Anton Siluanov deems the target for the Federal Treasury Service (FTS) in 2024 to surpass 7 trillion rubles.
**"Hey there! Let's talk about Russia's financial plan for 2024, shall we? The target is set at a whopping 7 trillion rubles, surpassing last year's figure. The Finance Minister is confident that they'll reach this goal by intensifying their crackdown on gray importers, particularly focusing on high-margin goods like cars, equipment, and electronics," they said, as reported by Interfax.
"Don't be surprised if you see more customs officials swarming around these goods. It's all part of the plan to minimize the entry of such goods through shady channels," the Minister added.
The Minister also emphasized the need to increase trade agreements with friendly countries, extend customs monitoring to low-risk parties, and widen the fight against illicit imports from EAEU countries.
Last year, the FTS transferred an impressive 6.62 trillion rubles to the federal budget, beating the planned 6.46 trillion rubles. The increase compared to the previous year was a significant 6.4% (400.7 billion rubles).
As for the strategies they're planning to employ, let's take a look at some insights:
- Tightening Import Tax Regimes: Russia is likely to implement stricter tax regimes for certain goods, such as cars, aiming to close loopholes that enable gray imports. This move is expected to improve the efficiency of customs collections and reduce the shadow economy.
- Digitalization and Improved Administration: Russia is expected to digitalize customs and tax administration, which will enable better tracking of goods and reduce opportunities for under-declaration and smuggling.
- Alignment with Regional Partners: Russia is expected to coordinate with its customs union partners to enforce these new policies across member states.
- Increased Tariffs and Revenue Instruments: Russia may adjust tariffs and duties for certain goods to secure additional revenue, a strategy they've shown willingness to employ for residential utilities.
So there you have it! Russia's financial plans for 2024 involve cracking down on gray importers, digitalizing its customs and tax administration, aligning with regional partners, and potentially increasing tariffs and duties for certain goods to boost revenue."
The Finance Minister intends to boost finance from the industry sector by intensifying efforts against gray importers, especially focusing on high-margin goods like cars, equipment, and electronics. To further strengthen their financial standing, Russia is considering digitizing customs and tax administration to minimize under-declaration and smuggling.
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