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In Ukraine gathered 8 billion less in taxes than planned

В Украине собрали на 8 миллиардов меньше налогов, чем планировалиThere were several main factors that complicated the implementation of the targets.

Tax revenues in the General Fund budget for the year was 8.1 billion hryvnia lower than planned.

About it reports a press-service of the Ministry of Finance.

As reported during the year, the Ministry of Finance, there were several major factors that complicated the implementation of the targets.

A few key factors that negatively affected tax revenues include: advance rent payments (in December 2017 was paid 4.8 billion UAH, which were incorporated into the plan for 2018), the decline in production of tobacco products (10.1% yoy in 11 months of 2018) and also lower than budgeted in the state budget the prices of petroleum products, lack of devaluation of the hryvnia, smaller volumes of natural gas imports.

However, the amounts of VAT refunds, which automatically was higher than expected.

In addition, tax revenues to the state budget adjusted by 3.2 billion UAH, which were directed to local budgets for road repairs (customs experiment).

As a result, despite the fulfillment of the plan of revenues from profit tax of enterprises, tax revenues in the General Fund budget for the year was 8.1 billion lower than planned and amounted to 716,6 billion UAH (according to the operative data of the State Treasury service).

В Украине собрали на 8 миллиардов меньше налогов, чем планировали

“As for costs, that the results of the year the government fully financed all of the protected items of expenditure. Overall, expenditures for the General Fund of the state budget amounted to 884,5 billion, which is 2.4% less than planned performance. The main item for which actual expenditures were $ 12.2 billion lower than planned due to exchange rate difference, it was government debt servicing”, – the Ministry said.

The Finance Ministry said that in December when changes to the state budget for 2018 was increased by the transfer to the Pension Fund to UAH 10.8 billion, in order to minimize the liquidity of the Fund.

“Proceeds from the SST were less than planned due to the failure of the plan to pay the ERU entrepreneurs on the common system of taxation, and this against the background of increasing costs. Therefore, during the year the Pension Fund received loans with CEN and end of year accumulated all of the loans that were provided for it in 2018, in the amount of UAH 4.8 billion (although in some months, these amounts have reached more than 16 billion UAH),” – detailed in the Ministry.

The Ministry has taken compensatory measures traditionally higher than the average monthly expenditures of the Dec, which allowed for the first time in recent years to reduce the possible negative effects of such costs on the exchange rate and inflation.

“We provided financing of protected articles of expenditures react to current issues and taking action regarding the failure of separate budget indicators”, – stated in the message.

The Finance Ministry has noted that this gave the opportunity to draw the right conclusions for the formation of the budget for 2019.

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