Ukraine exceeds budget revenue target, but not thanks to customs
6 December 2024 13:06
In January-November 2024, Ukraine exceeded its state budget revenue target, according to the State Treasury Service. But there is a nuance: The State Tax Service fulfilled the plan by 108%, while the Customs Service – only by 96.8%, reports "Komersant Ukrainian".
In November 2024, revenues to the general fund of the state budget amounted to UAH 220.0 billion, with the largest share coming from corporate income tax(UAH 44.3 billion) and VAT on imported goods(UAH 39.8 billion). The government also managed to achieve an increase in payments of personal income tax and military duty, which amounted to UAH 22.8 billion.
Over the first 9 months of the year, the largest share of tax revenues came from value added tax (VAT). In the first 11 months of 2024, the budget received UAH 424.0 billion in VAT on imported goods and UAH 242.7 billion on goods produced in Ukraine. At the same time, UAH 139.9 billion was reimbursed to support businesses.
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The unified social contribution (USC) also continues to be a stable source of funding for social programs. In January-November, the Pension and Social Funds received UAH 489.8 billion, of which UAH 49.1 billion was paid in November.
However, despite the overall positive trend, the customs service was unable to fulfill its monthly plan by 100%. In November, the fulfillment of the customs payment plan was only 78.7%, which may indicate some problems in administration and fluctuations in foreign trade.
But this should change soon, as Zelenskyy has signed the customs reform law.
Meanwhile, the tax increase for individual entrepreneurs was postponed to January, and Hetmantsev’s “Google Tax” has made its way to GPT chat: the subscription fee will increase by 20% starting in the new year.
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