The Ministry of Finance added euro-denominated domestic government bonds maturing on May 6, 2027, to the primary auction on Tuesday, December 9.
According to the updated placement calendar, the rest of Tuesday’s auctions remain unchanged: traditional offers of four issues of government bonds in hryvnia – 1.1 years, 1.7 years, 2.5 years, and 3.1 years, as well as 1.5-year dollar-denominated government bonds.
On November 18, the Ministry of Finance already held an unscheduled auction for the placement of OVDPs in euros, for which a total of EUR 6.7 million in bids were submitted for EUR 100 million, and the cut-off rate remained at 3.25%.
As for dollar-denominated government bonds, last Tuesday the Ministry of Finance refused to put them up for sale, and at the last auction on November 25, it was able to attract $121.2 million for offers of $200 million, but at the same time lowered the cut-off rate from 4.05% to 4.02%, and the weighted average rate from 4.01% to 3.98%.
As for hryvnia bonds, their placement rates have remained unchanged since April this year: 16.35% for 13-month securities, 17.1% for 19-month securities, 17.5% for 28-month securities, and 17.8% for 36-month securities per annum.
According to the updated placement calendar, there are currently no offers for either currency OVDPs or benchmark OVDPs, which banks can use to partially form reserves, at the last two auctions on December 16 and 23.
Cash expenditures of Ukraine’s general fund state budget in October 2025 amounted to UAH 312.6 billion, which is UAH 33.6 billion, or 10.7%, more than in October 2024, according to the Ministry of Finance.
According to the Ministry of Finance, in January-October 2025, general fund expenditures reached UAH 3.16 trillion, exceeding the figure for the same period last year by UAH 507.2 billion, or 19.1%.
“General fund expenditures of the state budget for security and defense in January-October 2025 amounted to UAH 2 trillion, or 63.3% of all general fund expenditures. In particular, UAH 220.6 billion was spent in October,” the report said.
A month earlier, UAH 210.8 billion was allocated to security and defense, with total general fund expenditures of UAH 312.6 billion, indicating continued growth in monthly defense payments.
At the same time, for the sixth time in a row, the Ministry of Finance does not disclose more detailed items of military expenditures in its operational report – data on payments of monetary support to military personnel, purchases of military equipment, weapons, ammunition, and defense products, as well as separate transfers to the National Health Service of Ukraine (NHSU), the Pension Fund, and the Entrepreneurship Development Fund.
At the same time, according to Finance Minister Serhiy Marchenko, speaking in the Verkhovna Rada on September 19, the monthly level of monetary support for the military in 2025 will increase significantly. “January – UAH 78.8 billion, February – UAH 86 billion, March – UAH 86 billion, April – UAH 91 billion, May – UAH 97 billion, and August also UAH 98 billion,” the minister said.
In October 2024, the Ministry of Finance reported the payment of UAH 86 billion in monetary support, which allows us to assess the scale of growth in military payments against the backdrop of the ongoing full-scale war.
JSC “NAEK ”Energoatom” will be profitable in all three scenarios during 2025-2028, with profits in 2028 expected to be twice as high as in 2026-2027, due in particular to the expected rise in electricity prices.
This forecast is contained in the annual information on fiscal risks prepared by the Ministry of Finance of Ukraine based on data from 12 state-owned companies as part of the adoption of the 2026 state budget. Within the document, basic, alternative, and negative scenarios are modeled for each company based on macroeconomic scenarios for the development of Ukraine’s economy.
“Net revenues from NAEK Energoatom to the state budget are expected in all scenarios and will grow as the company’s profitability increases,” the document says.
As noted by its authors, NAEK plans to build new power units in the long term and has plans in the medium term to attract sufficient debt financing to fund investments. However, construction will continue after the end of the medium-term period, and if such construction is financed through debt obligations, high costs are expected to increase the company’s obligations to a level that it may not be able to service.
“Fiscal risks may materialize if the government has to provide funding to cover part of these costs, or if the government has to service Energoatom’s debts,” the Ministry of Finance concluded.
Under the baseline scenario, Energoatom’s capital expenditures will average about UAH 59 billion per year from 2025 without budget financing, while expenditures on PSO for tariff compensation for the population will decrease by an average of 2.3% in the period 2026-2028.
In addition, the baseline scenario assumes an average increase in electricity prices of 7.9% per year, as well as a slight decrease in the company’s electricity production in 2026-2027, followed by an increase in 2028.
As the Ministry of Finance noted, NAEK received a net profit of UAH 1.3 billion in 2024, compared to a loss of UAH 11.3 billion in 2023. Last year, the company demonstrated a 35% increase in revenue due to a 33.5% increase in the weighted average price of electricity.
According to the results of 2024, the volume of PSO in Energoatom amounted to UAH 109.3 billion, or 53% of the company’s net income for that year.
On April 3, the Finance Ministry announced a tender for voluntary insurance of motor vehicles (CASCO), according to the Prozorro e-procurement system.
The total expected cost of the service is 143 thousand UAH. The last day for accepting bids is April 11.
The Ministry of Finance of Ukraine has reminded that as of January 1 of the reporting year 2025, an updated list of states (territories) for transfer pricing purposes came into force.
The Ministry notes that this is provided for by Law No. 3813-IX, adopted on June 18, 2024, on the peculiarities of tax administration during martial law for taxpayers with a high level of voluntary compliance with tax legislation. The list itself was approved by Resolution of the Cabinet of Ministers No. 1505 of December 27, 2024.
