16:11 04.10.2016

Revenue target of national budget not met by 6.8% in Sept

2 min read
Revenue target of national budget not met by 6.8% in Sept

Ukraine's national budget in September 2016 posted UAH 46.35 billion in revenue, which is 6.8% less than the budget target, including UA 39.82 million sent to the general fund (13.3% less than the target).

According to a Monday report of the State Treasury Service, in January-September 2016 budget revenue reached UAH 407.53 billion, not meeting the target by 6%, including UA 378.39 billion for the general fund (5.9% less than the target).

The main reason of lagging behind the budget targets is the absence of payment by the National Bank of Ukraine (NBU): it was planned that the central bank will send UAH 27 billion of profit for 2015 in the period of January through September 2016, including UAH 4 billion in September.

The authority said that budget revenue last month fell by 0.6% compared to September 2016, including by 5.3% for the general fund, while in January-September revenue grew by 6%, including by 4.7% for the general fund. The NBU in September 2015 sent UAH 8 billion to the budget and UAH 47.13 billion in January-September 2015.

Tax revenue in September 2016 (UAH 16.97 billion) was 17.5% less than the target, while customs payments (UAH 21.36 billion) exceeded the target by 5.3% and permitted the State Fiscal Service to cut the gap by 6.2%.

Partially non-meeting of the tax target in September is linked to a rise in refunding of VAT to UAH 9.31 billion compared to average refunding of UAH 6.8 billion in the previous months.

In January-September 2016, tax revenue (UAH 199.01 billion) were 1.1% lower than the target and customs revenue (UAH 166.87 billion) exceeded the target by 5.5%.

Payments of single social security tax after its reduction early 2016 to 22% plunged. In September they totaled UAH 10.88 billion and this is 29% or UAH 4.45 billion worse than in September 2015. Since early 2016 it reached UAH 94.49 billion (28.4% down year-over-year).

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