Receipts of taxes, fees and mandatory payments to the general fund of the state budget of Ukraine, according to operational data, amounted to UAH 151.6 billion in May, compared to UAH 154.6 billion in April and UAH 164.3 billion in March, such operational data (as of 16:00 on May 31) reported the Ministry of Finance on its website.
According to its data, in May, through the State Tax Service revenues recovered to 99.8 billion UAH from 59.7 billion UAH in April, which is slightly less than 105.7 billion UAH in March.
It is specified that in May, income tax revenues increased to UAH 42.0 billion after falling to UAH 3.2 billion in April, partially offset by a one-time transfer of UAH 38.64 billion of profits by the National Bank. As reported, in March and February, income tax brought over UAH 60 bln monthly to the state budget, but part of it was paid in advance.
As for other taxes, personal income tax and military levy increased to UAH 17.3 billion (UAH 16.5 billion) in May, rent tax increased to UAH 5.8 billion (UAH 5.5 billion), and excise tax decreased slightly to UAH 11.4 billion (UAH 11.5 billion).
Value-added tax also fell to UAH 20.2 billion (UAH 22.8 billion): UAH 32.8 billion (UAH 34.8 billion) was collected and UAH 12.7 billion (UAH 12.0 billion) was refunded.
Receipts from the State Customs Service increased in May slightly decreased to UAH 48.4 billion from UAH 48.9 billion in April.
The Ministry of Finance pointed out that the monthly revenue estimates for the general fund of the state budget, according to operational data, were exceeded by 8.6% (+12.0 billion UAH), including by the State Tax Service – by 6.6% (+6.2 billion UAH), while the State Customs Service – by 12.1% (+5.2 billion UAH).
At the same time, there were no receipts to the general fund of the state budget of international aid in the form of grants, while in April they amounted to UAH 2.7 billion, in March – UAH 3.1 billion.
“In general, according to operational data, at the end of May 2024, the general and special funds of the state budget received 227.4 billion UAH (in April – 200.8 billion UAH, in March – 225.9 billion UAH) of taxes, fees and other payments. In addition, about UAH 42.0 billion (in April – UAH 40.1 billion) in the form of ERUs was received by the Pension Fund and social insurance funds,” the ministry added, thanking taxpayers for their contribution to the support of the Ukrainian army and financial stability of the country.
Data on expenditures in May 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 last year exceeded UAH 4 trillion, while the deficit amounted to UAH 1.33 trillion at an average annual exchange rate of about UAH 36.6/$1.
In late May, Finance Minister Serhiy Marchenko estimated the need for additional military expenditures in the 2024 state budget at $5 bln, while according to the head of the parliamentary committee on finance, tax and customs policy Daniil Getmantsev, “expert estimates that the actual gap is at least twice as large as the current estimate of UAH 200 bln ($5 bln) are not far from the truth”.
In this regard, the possibility of raising the military levy and value-added tax, as well as a number of excise taxes, is being considered.
Earlier Experts Club analytical center and Maxim Urakin released a video analysis on macroeconomics in Ukraine and in the world, more video analysis is available here.
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