Business news from Ukraine

Business news from Ukraine

Revenues to state budget for first eight months of 2025 increased by 24% to UAH 2.40 trln

Revenues from taxes, fees, and mandatory payments to the general and special funds of the state budget of Ukraine for the first eight months of 2025 amounted to UAH 2.40 trillion, while cash expenditures amounted to UAH 3.23 trillion, which is approximately 24.2% and 23.7% higher than the corresponding figures for the first eight months of 2024.

According to operational data from the State Treasury Service, published by the Ministry of Finance on its website, general fund revenues increased by 20.4% to UAH 1.71 trillion, while expenditures increased by 19.4% to UAH 2.50 trillion.

At the same time, in August this year, state budget revenues decreased by 30.1% compared to August last year, to UAH 314.2 billion, including the general fund – by 37.3%, to UAH 242.9 billion. This is due to significantly lower grant revenues – UAH 44 billion in August 2025 compared to UAH 228.1 billion in August 2024.

It is noted that after raising the military tax from 1.5% to 5% and introducing a condition for reserving a salary of UAH 20,000 this year, personal income tax and military tax moved from fourth to second place in terms of revenues for the first eight months of this year – UAH 230.9 billion compared to UAH 134.5 billion last year.

In addition, the main revenues were provided by: VAT on goods imported into the customs territory of Ukraine – UAH 340.4 billion (UAH 302.1 billion for the first eight months of 2024), corporate income tax – UAH 211.6 billion (UAH 195.3 billion), VAT on goods produced in Ukraine – UAH 206.5 billion for reimbursement of UAH 116.1 billion (UAH 175.0 billion for reimbursement of UAH 95.8 billion), excise tax – UAH 186.3 billion (UAH 129.6 billion).

In addition, dividends and part of the net profit of state-owned companies amounted to UAH 64.2 billion (UAH 66.5 billion), import and export duties – UAH 34.7 billion (UAH 31.6 billion), rent for the use of subsoil resources – UAH 27.4 billion (UAH 32.7 billion).

The Ministry of Finance added that another UAH 84.2 billion (UAH 38.6 billion) was added to the budget from the National Bank’s profits, and grants amounted to UAH 254.9 billion (UAH 268.3 billion).

Revenues from the unified social tax (UST) to pension and social insurance funds in January-August 2025 increased by 22.3% to UAH 423.5 billion, including in August by 21.0% to UAH 54.1 billion.

The Ministry of Finance also reported that as part of the financing of the general fund of the state budget, state borrowings to it in January-August 2025 amounted to UAH 1.24 trillion, or 106.1% of the plan, including UAH 345.5 billion received on the domestic market from the placement of government bonds (UAH 318.4 billion for the first eight months of 2024), including UAH 78.0 billion in foreign currency – $1.24 billion and EUR 557.7 million. At the same time, UAH 152.5 billion was raised through the issuance of military government bonds.

According to the release, approximately $21.4 billion or UAH 889.8 billion came from external sources, including approximately $13.3 billion under the ERA, with the total volume of this mechanism reaching $50 billion.

In addition, Ukraine received another EUR6.14 billion from the EU as part of the Ukraine Facility preferential long-term loan, $0.96 billion from the IMF, and $0.26 billion from the World Bank for the projects “Transforming Health Care through Reform and Investment in Efficiency” (THRIVE), “Creating Resilient Infrastructure in Vulnerable Environments in Ukraine” (DRIVE), and “Modernization of the Social Support System for the Population of Ukraine.”

Payments on the repayment of public debt for January-August 2025 amounted to UAH 404.0 billion, or 94.8% of the plan, and service payments amounted to UAH 233.3 billion, or 82.3% of the plan.

As reported, the 2025 state budget was approved with revenues of UAH 2 trillion 327.1 billion, including the general fund – UAH 2 trillion 133.3 billion (excluding grants and international aid), and expenditures of UAH 3 trillion 929.1 billion, including the general fund – UAH 3 trillion 591.6 billion. At the end of July, the Verkhovna Rada, at the government’s proposal, increased this year’s budget expenditures by UAH 400.5 billion and revenues by UAH 147.5 billion.

In 2024, the state budget received UAH 3 trillion 120.5 billion in revenues, which is UAH 448 billion, or 16.8%, more than the 2023 state budget. The general fund’s revenue growth amounted to UAH 513.9 billion, or 30.9%, to UAH 2 trillion 177 billion, in particular, international financial assistance in the form of grants amounted to UAH 453.6 billion compared to UAH 433.9 billion in 2023.

State budget expenditures in 2024 increased by UAH 464.5 billion, or 11.6%, compared to 2023, to UAH 4 trillion 479.3 billion, in particular, under the general fund – by 15%, or UAH 454.5 billion – to UAH 3 trillion 488.8 billion.

