Russian companies begin paying taxes in arrears amid export revenue issues

Russian companies' demand for loans increased sharply in March: corporate portfolio growth accelerated to a significant 1.8% after the moderate rates of January (-0.1%) and February (+0.6%)

Source: The Moscow Times citing data from the Central Bank of Russia

Quote: "The March jump was almost entirely driven by rouble loans (+1.3 trillion roubles [equiv. to US$13.8 billion], or +2%), mainly to transport and oil and gas companies. Also, many loans were attracted by developers as part of project financing for housing construction," the report said.

The high demand for loans, according to the Russian Central Bank, "may be due to the need to pay large taxes". Among them, the regulator lists the income tax for 2023, the tax on additional income of oil and gas companies for 2023 (0.6 trillion roubles [equiv. to US$6.4 billion]), and value-added tax (VAT) for the fourth quarter of 2023.

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