News

9 October 2018, 12:45

Business

LPR tax revenue up 38.5 pct in 2018 year-on-year

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LUGANSK, October 9 (Lugansk Media Centre) - The Lugansk People’s Republic Tax and Revenue Committee reported a 38.5 percent increase in tax revenue in the first nine months of 2018 year-on-year.

“The Committee met the budget tax revenue target in the first nine months of this year as consolidated budget revenue increased by 38.5 percent from the same period last year,” the report said.

An increase in tax revenue occurred in all branches of the economy including machine building (66.8 perent), metallurgy (44.2 percent) communications (33.2 percent), transport (33.1 percent), chemical industry (20.1 percent), construction (18.8 percent), trade (16.4 percent) and food industry (12.5 percent).

Acting LPR Head Leonid Pasechnik said that it was a clear sign of economic upturn.

Earlier, the LPR Tax and Revenue Committee reported a 30 percent increase in budget tax revenue in the first half of 2018 year-on-year.

LPR business people declared and legalised more than 130 rubles worth of earlier concealed profits and paid some three million roubles worth of taxes.

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

On February 21, 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 granted tax exemption to the municipal and state property taxpayers in 2017.

LuganskMediaCentre — 09 October — Lugansk