Ukrainian state budget's General Fund revenue fell to UAH 158.1 bln in March

MOSCOW. April 1 (Interfax) - The Ukrainian state budget's General Fund received UAH 158.1 billion of revenue from taxes and other dues in March, compared with UAH 184.8 billion in February and UAH 111.7 billion in January, Ukrainian media reported, quoting the Finance Ministry.

Revenue from the State Tax Service fell from UAH 107.4 billion in February to UAH 105.7 billion in March while revenue from the State Customs Service rise from UAH 39.8 billion to UAH 45.8 billion.

Corporate income tax amounted to UAH 60.1 billion in March compared with UAH 61 in February, personal income tax and military tax - UAH 15.7 billion compared with UAH 15.6 billion, subsoil use rent - UAH 1.4 billion compared with UAH 3.5 billion and excise tax - UAH 9.2 billion compared with UAH 8 billion.

Value added tax revenue was UAH 18.0 billion compared with UAH 15.3 billion, with UAH 29.0 billion collected, compared with UAH 27.0 billion, and UAH 11.1 billion refunded, compared with UAH 11.7 billion.

The General Fund revenue target was overshot by 5.7% according to preliminary data, including 7.9% for State Tax Service revenue, however State Customs Service revenue fell 7.7% short.

The General Fund received UAH 3.1 billion of international assistance in the form of grants in March this year compared with UAH 31 billion in March last year.

"In general, according to preliminary data, the state budget's General and Special funds received UAH 225.9 billion in taxes, dues and other payments in March (UAH 229 billion in February, UAH 147.0 billion in January). In addition the Pension and Social insurance funds received about UAH 39.0 billion (UAH 36.1 billion in February) in the form of unified social contributions," the ministry said.

Data on expenditure for March is not yet available.

The Finance Ministry also said the General Fund's external financing reached around $8.9 billion in March, the most since the crisis began, and around $1.2 billion in the first two months.

Ukraine's parliament has passed a 2024 budget with a deficit of UAH 1.57 trillion or 20.6% of forecast GDP. Budget revenues are expected to total UAH 1.77 trillion, not including potential financial assistance, and spending UAH 3.36 trillion at an average exchange rate of UAH 40.7/$1.

Budget revenue was UAH 2.67 trillion in 2023, according to preliminary data, including UAH 0.43 trillion of assistance. Spending exceeded UAH 4 trillion and the deficit was UAH 1.33 trillion at an average exchange rate around UAH 36.6/$1.