Revenue of Ukraine’s national budget in October 2018 totaled UAH 72.6 billion, which is UAH 1.2 billion (1.8%) more than the target, while revenue in January-October 2018 reached UAH 747.3 million, and the revenue target was met only by 97.7% (UAH 17.5 billion less).
According to information on the website of the State Treasury Service of Ukraine, compared with October 2017 revenue last month grew by UAH 10.8 billion or 17.6%, while in January-October rose by 15.4% or UAH 99.9 billion.
Tax payments in January-October 2018 exceeded the January-October 2017 figure by 17%, reaching UAH 312.5 billion, and the target was met by 100.4%. Customs payments over the period grew by 13%, totaling UAH 275.6 billion.
In October alone, tax payments amounted to UAH 26.6 billion, which was 25% more than a year ago. The target was met by 97.1%. Customs payments last month reached UAH 35.5 billion, a rise of 23% year-over-year. The target was met by 111.9%.
In general, the State Fiscal Service met the target by 105% in October 2018. Payments grew by 23.9% year-over-year.
The State Treasury Service said that in January-October 2018 VAT was refunded in the amount of UAH 107.9 billion, which is 11% more than a year ago. In October alone, UAH 10.3 billion was refunded compared with UAH 12.46 billion in September 2018.
The revenue target of the general fund in January-October 2018 was met by 97.9%. Revenue totaled UAH 673.1 billion. In October 2018, the revenue target of the general fund was met by 104.8%. Revenue came to UAH 64 billion.
Revenue of local budgets in October 2018 grew by 10% year-over-year, to UAH 22.2 billion. The target was met by 114%.
Revenue from payment of single social security tax in October rose by 25.9% year-over-year, to UAH 19.9 billion.
Ukrainian Prime Minister Volodymyr Groysman hopes that the parliament would approve at second reading the bill on the national budget of Ukraine for 2019 before December 1, 2018. “Now it is being finalized for second reading together with the Ukrainian parliament. I hope that, and it must be done so, by December 1 Ukraine will receive a balanced, realistic national budget,” he said at a government meeting on Wednesday.
As reported, the International Monetary Fund (IMF) staff and Ukraine have reached an agreement on economic policies for a new 14-month Stand-By Arrangement (SBA), which will replace the arrangement under the Extended Fund Facility (EFF), approved in March 2015 and set to expire in March 2019.
The agreement is subject to approval by the fund’s management and approval by its board of directors. The board’s meeting is expected to take place at the end of the year after the Verkhovna Rada adopts the national budget for 2019 in accordance with the recommendations of the IMF and the increase in gas and heating tariffs for households, reflecting market trends while maintaining support for low-income consumers.
Leader of the Batkivschyna party Yulia Tymoshenko believes that the draft national budget for 2019 submitted by the authorities is a budget for the destruction of the economy, since it envisages raising tariffs and freezing minimum wages and pensions, which will lead to the total impoverishment of the population and the destruction of the middle class, according to the official website of the party.
“For the first time in the history of Ukraine, wages and pensions are equal to 43% of the subsistence level. This is the budget of total poverty, saving the tariff policy that is crushing for Ukrainian families – they are increasing by 23%. This is a corrupt and destructive budget for the economy,” Tymoshenko told journalists in the parliament.
According to the leader of Batkivschyna, the minimum wages and pensions provided in the estimates in U.S. dollar terms are 1.7 times less than they were at the beginning of 2014, health care financing has been reduced by 1.6 times.
According to Tymoshenko, it is unacceptable that the budget for 2019 is based on the old tax base, with twice the higher rates than in developed countries, which significantly slows down the development of the economy.
The politician noted that if the government draft budget is adopted, “the economy’s falling, emigration of people to other countries, the destruction of the middle class will continue.”
“This budget, in essence, is a verdict to the country. I hope that the deputies will not risk voting for it,” Tymoshenko stated.
BUDGET, PEOPLE, THREATENS, UKRAINIAN ECONOMY, WELL-BEING, YULIA TYMOSHENKO
Ukraine’s Verkhovna Rada has approved a resolution on the conclusions and proposals to a bill on the national budget for 2019 drawn up by the parliamentary budget committee, which means the adoption of the draft national budget at first reading. An Interfax-Ukraine correspondent has reported that a total of 240 MPs backed the budget conclusions of the Verkhovna Rada. In addition, MPs on Thursday approved at first reading bill No. 9084 from the so-called budget package. The bill amends the Budget Code.
According to the Budget Code and the regulations of the Verkhovna Rada, the draft national budget for the next year should be adopted at first reading before October 20, although last year it happened only on November 14. After that, the Cabinet of Ministers, with the participation of the parliamentary budget committee, should, within 14 days, but no later than November 3, submit an updated draft to the Rada, taking into account its budget conclusions with a comparative table and explanations of the reasons for refusing individual proposals of the parliament.
Consideration of the draft national budget for 2019 at second reading should be completed before November 20, and at third reading with final approval – before December 1.
Ukrainian Prime Minister Volodymyr Groysman has said he expects the Verkhovna Rada to adopt the country’s draft state budget for 2019 at first reading during the current plenary week from October 16 to 19. “This week we are expecting budget conclusions and the first reading of the draft state budget for 2019. People’s deputies have already submitted more than 2,000 proposals,” Groysman wrote on his Facebook page.
BUDGET, DRAFT, PARLIAMENT, PM
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.
