Government approves new three-year budget
The Russian government has approved the draft federal budget for the next three years, the press service of the Cabinet reported.
The Russian government has approved the draft federal budget for the next three years, the press service of the Cabinet reported.
"The bill on the federal budget for 2027 and for the planning period of 2028 and 2029 was approved by a government meeting," the statement said.
Prime Minister Mikhail Mishustin at a government meeting on September 24 called three priorities of the budget: the implementation of social obligations (primarily support families with children), ensuring the defense and security of the country and assistance to the participants of the military operation and their loved ones, as well as achieving national goals, including technological leadership.
According to him, next year GDP will grow by 1.4%, in the future, as forecast, the dynamics will “plannedly accelerate” to 2.4% in 2029. The main factor of GDP growth will be domestic demand, he said.
Next year, expenses are planned at the level of 48.8 trillion rubles, revenues - 43.3 trillion rubles. The budget deficit is laid about 2% for the next three years, in 2027 it will be 2.2% of GDP, said the Minister of Finance Anton Siluanov. The Ministry of Finance called the budget balanced.
According to him, insurance pensions next year will be indexed twice: from February 1, 2027 by 6.8% in terms of inflation for the current year, and from April 1, the insurance part of the pension will be additionally increased by 3.3%. The average size of old-age pension at the end of 2027 will be 29,904 rubles. The subsistence minimum next year will grow by 6.8%, to 20,227 rubles.
In the budget package, the Ministry of Finance proposed to extend the five-stage progressive personal income tax scale (13-22%) to “passive” income, establish obligations for mutual investment funds to pay income tax on passive income received at a rate of 15%, increase the profit tax rate on dividends paid in favor of non-residents to C accounts at a rate of 35%, as well as adjust the taxation of natural rent in the mining and metallurgical complex sector.
