The Ministry of Finance Welcomes the Early Performance of Annual Tax Revenue Plan of the State Budget

As of November 24, 2020 the State Tax Service has already executed the revenue annual plan of the general fund of the state budget.

With an annual budget plan of UAH 458.3 billion, as of the current date, the general fund of the state budget has already received UAH 462.9 billion of revenues from payments, controlled by the State Tax Service. The performance is 101.0% (or + UAH 4.5 billion).

To date, when the level of performance of annual revenues indicators from some sources is not reached, the revenues from some other sources have already been overperformed, in particular:

- VAT, taking into account the budget refund, (+ UAH 28.4 billion), in particular by improving the system of monitoring the compliance of tax invoices with the criteria for assessing the level of risk, the elimination of VAT fraud schemes;

- administrative fines and other sanctions (+ UAH 2.2 billion);

- excise tax from excisable goods, imported to the customs territory of Ukraine (+UAH 0.7 billion).

According to Finance Minister Sergii Marchenko, such statistics show effective work in the field of de-shadowing, as the volume of "shadow" operations is significantly reduced, and they are replaced by legal and honest businesses that pay taxes transparently.

At the same time, the VAT reimbursement is made without delay and within the terms, determined by legislation. In particular, the VAT refund in the amount of UAH 12.5 billion is expected in November this year.

"The end of the year is approaching and it already gives an opportunity to evaluate the results of the State Tax Service activities. Facts and indicators represent the efficiency of the State Tax Service of Ukraine. The annual plan on state budget revenues is fulfilled. At the same time, we have more than a month till the end of the year. I am satisfied with the professional work of the STS team: over the past six months, we have seen regular overperformance of tax revenues, which allowed us to compensate underperformance of the state budget general fund revenues, which has been since May. I expect the same positive trends and efficiency in the work of the State Tax Service of Ukraine in the future," - commented Finance Minister Sergii Marchenko.