10:57 03.03.2017

Revenue target of Ukraine's 2017 national budget met by 109.2% in Jan-Feb

Revenues of Ukraine's national budget in January and February 2017 totaled UAH 112.04 billion, which was 9.2% or UAH 9.4 billion more than the target, the State Treasury Service reported on Thursday.

According to the report, revenue grew by UAH 41.45 billion or 58.7% year-over-year.

In February along, the budget had UAH 52.59 billion of revenue. This was 12% or UAH 7.19 billion less than the target. It is linked to the fact that in January only UAH 30 million of VAT was refunded, and the target was met by 138.7% (UAH 16.59 more than the target).

In January and February 2017 UAH 17.01 billion was paid to refund VAT. This is 6.6% more than the figure for the first two months of the previous year.

In general, revenue from collected taxes in January-February 2017 grew by 80.8% year-over-year, to UAH 62.25 billion, while revenue from collected customs duties rose by 34.4%, to UAH 40.35 billion. The two month target was met by 108.4% and 112% respectively.

The general fund of the national budget had UAH 105.22 billion of revenue in January-February 2017. This was 10% more than the target and 58.6% more than in January-February 2016.

The treasury service also said that local budgets revenue in the first two months of 2017 increased by 48.4% year-over-year, to UAH 29 billion. In February, it rose by 43%, to UAH 16.36 billion.

Revenue from single social security tax in February when the effect of doubling wages can be seen for the first time, grew by 43.1% on February 2016, being UAH 13.55 billion.

In January and February 2017, revenue from single social security tax increased by 24.2%, to UAH 24.63 billion.

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