Non-resource Revenues to the Consolidated Budget: Analysis by Types of Economic Activity

Abstract

This paper presents an analysis of non-resource revenues of the consolidated budget of Russia by types of economic activity. The purpose of this study was to identify which sectors are the most sensitive to shocks form the fiscal point of view, and to answer the questions: how long it takes for the revenues of different sectors recover from “local lows” and how the sectoral structure of budget revenues affects the volatility of payments. In accordance with the set objectives, we examined the dynamics of consolidated budget revenues in real terms for the period 2008–2022 as a whole and by sector. In addition, a sectoral analysis was provided for CIT. The calculations were based on the data of the Federal Tax Service prepared by excluding payments on natural rent. The analysis showed that revenue fluctuations are largely determined by the dynamics of payments from the extractive sector (especially oil production), and an increase in the sector’s share is likely to increase the overall volatility of revenues. In fiscal terms, the processing sector is the most sustainable for total revenues but provides a source of volatility in CIT dynamics. Revenues from financial activities show the fastest recovery from the crises. Trade and finance have a stabilizing effect on both total revenues and CIT dynamics. The results of the study can be used at the stage of budget planning.

Keywords

• taxes
• budget revenues
• cit
• budget risks
• budget revenues by sector