Magadan Region's Tax Revenue Soars 1.5x in Early 2024 on Mining Boom

The Magadan Region saw a sharp rise in tax revenue during the first five months of 2024. The consolidated budget collected 46.9 billion rubles in taxes and fees, marking a 1.5-fold increase from the same period last year. Mining companies played the largest role in this growth. They contributed 72% of the total, amounting to 33.8 billion rubles. Corporate profit tax was the biggest source of revenue at 41%, followed by mineral extraction tax at 28%. Personal income tax and corporate property tax added 20% and 5%, respectively.

Of the total revenue, 43.1 billion rubles went to the regional budget, while 3.8 billion rubles supported local budgets. Wholesale and retail trade also added 2.7 billion rubles, making up 6% of the regional budget. Additionally, social insurance contributions rose by 24%, reaching 17.2 billion rubles. The region’s budget has grown significantly compared to 2023. Mining remains the dominant sector, with most tax revenue coming from mineral extraction and corporate profits. The increase in social insurance contributions further boosted overall collections.