The state budget for the year 2018, approved by the President
President of Ukraine Petro Poroshenko has signed the law on the budget for 2018.
On 7 December, the Parliament adopted the state budget for 2018 late in the evening of 7 December. For the corresponding bill voted by 267 deputies. “The biggest thing for years. For the thirty-first 24 days, and the Verkhovna Rada already voted the budget”, – said Poroshenko immediately after the adoption of the bill. The main priorities of the budget of the 2018 provided economic growth and raising incomes, strengthening of the defense capability, support of the agricultural sector and construction of roads, decentralization and energy efficiency, and the development of human capital.
According to the document, the budget revenues will amount to 913 billion 613 million 702,5 thousand hryvnias (an increase of 18.5% in comparison with 2017), the cost – 988 billion 634 million 334,5 thousand hryvnias (an increase of 17.5% compared to 2017). In addition, the maximum amount of public debt on 31 December 2018 set at 1 trillion 999 billion 347 million 176,8 thousand hryvnias. For 2018, the subsistence minimum on one person counting on the month is set at 1 January 2018 – 1700 hryvnia, with 1 July 1777 hryvnia, from December 1 – 1853 of the hryvnia. Minimum wage from January 1 – 3723 hryvnia. According to Poroshenko, the budget for 2018 takes account of the increase of the army by almost 25% to 86 billion hryvnia.
We will remind, on 7 December, the Verkhovna Rada of Ukraine approved amendments to the Budget code of Ukraine. The law specifies the procedure for the formation and execution of local budgets, inter-budgetary relations between state budget and local budgets. On the same day, the Parliament introduced changes to the Tax code of Ukraine. In particular, the law provides gradual (up to 2025) increase in the specific excise tax rates on tobacco products and the minimum excise tax liability with respect to excise tax on tobacco products.
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