LPR tax revenue up 7 pct in January year-on-year

LUGANSK, February 9 (Lugansk Media Centre) - LPR Tax and Revenue Committee reported a 7.3 percent increase in budget tax revenue in January 2018 compared with the same period last year.

“Tax revenue collection showed positive dynamics in the first month exceeding January 2017 total by 7.3 percent,” the report said.

The major revenue contributors were tobacco import quota which accounted for 70.3 percent of LPR revenue, simplified tax (18.2 percent), profit tax (16.9 percent), patent fees (16 percent), land tax (8.8 percent) and sales tax (6.6 percent).

The Committee also noted a positive revenue collection trend across sectors of LPR economy. The communications sector posted a 71.6 percent increase year-on-year, transport 60.2 percent, construction 56.8 percent, chemical industry 35.5 percent and trade 6.9 percent.

In 2017, LPR Tax and Revenue Committee reported a 15.4 percent increase in budget tax revenue from the previous year.

Amidst ongoing measures to de-shadow the economy, LPP business people declared and legalised more than 130 million of hitherto unreported revenue paying some three million rubles of taxes to the budget, according to the Committee.

Earlier, LPR Council of Ministers approved action plan 2017 towards bringing the shadow economy into the light.

On 21 February 2017, 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 granting exemption to municipal and state property taxpayers in 2017.