OREANDA-NEWS. February 29, 2012. Mikhail Mishustin briefed Dmitry Medvedev on the tax authorities’ performance in 2011. Other issues discussed included the development of pre-trial dispute settlement.

Mikhail Mishustin reported that the federal budget revenues amounted to 4.5 trillion rubles in 2011, or 40% more than in 2010. The consolidated budget received 9.7 trillion rubles, or 26% more than in 2010 (excluding oil and gas revenues, the growth was 22%). Profits tax revenues have a leading share in the structure of the consolidated budget with 23.4%, followed by the tax on personal income with 21%, the mineral extraction tax with 21%, and the value added tax with 18%.

The mineral extraction (severance) tax has been growing in conjunction with changes in the industry. In addition to the oil and gas sector, the metals industry has posted significant growth with 79%, as well as the manufacturing industry (machine engineering, in particular, with 42%), and the power industry with 28%.

The government debt, which increased in 2009 due to the global economic crisis, has declined by 12%, or 150 billion rubles. The share of debt-to-GDP ratio in Russia is among the lowest in the world at 2.1%.