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Mr Mishustin reported that in the first half of 2013, the Russian Federation’s consolidated budget gained 5.433 trillion roubles. The volume of VAT collected was lower compared to the same period the previous year. According to the head of the FTS, this was related to VAT administration issues and deductions received by companies that have completed implementing large-scale investment projects, particularly the APEC summit and building facilities in Sochi.

The President instructed the FTS to develop a VAT compensation mechanism for companies that will not have too large an effect on federal budget income and will not undermine the economic interests of the companies themselves.

Vladimir Putin reminded Mr Mishustin about the importance of making the Russian economy more civilised and transparent, and asked about the course of the ongoing de-offshorisation work. The head of the FTS remarked that nearly all nations have faced difficulties in forming a budget and the OECD is calling for a consolidation of efforts to withdraw the tax base from low-tax jurisdictions. Many international institutions have added this issue to their agendas; in particular, it is under discussion between G20 nations at the finance minister level. Mr Mishustin announced that the Federal Taxation Service is actively working with taxation departments in other states in bilateral and multilateral formats, participating in the work of OECD committees. Mikhail Mishustin stressed the importance of exchanging information between the relevant departments in different nations.