 

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Budget revenues for 8 months increased to UAH 2.4 trln

Tax, fee, and mandatory payment revenues to the general and special funds of the Ukrainian state budget for the first eight months of 2025 amounted to UAH 2.40 trillion, while cash expenditures amounted to UAH 3.23 trillion, which is approximately 24.2% and 23.7% higher than the corresponding figures for the first eight months of 2024.

According to operational data from the State Treasury Service, published by the Ministry of Finance on its website, general fund revenues increased by 20.4% to UAH 1.71 trillion, while expenditures increased by 19.4% to UAH 2.50 trillion.

At the same time, in August this year, state budget revenues decreased by 30.1% compared to August last year, to UAH 314.2 billion, including the general fund – by 37.3%, to UAH 242.9 billion. This is due to significantly lower grant revenues – UAH 44 billion in August 2025 compared to UAH 228.1 billion in August 2024.

It is noted that after raising the military tax from 1.5% to 5% and introducing a condition for reserving a salary of UAH 20,000 this year, personal income tax and military tax moved from fourth to second place in terms of revenues for the first eight months of this year – UAH 230.9 billion compared to UAH 134.5 billion last year.

In addition, the main revenues were provided by: VAT on goods imported into the customs territory of Ukraine – UAH 340.4 billion (UAH 302.1 billion for the first eight months of 2024), corporate income tax – UAH 211.6 billion (UAH 195.3 billion), VAT on goods produced in Ukraine – UAH 206.5 billion for reimbursement of UAH 116.1 billion (UAH 175.0 billion for reimbursement of UAH 95.8 billion), excise tax – UAH 186.3 billion (UAH 129.6 billion).

In addition, dividends and part of the net profit of state-owned companies amounted to UAH 64.2 billion (UAH 66.5 billion), import and export duties – UAH 34.7 billion (UAH 31.6 billion), rent payments for the use of subsoil resources – UAH 27.4 billion (UAH 32.7 billion).

The Ministry of Finance added that another UAH 84.2 billion (UAH 38.6 billion) was added to the budget from the National Bank’s profits, and grants amounted to UAH 254.9 billion (UAH 268.3 billion).

Revenues from the single social contribution to pension and social insurance funds in January-August 2025 increased by 22.3% to UAH 423.5 billion, including in August by 21.0% to UAH 54.1 billion.

The Ministry of Finance also reported that as part of the financing of the general fund of the state budget, state borrowings to it in January-August 2025 amounted to UAH 1.24 trillion, or 106.1% of the plan, including UAH 345.5 billion received on the domestic market from the placement of government bonds (UAH 318.4 billion for the first eight months of 2024), including UAH 78.0 billion in foreign currency – $1.24 billion and EUR 557.7 million. At the same time, UAH 152.5 billion was raised through the issuance of military government bonds.

According to the release, about $21.4 billion or UAH 889.8 billion came from external sources, including about $13.3 billion under the ERA, with the total volume of this mechanism reaching $50 billion.

In addition, Ukraine received another EUR6.14 billion from the EU as part of the Ukraine Facility preferential long-term loan, $0.96 billion from the IMF, and $0.26 billion from the World Bank for the projects “Transforming Health through Reform and Investment in Efficiency” (THRIVE), “Creating Resilient Infrastructure in Vulnerable Environments in Ukraine” (DRIVE), and “Modernization of the Social Support System for the Population of Ukraine.”

Payments on the repayment of public debt for January-August 2025 amounted to UAH 404.0 billion, or 94.8% of the plan, and payments on servicing amounted to UAH 233.3 billion, or 82.3% of the plan.

As reported, the 2025 state budget was approved with revenues of UAH 2 trillion 327.1 billion, including the general fund – UAH 2 trillion 133.3 billion (excluding grants and international assistance), and expenditures of UAH 3 trillion 929.1 billion, including the general fund – UAH 3 trillion 591.6 billion. At the end of July, the Verkhovna Rada, at the government’s proposal, increased this year’s budget expenditures by UAH 400.5 billion and revenues by UAH 147.5 billion.

In 2024, the state budget received UAH 3 trillion 120.5 billion in revenues, which is UAH 448 billion, or 16.8%, more than the 2023 state budget. The general fund’s revenue growth amounted to UAH 513.9 billion, or 30.9%, to UAH 2 trillion 177 billion, in particular, international financial assistance in the form of grants amounted to UAH 453.6 billion compared to UAH 433.9 billion in 2023.

State budget expenditures in 2024 increased by UAH 464.5 billion, or 11.6%, compared to 2023, to UAH 4 trillion 479.3 billion, in particular, under the general fund – by 15%, or UAH 454.5 billion – to UAH 3 trillion 488.8 billion.

