1 Feb 2024 13:38

General budget fund revenue up 7% yoy in Jan 2024 - Ukrainian Finance Ministry

MOSCOW. Feb 1 (Interfax) - Taxes, fees and obligatory payments to the general fund of Ukraine's state budget totaled 111.7 billion hryvni in January 2024, according to current information, thus exceeding revenue of January 2023 by 7%, or 7.5 billion hryvni, Ukrainian media said, citing a statement by the Ukrainian Finance Ministry.

Revenue from the State Tax Service grew by 24.4 billion hryvni to 60.2 billion, in addition to revenue from the State Customs Service, which grew by 20.7 billion hryvni to 47.3 billion, the statement said.

The value added tax brought in 34.6 billion hryvni in January (44.4 billion hryvni collected, 9.8 billion hryvni reimbursed), alongside 12.7 billion hryvni from personal income tax and military tax, 8 billion hryvni from excise, 3.5 billion hryvni from rent, and 1.9 billion hryvni from corporate income tax, it said.

According to current information, the monthly breakdown of the general budget fund revenue was exceeded by 20.9%, including by 12.4% by the State Tax Service and 30.2% by the State Customs Service, the ministry said.

"On the whole, according to current information, 147.0 billion hryvni of taxes, dues and other payments were transferred to the general and special funds of the state budget at the end of January. Additionally, about 31.3 billion hryvni were transferred to the Pension Fund and social insurance funds as unified social contributions (as of January 31)," the ministry said.

January revenue has yet to be posted.

As reported, the Ukrainian parliament approved the 2024 state budget with a deficit of 1.57 trillion hryvni, or 20.6% of the forecasted GDP. The 2024 state budget revenue is planned at 1.77 trillion hryvni (without possible grants), alongside 3.36 trillion hryvni expenditures, with the average annual exchange rate of 40.7 hryvni to the dollar.

According to current information, the 2023 state budget had 2.67 trillion hryvni revenue, including 0.43 trillion hryvni as grants. Cash disbursements exceeded 4 trillion hryvni and the deficit amounted to 1.33 trillion hryvni last year, with an average annual exchange rate of about 36.6 hryvni to the dollar.