Taxman Reports Massive Increase in Russian Tax Revenues

Muscovites passing by a display that reads: "Do you love your city? Prove it - pay taxes!"

Russia's tax authorities boosted the revenues handed over to the federal government in the year to Sept. 1 by 18 percent, or about 600 billion rubles ($16 billion), to 4.1 trillion rubles ($111 billion), compared to the year before, the country''s top tax official said Wednesday.

Rising inflation, more efficient tax collection and bigger mineral extraction taxes are behind the rise, Mikhail Mishustin, head of the tax service, said in a presentation to his colleagues published online.

Meanwhile, the total tax revenue raised on behalf of all Russia's state budgets, both local and national, by the taxman rose by just more than 1 trillion rubles ($28 billion), or 18 percent, to 8.4 trillion rubles ($223 billion).

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