 2018 year-on-year

LUGANSK, June 14 (Lugansk Media Centre) - The Lugansk People’s Republic Tax and Revenue Committee reported a 55.4 percent increase in tax revenue in May 2018 year on year, citing head of the Committee’s Department for Accountability, Analysis and Monitoring Inna Kolomiytseva.

“The State Committee for Tax and Revenue maintained positive budget revenue dynamics in May and secured its increase. The consolidated budget revenue over the reporting period increased 55.4 percent year on year,” Kolomiytseva said.

The duties for transit, sale and exports of goods accounted for the largest increase (up seven times), followed by profit tax (46.7 percent), turnover tax (33.1 percent), simplified tax (31.5 percent), income tax (30.8 percent), vine growing, gardening and hop-growing tax (22.2 percent) and excise tax (9.4 percent).

An increase in tax revenue was reported in all branches of the economy, she noted. Tax revenue in mechanical engineering grew 2.5 times, coal industry 81.7 percent, transport 62.2 percent, light industry 42.5 percent, metallurgy 41.1 percent, chemical industry 39.3 percent, civil engineering 29.1 percent, trade 21.7 percent and food industry 14.3 percent.

In April 2018, Kolomiytseva reported a 22.6 percent increase in tax revenue year on year.

LPR business people declared and legalised more than 130 rubles worth of earlier concealed profits and paid some three million roubles in taxes, according to the Committee.

Earlier, the LPR Council of Ministers approved the 2017 plan of actions to fight the shadow economy.

On 21 February 2017, the LPR parliament passed a bill to amend certain laws and introduce measures to combat tax evasion. The legislation cut the tax burden on small businesses and law-abiding taxpayers and exempted from taxes the municipal and state property taxpayers in 2017.

LuganskMediaCentre — 14 June — Lugansk