It is noted that when determining the list of states for transfer pricing purposes, the Government of Ukraine takes into account the following criteria states (territories) included in the list of offshore zones approved by the Cabinet of Ministers; states (territories) included in the list of states (jurisdictions) that do not implement or improperly implement the FATF recommendations; states (territories) whose competent authorities, based on the results of two consecutive reporting (tax) periods (years), do not ensure timely and complete exchange of information on tax policy with taxpayers, as well as do not exchange data on tax risks.
The Ministry of Finance believes that these changes are important for Ukrainian business, as they relate to the effective management of transfer pricing risks to ensure the financial stability of companies.
As reported, the updated list of states (territories) contains 46 states (territories) instead of 78. The list includes countries from the list of offshore zones approved by the government and the FATF blacklist. FATF, as well as states (territories) that do not ensure timely and complete exchange of tax and financial information.
We are talking about 9 states and territories: American Samoa, Guam, the DPRK, Myanmar, Namibia, the Netherlands Antilles, Alderney, Trinidad and Tobago, and Fiji.
According to the resolution, 41 countries or territories were removed from the list, including: Bahrain, Bosnia and Herzegovina, Brunei, Burundi, Cape Verde, Cape Verde, China Hong Kong Special Administrative Region (EU), Djibouti, Dominican Republic, Ireland, the Autonomous Community of the Canary Islands of the Kingdom of Spain, Cuba, Guadeloupe, Guatemala, Kyrgyzstan, Cyprus, the Autonomous Province of Kosovo and Metohija of the Republic of Serbia, Cuba, Curacao, Laos, Lebanon, Mauritius, and Qatar.
The list also includes the Macao Special Administrative Region of China, the Former Yugoslav Republic of Macedonia, the Federated Territory of Labuan Malaysia, Morocco, Martinique, and the Federated States of Micronesia, Moldova, Montenegro, Oman, Paraguay, the Commonwealth of the Northern Mariana Islands, the Autonomous Region of Madeira of the Portuguese Republic, San Marino, Sao Tome and Principe, Sudan, Timor-Leste, Turkmenistan, Uzbekistan and the United Arab Emirates.
Source: http://relocation.com.ua/ministry-of-finance-updated/
Receipts of taxes, fees and mandatory payments to the general fund of the state budget of Ukraine, according to operational data, in April amounted to UAH 153.6 billion compared to UAH 164.3 billion in March and UAH 184.8 billion in February, such operational data (as of 16:00 on April 30) reported the Ministry of Finance on Tuesday.
According to its data, the most of all reduced receipts of payments from the State Tax Service – to 59.7 billion UAH from 105.7 billion UAH in March and 107.4 billion UAH in February, which is due to high payments in previous months of income tax, in particular, by banks, as well as advance payments.
It is pointed out that in April, income tax revenues amounted to only UAH 3.2 billion against UAH 60.1 billion in March and UAH 61.0 billion in February, but in April, part of its profit of UAH 38.64 billion was transferred to the budget by the National Bank, although the Ministry of Finance does not mention it in the summary.
As for other taxes, personal income tax and military levy increased to UAH 16.5 billion (UAH 15.7 billion) in April, rents to UAH 5.5 billion (UAH 1.4 billion), and excise tax to UAH 11.5 billion (UAH 9.2 billion).
Value added tax also increased to UAH 22.8 billion (UAH 18.0 billion): collected UAH 34.8 billion (UAH 29.0 billion), refunded – UAH 12.0 billion (UAH 11.1 billion).
Receipts from the State Customs Service increased in April to UAH 48.9 billion from UAH 45.8 billion in March and UAH 39.8 billion in February. As the head of the specialized parliamentary committee, Daniil Getmantsev, pointed out on Tuesday, about 2.5 billion hryvnias of additional revenue came from the unblocking of the Polish border over the past week.
The Finance Ministry pointed out that the monthly revenue estimate of the general fund of the state budget, according to operational data, was exceeded by 29.5% (+35 billion UAH), including by the State Tax Service – by 7.9% (+4.4 billion UAH), while the State Customs Service – by 14.5% (+6.2 billion UAH).
In addition, the general fund of the state budget received UAH 2.7 billion of international aid in the form of grants in April, compared to UAH 3.1 billion in March and UAH 31 billion in February.
“In general, according to operational data, at the end of April 2024, the general and special funds of the state budget received UAH 200.8 billion (UAH 225.9 billion in March and UAH 229.0 billion in February) of taxes, fees and other payments. In addition, about UAH 40.1 billion (in March – UAH 39.0 billion) in the form of ERUs was received by the Pension Fund and social insurance funds,” the ministry added, thanking taxpayers for your contribution to the support of the Ukrainian army and financial stability of the country.
Data on expenditures in April are not yet available.
As reported, the Verkhovna Rada adopted the state budget for 2024 with a deficit of UAH 1.57 trillion, or 20.6% of projected GDP. Revenues of the state budget-2024 are set at UAH 1.77 trillion (not taking into account possible grant aid), expenditures – UAH 3.36 trillion at an average annual exchange rate of UAH 40.7/$1.
State budget-2023 revenues amounted to UAH 2.67 trillion, of which grant aid amounted to UAH 0.43 trillion. Cash expenditures of the state budget for the past year exceeded UAH 4 trillion, and the deficit amounted to UAH 1.33 trillion at an average annual exchange rate of about 36.6 UAH/$1.
Earlier Experts Club analytical center and Maxim Urakin released a video analysis of how the GDP of the world’s countries has changed in recent years, more detailed video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3 Subscribe to Experts Club YouTube channel here – https://www.youtube.com/@ExpertsClub.
BUDGET, decreased in April, EXPERTS CLUB, GDP, MACROECONOMICS, MINISTRY OF FINANCE, TAXES, UKRAINE, URAKIN