 

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STATE BUDGET REVENUES 6.9% EXCEED TARGET

The revenues of the state budget of Ukraine in July 2021 amounted to UAH 92.58 billion, which is 6.9% more than the planned figure and 34% less than in July 2020, according to the data of the State Treasury Service.
According to the data released by the service, the general fund of the state budget in July was replenished with UAH 75.57 billion, which is 2.2% more than the plan and 30.4% lower than the figure for July 2020.
As for the indicators of budget revenues for January-July, in 2021 they were exceeded by 7% of the plan and were 16.3% higher than last year’s level for the specified period.
In general, over the seven months of this year, the state budget received UAH 684.5 billion, including almost UAH 581.5 billion in the general fund, which is 4.6% more than the plan and 14.3% more than in January-July 2020.
The Treasury said customs in July this year brought UAH 33 billion, which is 0.5% more than the expected figure and 29.3% more than in the same month in 2020. In January-July of this year, customs revenues amounted to UAH 207 billion, which is 4.1% more than the indicative of the Ministry of Finance.
Tax revenues in July brought to the budget UAH 39.5 billion, this amount is 4.2% more than the planned level and by 33.4% – than last year.
In January-July 2021, tax revenues brought almost UAH 330.5 billion to the budget and were 6% more than the expected figure and by 10.4% than in January-July 2020.
According to the State Treasury, VAT refunds last month decreased slightly to UAH 11.15 billion compared to UAH 11.99 billion in June and UAH 12.9 billion in May.

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UKRAINE REDUCES ELECTRICITY EXPORT REVENUES

In January-August 2020 Ukraine reduced electricity export revenues by 18.3% (by $43.883 million) compared to the same period in 2019, to $196.325 million, in particular electricity was supplied at $7.66 million in August.
According to the State Customs Service, in the first eight months of this year electricity was exported to Hungary at $92.2 million, Poland for $56.586 million, Romania for $35.811 million and other countries for $11.728 million.
In addition, in January-August Ukraine imported electricity at the value of $111.340 million (at $1.336 million in August), including from Slovakia at $53.07 million, Hungary at $36.921 million, Belarus at $10.479 million and other countries at $10.87 million.
As reported, in 2019 Ukraine increased its electricity export revenue by 14.1% (by $46.825 million) compared to 2018, to $378.767 million, including $231.359 million for electricity export to Hungary, $84.584 million for export to Poland, $41.683 million for export to Moldova and $21.141 million for export to other countries.
In addition, in 2019 Ukraine electricity imports accounted for $121.401 million, including $43.115 million import value from Belarus, $36.336 million from Slovakia, $26.485 million from Hungary and $15.465 million from other countries.
In physical terms, in 2019 Ukraine’s electricity exports increased by 4.9% (by 303.6 million kWh) compared to 2018, to 6.469 billion kWh, and electricity imports amounted to 2.698 billion kWh.

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STATE BUDGET REVENUES 15% OVERFULFILLED IN AUG 2020

State budget revenues in August 2020 amounted to UAH 100.2 billion, which is 15.2% higher than the planned figure and 14.3% higher than last year’s level, according to data from the State Treasury Service.
According to the agency, the general budget fund received UAH 85.4 billion in July, which is 19.7% more than the plan and 10% more than in August 2019. According to the service, in general, in January-August 2020 the state budget received UAH 688 billion, which is 2.8% less than the target, but 2.5% more than last year’s figure for this period.
In particular, the general fund for the eight months of this year received UAH 594 billion, the backlog of the plan was 3%, but this figure corresponds to the level of the eight months of 2019.
Customs in August brought almost UAH 26.9 billion, which is 1.1% more than the plan and 6.5% higher than in August 2019. Following the results of the eight months, customs receipts amounted to UAH 177.6 billion, lagging behind the expected level by 15.9%, and from last year’s level by 13.8%.
Tax revenues in August exceeded the plan by 33.2% and were 12% higher compared to August last year, amounting to UAH 56 billion. In the eight months, the tax service overfulfilled the plan by 5.3% with the revenues being UAH 356 billion, which is 17.3% more than in January-August-2019.
According to the service, VAT refunds in August fell to UAH 8.57 billion compared to UAH 9.13 billion a month earlier.

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REVENUES OF LARGEST UKRAINIAN MINING AND SMELTING GROUP FALL BY 13% IN APR

The revenue of Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and smelting group, in April 2020 decreased by 13.2%, or $113 million compared to the previous month, to $742 million from $855 million. According to the company’s preliminary unaudited consolidated monthly financial statements, EBITDA for April totaled $126 million, which is $45 million less than in March ($171 million), while EBITDA from participation in joint venture was $15 million (in March $28 million).
According to the report, the adjusted EBITDA of the group’s metallurgical division in April 2020 amounted to $64 million (in March $108 million), including “minus” $1 million from participation in joint venture (“minus” $3 million). The mining division’s EBITDA is $94 million ($100 million in March), including $16 million ($31 million) from joint venture. The management company’s expenses amounted to $6 million ($9 million).
The total revenue in April consisted of $580 million of the metal division (in March $672 million), $240 million from mining ($277 million), and $78 million of intra-group sales ($94 million).

The total debt of the company in April decreased by $34 million compared with March, to $3.073 billion from $3.107 billion. At the same time, the amount of cash decreased by $58 million, to $270 million from $328 million.
The funds used in investing activities amounted to $67 million, in financial activities $11 million.

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