Business news from Ukraine

UKRAINE’S BUDGET REVENUE TARGET MET BY 103.2% IN MAY

Revenue of Ukraine’s national budget in May 2018 totaled UAH 96.85 billion, which is UAH 2.99 billion or 3.2% more than the target, the State Treasury Service of Ukraine reported on its website last week. According to the authority, revenue grew by UAH 30.86 billion or 46.8% compared with May 2017, which is mainly linked to sending UAH 17 billion to the budget by the National Bank of Ukraine (NBU) compared with UAH 5 billion in May 2017.
Revenue of the general fund was UAH 88.78 billion last month, which is 2.4% more of the target and 43.3% more than a year ago.
In January-May 2018, revenue of the national budget came to UAH 369.7 billion. The target was met by 99.4% compared with 98.2% in January-April 2018. Revenue grew by 13.5% compared with January-May 2017.
Revenue of the general fund in January-May 2018 totaled UAH 337.66 billion, which is 1% less than the target and 22.7% more than a year ago.
According to the materials of the State Treasury Service, tax revenue in January-May 2018 brought UAH 164.51 billion to the budget, which is UAH 0.09 billion or 0.1% less than the target, while customs revenue accounted for UAH 125.65 billion, being UAH 3.59 billion or 2.8% less than the target. Tax revenue grew by 16.2% year-over-year and customs revenue – by 9.6%.
In May, tax revenue reached UAH 42.96 billion, which is 2.7% more than the target and 33.8% more than in May 2017. Customs revenue was 4.3% more than the target – UAH 26.56 billion, which was 12.5% more than a year ago.
In general, the May target of the State Fiscal Service met the target by 103.3%. Revenue totaled UAH 69.52 billion, which his UAH 13.79 billion or 24.7% more than in May 2017.
In January-May 2018, VAT was refunded for the amount of UAH 54.8 billion, which is 14.4% more than in January-May 2017. In May, UAH 11.2 billion was refunded compared with UAH 9.95 billion in April 2018 and UAH 9.86 billion in May 2017.
Revenue of local budgets in May 2018 totaled UAH 21.43 billion, which is 17.5% more than a year ago, and in January-May 2018 local budget saw UAH 93.99 billion in revenue, which was 17.6% more year-over-year.
Single social security tax payments in May 2018 grew by 31% year-over-year, to UAH 18.21 billion, and in January-May 2018 – by 28.1%, to UAH 86.6 billion.