Ukraine 4M18 budget revenue increases 5% yoy, 2% below plan

2018/5/4 19:45:52

Analyst: “…the surge in tax collections might point to the fact that tax authorities are resorting to the methods of ‘manual’ collection, instead of an automatic regime, to meet the plan.”


KYIV, May 4, 2018 - Ukraine's 4M18 state budget revenue increase 4.8% yoy to UAH 272.5 bln, which is 1.8% below plan, Concorde Capital informed clients based on a State Treasury report on May 2. Net tax revenue increased 11.0% yoy to UAH 121.5 bln (1.0% below plan), while customs revenue rose 8.8% yoy to UAH 99.1 bln (4.5% below plan).

 

In April, net tax revenue surged 57.3% to UAH 29.1 mln, which is 12.4% above plan. At the same time, customs revenue slid 0.1% yoy to UAH 24.2 bln, which is 10.8% below plan.

 

Local budgets’ 4M18 revenue increased 17.6% yoy to UAH 72.6 bln, outperforming plan by 0.7%. Social payments (personal income tax and pension fund contributions paid by employers) jumped 27.3% yoy to UAH 68.4 bln.

 

Concorde analyst Evgeniya Akhtyrko added: “Significant improvement of tax collections in April helped to improve the budget's 4M18 performance, as compared with 1Q18. At the same time, customs revenue remains weak, which is likely to be related to an essential slowdown in import growth. Meanwhile, the surge in tax collections might point to the fact that tax authorities are resorting to the methods of “manual” collection, instead of an automatic regime, to meet the plan.

 

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For more information, link here: www.concorde.ua 

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