STS has exceeded the Ministry of Finance’s indicator on the state budget revenues by 2.5 billion UAH in February 2020

Press service of the State Tax Service of Ukraine, published 02 March 2020 at 14:01 Chapter: News

Revenues (net balance) from taxes and fees to the General fund of the State budget have amounted 37.1 billion UAH in February 2020; indicative figures of the Ministry of Finance of Ukraine have been fulfilled by 107.1% (+2.5 billion UAH).

In February 2020, the General fund of the State budget received 27.6% or 8.0 billion UAH more than in February 2019.

In February 2020, collection of payments to the General fund of the State budget (excluding the budgetary VAT reimbursement) has amounted 47.9 billion UAH – which is 5.8 billion UAH (+13.7%) more than in February 2019.

Positive results have been achieved in the context of major budget-forming payments.

As follows, indicator of the value added tax has amounted 145.4% or +3.4 billion UAH (10.8 billion UAH in February 2020).  

20.8 billion UAH was declared in February 2020 due to improved quality of the tax revenue analysis, efficiency of administration and implementation of the new system of monitoring the compliance of tax invoices with the level of risk assessment – which is 1.9 billion UAH (+ 9.8%) more than in February 2019.

As a result, the backlog of the VAT revenues of January has already been closed: fulfilment of indicator over in January-February 2020 is 105.1% or 0.9 billion UAH.

Indicators of alcohol (142.2%), alcohol beverages (111.3%), beer (127.0%) and tobacco products (100%) have been fulfilled according to the joint actions undertaken within the framework of the Government’s program on the un-shadowing the excisable goods market. These results reduced the gap (from 5.9 billion UAH to 3.4 billion UAH) which was in January 2020. Thus, in February 2020, indicators for all types of excisable products, except electricity, were fulfilled.

The biggest challenge for the State budget is the lack of rent payment for the use of mineral resources for natural gas production (54.8%, minus 1.3 billion UAH), the Ministry of Finance’s indicative figures are set to increase by 16.4% in comparison to February 2019, herewith the average customs price for gas in January 2020 has been halved compared to January 2019 (January 2019 – 8 892.1 UAH per 1.000 cubic meters, January 2020 – 4 199.02 UAH).

“In the end January, I promised that the Tax service will fulfil the budget revenue plan for February 2020. Result we have demonstrated speaks for itself. I want to assure everyone that we are not going to stop, so we will keep the high bar, which we have determined. Whatever happens around us, the Tax service will do its job more effectively” – emphasized Chairman of the STS Serhii Verlanov.