Tax revenues to the state budget exceeded the planned figures

Ukraine exceeded its budget plan thanks to the efforts of entrepreneurs

During the 11 months of 2023, revenues to Ukraine’s state budget exceeded the planned figures by 5.2%. This was facilitated by the responsibility of taxpayers and the resilience of entrepreneurs, despite the challenges of war and the energy crisis.

Since the beginning of the year, according to the acting head of the State Tax Service, Lesia Karnaukh, actual revenues to the general fund of the state budget amounted to UAH 1.154 trillion. This figure exceeded the plan by UAH 57.3 billion, which is UAH 215.7 billion more compared to the revenues for the same period last year.

Karnaukh emphasized that the recent months have been extremely tough for the Ukrainian economy due to daily infrastructure attacks and energy supply issues. This affected production volumes, and accordingly, tax revenues, particularly VAT and corporate income tax.

Despite this pressure, November’s budget revenues amounted to UAH 128.2 billion. In particular, the following amounts were received: UAH 53 billion from corporate income tax, UAH 31.6 billion from personal income tax and military levy, UAH 22.6 billion from VAT including reimbursed amounts, UAH 11.1 billion from excise tax, and UAH 5.4 billion from rent payment.

Karnaukh noted that the challenges remain significant, but joint efforts are aimed at maintaining the state’s financial stability. Earlier, the National Bank reported that the energy situation in the country could slow down economic growth. Nevertheless, state budget revenues continue to grow.