Due to a sharp decline in the value of state-owned companies Russia`s state budget may short fall by RUB 1.5 trillion ($22 billion dollars, according to the exchange rate of 70 rubles to the dollar) in proceeds from privatization of state companies, said Chief of the State Duma Property Committee Sergey Gavrilov, Russian news agency TASS reported.
”Over the past two years, the total value of our companies has fallen by more than twice. The current value of Rosneft is not $85 billion but $45 billion. Therefore, the budget may short fall by about RUB 1.5 trillion during the privatization,” Gavrilov said.
Gavrilov also reckons that the budget may be also devoid of tax revenues as the result of state companies privatization.
”State-owned entities are major taxpayers. Tax revenues from companies with state interest account for about a quarter of the total tax revenues to the budget. There is a risk that the budget will see significant losses in terms of the tax base,” the committee chief said.
He also pointed to the issue of dividends transferred by such companies to the budget. Gavrilov notes that the budget receives annually about RUB 100 billion in dividend payments from state entities.