The All-Russian Association of the Fishing Industry (VARPE) – which represents the interests of fishing companies in Russia – is once again sounding alarms about the financial state of the industry as tax data from 2024 rolls in.
VARPE posted on its Telegram channel that Russian fishing and fish-farming companies paid RUB 67.2 billion (USD 670 million, EUR 644 million) in taxes in the first 10 months of 2024. According to the association, that amount is 8 percent lower than the same period of 2023.
The agency said the reason taxes are dropping is the “crisis in the industry” as profits for fishing and aquaculture companies drop. VARPE said the biggest reduction in tax revenue came from a drop in the profit tax, which fell 62 percent, or RUB 5.4 billion (USD 53.7 million, EUR 51.6 million), as the industry’s profits decline.
VARPE President German Zverev partially placed the blame on programs and taxes that harmed the financial viability of Russia’s fishing industry.
"Armed with the myth of the super-profitability of the fishing industry, the authorities have ...
