Sverdlovsk Oblast budget loses one third of revenues in 2009

24.04.2009 — News

THE SVERDLOVSK OBLAST.

In Q1 2009 the Sverdlovsk oblast budget collected RUR 21.6 bn in revenues, which is 29% lower y.o.y.

As the regional government representatives informed RusBusinessNews, 67% of the revenues collected are income taxes paid by corporate and individual taxpayers. Income tax collections decreased threefold, down to RUR 3.8 bn, as compared against January - March 2008.

The budget crisis is mainly brought about by the problems in the metals sector which makes up a large share of the Sverdlovsk Oblast industry. Experts believe that the way to save the regional economy is through ramping up its diversification. In the near future closest attention must be given to SME and agriculture.