In Q1 2021 State Budget Revenues Overperformed the Plan by 4.7%

In March 2021 the State Budget received UAH 94.8 billion in the general fund according to the preliminary data of the State Treasury Service. The budget was executed for 105.7% (+ UAH 5.1 billion).

The revenues from the State Tax Service amounted to UAH 57.7 billion or 105.4% of the March budget plan (+ UAH 3 billion), including:

- personal income tax and military tax - UAH 10.7 billion;

- corporate profits tax - UAH 24.7 billion; 

- fee for the use of mineral resources - UAH 3.2 billion;

- excise tax on goods produced in Ukraine - UAH 4.5 billion;

- value-added tax - UAH 12.9 billion (UAH 25 billion were collected, UAH 12.1 billion were reimbursed).

Corporate profit tax receipts exceeded the planned ones both for the results of March (+ UAH 1.4 billion), and the first quarter as a whole (+ UAH 1.6 billion).

The revenues of the general fund of the state budget from customs payments were UAH 34.4 billion or 108.6% of the March plan (UAH 2.7 billion). UAH 31.8 billion was received in the form of VAT, while UAH 2.5 billion - import duties.

The revenues of the general fund of the state budget for the first quarter of 2021 amounted to UAH 219.7 billion or 104.7% of the budget plan for the reporting period (+ UAH 9.9 billion). In Q1 2021, the State Tax Service revenues were UAH 128.7 billion, overperforming the budget plan for 6.2% (+ UAH 7.6 billion), while the State Customs Service's revenues totaled UAH 83.4 billion, which is 3.7% more than planned for this period (+ UAH 3 billion).

The proceeds from social security tax paid to the Pension Fund and Social Security Fund in Q1 2021 amounted to UAH 76.6 billion, which overperformed the State Pension Fund's plan for the relevant period by UAH 0.8 billion. Of this amount, UAH 27.0 billion were received in March (+ UAH 0.6 billion to the plan).

According to the preliminary data of the State Treasury Service, for Q1 2021, the expenditures for the general fund of the state budget amounted to UAH 253.9 billion, or 91.7% of the budget expenditures of the relevant period. Financing of social expenditures, defense expenditures, debt service, subventions and subsidies to local budgets were carried out in full according to the budget plan and based on payment orders.

In Q1 2021, the state budget was executed with a deficit of UAH 24.4 billion, including the general fund deficit of UAH 33.6 billion (comparing to UAH 66.8 billion planned for this period).

Actual state borrowings to the general fund of the state budget in Q1 2021 were UAH 118.7 billion.

The borrowings on the domestic market for the first three months of 2021 amounted to UAH UAH 118.7 billion, including UAH 27.0 billion (USD 886.3 million and EUR 70.5 million) of domestic government bonds denominated in foreign currency.

In Q1 2021, no funds were received from external sources.

The public debt principal payments for the 1st quarter of 2021 amounted to UAH 106.9 billion, debt service payments amounted to UAH 37.4 billion.