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In February, corporate income tax and dividends from state-owned enterprises provided more than a third of the revenues of the general fund of the State Budget

05 March 2024

According to the State Treasury Service of Ukraine, in February 2024, the general fund of the State Budget received UAH 188.6 billion.

Among the payments controlled by the tax and customs authorities, the main revenues were received from:

  • UAH 66.8 billion - corporate income tax and dividends from state-owned enterprises;

  • UAH 32.0 billion in value added tax on goods imported into the customs territory of Ukraine;

  • UAH 15.9 billion - personal income tax and military duty;

  • UAH 15.3 billion - value added tax on goods produced in Ukraine  (UAH 27.1 billion collected, UAH 11.7 billion refunded);

  • UAH 12.6 billion - excise tax;  

  • UAH 3.7 billion - - fee for the use of mineral resources;

  • UAH 3.3 billion - import and export duties.

At the same time, other payments amounted to UAH 8 billion. In addition, in February, the general fund of the State Budget received UAH 31.0 billion in international assistance (grants). The funds were received under World Bank projects from Japan and Norway.

The State Tax Service performed its monthly revenue plan by 116.6% (+ UAH 15.8 billion) and the State Customs Service by 93.1% (- UAH 2.9 billion). Among the reasons for the customs underperformance of the State Budget in February was the blockage of road access to the border checkpoints by Polish protesters, which resulted in the State Budget missing out on almost UAH 8 billion.

In total, as of February 2024, the general and special funds of the State Budget received UAH 243.6 billion in taxes, fees and other payments.

January-February 2024

According to the State Treasury Service of Ukraine, in January-February 2024, the general fund of the State Budget received UAH 304.6 billion.

Among the payments controlled by the tax and customs authorities, the main revenues were received from:

  • UAH 68.9 billion in value added tax on goods imported into the customs territory of Ukraine;

  • UAH 68,7 billion –  corporate income tax and dividends from state-owned enterprises;

  • UAH 50,4 billion – value added tax on goods produced in Ukraine  (UAH 72.0 billion collected, UAH 21.5 billion refunded);

  • UAH 28.9 billion - personal income tax and military duty;

  • UAH 24.8 billion - excise tax; 

  • UAH 7.9 billion - import and export duties;

  • UAH 7.2 billion - fee for the use of mineral resources.

At the same time, other payments amounted to UAH 13.4 billion. In addition, in January-February, the general fund of the State Budget received UAH 34.4 billion in international assistance (grants). The funds were received under World Bank projects from Japan and Norway.

In January-February, the State Tax Service performed 115.6% of its revenue plan (+UAH 23.2bn) and the State Customs Service 110.2% (+UAH 8.0bn).

The unified social tax revenues to the Pension Fund and social insurance funds in January-February totalled UAH 76.3 billion, of which UAH 42.0 billion was received in February.

In total, in January-February 2024, the general and special funds of the State Budget received UAH 397.9 billion in taxes, fees and other payments.

According to the State Treasury Service of Ukraine, in January-February 2024, the expenditures of the State Budget amounted to UAH 492.0 billion, including UAH 424.0 billion of the general fund.

Actual public borrowings to the general fund of the State Budget in January-February 2024 amounted to UAH 83.7 billion.

UAH 72.3 billion, including UAH 39.0 billion in foreign currency (USD 468.4 million and EUR 509.8 million) was attracted for the financing of the State Budget from the placement of domestic government bonds.

In particular, UAH 11.4 billion (or USD 300.2 million) was received from external sources:

  • UAH 11.3 billion (USD 297.0 million) — IBRD loan as part of the financing of the World Bank’s Investing in Social Protection for Inclusion, Resilience and Efficiency (INSPIRE) project.

  • UAH 0,1 billion (EUR 3.0 million) — IBRD loan through the project Health Enhancement And Lifesaving (HEAL Ukraine).

At the same time, public debt repayments in January-February 2024 amounted to UAH 67.7 billion (94.69% of the plan), and service payments - UAH 35.6 billion (95.5% of the plan). The funds raised from the placement of domestic government bonds in January-February 2024 allowed to fully cover the need for funds required to make payments on the redemption of domestic government bonds.

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