Tax Ministry Forecasts 3.3bn-dollar Decrease In Tax Collection In 2002

The Tax Ministry of the Russian Federation forecasts a 100bn-ruble (about $3.3bn) decrease in tax collection in 2002, due to the 25th article of the Tax Code coming into force on January 1, 2002. According to it, the profits tax will reduce from 35% to 24%, Chief of the Profits Tax Department of the Ministry Karen Oganyan declared at a briefing in Moscow today. According to him, a possible decrease in tax collection was agreed on with the Finance Ministry in the process of elaborating on the new law and establishing a task for tax collection in 2002 to the Tax Ministry. At the same time, Oganyan noted that 417.7bn rubles (about $14bn) in taxes had been collected to the consolidated budget over the first ten months of 2001. Among them are 174.4bn rubles that came from the profits tax. In general, the volume of tax collection to the consolidated budget went up 38% and to the federal budget - 30% this year, Oganyan said.