Source Pravda.Ru

Tobacco production expected to drop in Russia

Revenues to Russia's consolidated budget from excise taxes on tobacco grew by 11 percent to 13.038bn rubles ($430m) in Russia in the period from January to September 2003 compared to the corresponding period of last year. Some 10.791bn rubles ($355m) of this amount were transferred to the federal budget, Russian Deputy Tax Minister Boris Korol declared at a meeting of the Federation Council's commission for tax policies.

According to materials of the Tax Ministry, companies with foreign interest provided some 76 percent of tax revenues to the budget. Their share in the Russian tobacco production was 53 percent.

At the same time, the deputy minister noted that there was a crisis of overproduction in the Russian tobacco sector. Korol specified that some 390bn cigarettes were produced in 2002, while about 270bn to 275bn cigarettes were expected to be produced in 2003.

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