The largest taxpayers of Ukraine in July 2019 increased tax payments by almost UAH 7 billion compared with July 2018, to over UAH 27 billion, the Office of Large Taxpayers has said in a press release.
According to the report, revenue from value added tax (VAT) grew by 5.3% last month compared to the same period in 2018, to UAH 10.2 billion, excise tax revenues amounted to UAH 5.9 billion, profit tax revenues – UAH 340.1 million.
The office also noted a significant increase of revenues from the part of net profit levied to the national budget in July – by UAH 7.8 billion (more than 22 times).
“A significant part (more than UAH 14.5 billion) over the past two months was paid by state-owned banks, UAH 12.3 billion of net profit was transferred by Naftogaz,” the office said.
Since the beginning of the year, the largest taxpayers have transferred UAH 201.8 billion to the national budget, which is 14% more than last year, the office said.
The share of tax payments from large businesses in July amounted to over 56.7% of all tax revenues to the national budget.
In January-July 2019, the largest taxpayers received a VAT refund of UAH 70 billion, which is 32% (UAH 17 billion) more than in the same period in 2018.
Largest taxpayers increased payment of taxes to the national budget by 20% or by UAH 21.7 billion in January-May 2018 year-over-year, to UAH 132.2 billion, the Office of Large Taxpayers has said on its website.
The Office said that the largest growth was seen from payment of profit tax: it grew by 89% or UAH 18 billion, to UAH 38.2 billion.
Head of the Office of Large Taxpayers Yevhen Bambizov said in an interview with Taxlink that Naftogaz Ukrainy paid most of profit tax. The company declared record-hitting profit over this period compared with losses for the previous periods.
“This is not the only reason. We see profit tax growth every year, and this year we projected it by at least 20%. This is linked to the growth of the economy, continuation of active work on reduction of losses by large taxpayers,” he said.
The Office said that revenue from VAT payment in January-May 2018 grew by 14.4% or UAH 7.3 billion, to UAH 58.5 billion, while from payment of the excise duty on Ukrainian-made products fell by UAH 13.9% or UAH 3.4 billion, to UAH 21.5 billion.
Payments of income tax from salaries grew by 28% or UAH 1.9 billion, to UAH 8.8 billion. Single social security tax payments rose by 335 or UAH 4.7 billion, to UAH 19.5 billion. Military tax payments rose by almost 23% or UAH 332 million, to UAH 1.7 billion.
