In October, oil and gas budget revenues exceeded the monthly baseline for the fourth time this year.

The quarterly payment of additional income tax (ATT) by oil workers and the lack of damper payments to them became the reasons for the sharp increase in oil and gas budget revenues in October. Revenues increased to 1.635 trillion rubles. against 740 billion rubles. in September and at the same time exceeded the results of last October. The emergence of almost 1 trillion rubles. additional income will lead to a noticeable increase in the amounts allocated by the Ministry of Finance for the purchase of foreign currency and gold for reserves – however, these operations will not be carried out on the foreign exchange market and will take place between the Ministry of Finance and the Central Bank.

In October, oil and gas revenues of the federal budget exceeded the monthly base level for the fourth time this year, it follows from published on Friday by the Ministry of Finance. With a base of 684 billion rubles. oil and gas budget revenues amounted to 1.635 trillion rubles. Let us recall that the base level is 8 trillion rubles, broken down by month, the minimum required for the budget in 2023 to cover expenses from oil and gas (next year, instead of this “cut-off amount”, the “cut-off price” approximately corresponding to it is returned – $60 per barrel ).

October revenues are not only 2.2 times higher Septemberbut also significantly exceeded the collections of October last year (RUB 1.282 trillion).

Based on the results of all ten months of oil and gas revenues, 7.21 trillion rubles were collected, and this is 26% less than for the same period in 2022.

The gap from last year’s schedule, however, is gradually decreasing – a month earlier it was 34.5%.

The October rapid growth in oil and gas revenues was ensured by AIT collections, which go to the budget four times a year—this time in the amount of 593 billion rubles. Due to rising oil prices, tax collections increased noticeably: in April it was received by 185 billion rubles, in July – by 295 billion rubles. The second reason for the increase in fees is the lack of payments to oil workers in October by fuel damper for September. Let us explain that part of the taxes paid by companies is, in fact, returned to them – if they supply fuel to the Russian market at a price not exceeding a certain level. But during September, fuel on the exchange was traded significantly above the established threshold.

The revenues of the main oil and gas tax – the mineral extraction tax – in October compared to September remained almost unchanged and amounted to 1.107 trillion rubles. after 1.087 trillion. They were supported by the increase in the cost of Urals in September (oil taxes are calculated from the price and exchange rate in the previous month) to $83.1 per barrel versus $74 in August, as well as the weakening of the ruble.

Since the Ministry of Finance expects additional oil and gas revenues in November, on Thursday, November 2, it announced the purchase of foreign currency and gold for reserves. Let us remind you that if there is a shortfall in the “base”, the Ministry of Finance must sell currency, and if it is exceeded, it must buy it on the market. According to the department, 621.1 billion rubles will be allocated for such operations from November 8 to December 6. (29.6 billion rubles daily). However, the foreign exchange market will not see these transactions again: they will take place between the Central Bank and the Ministry of Finance. Let us remind you that the budget rule in this part to curb the weakening of the ruble was suspended from August 10 until the end of the year (see “Kommersant” dated August 10), so the Central Bank does not mirror these transactions.

Vadim Visloguzov