Page 43 - UKRRptJul20
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6.0 Public Sector 6.1 Budget
6.1.1 Budget dynamics - results
Ukraine's state budget revenue rose 2.5% y/y to UAH519.5bn ($19.4bn) in January-June, which is 6.2% below plan, the State Treasury provisionally reported on July 1.
Net tax revenue jumped 24.9% y/y to UAH269.7bn ($10bn), which was 0.6% below plan amid 15% y/y growth in gross tax revenue and a 10.3% y/y fall in VAT reimbursement. Customs revenue plummeted 17.6% y/y to UAH125.1bn (21.4% below plan).
Local budgets' fiscal revenue improved 1.8% y/y to UAH134.9bn in 1H20, which is 10.0% below plan. Social payments (pension and other social fund contributions paid by employers) advanced 5.2% y/y to UAH132.2bn.
In June alone, state budget revenue surged 63.7% y/y to UAH131.2bn, which is 10.9% above plan. Net tax revenue more than doubled to 89.1bn (7.7% above plan) amid a 75.7% y/y surge in gross tax revenue and a 14.5% y/y decline in VAT reimbursement. Customs revenue fell 7.7% y/y to UAH21.7bn (0.1% above plan).
"The budget revenue surge in June came as a big surprise. Sliding VAT
43 UKRAINE Country Report July 2020 www.intellinews.com
