Page 38 - UKRRptMay21

In January-March of this year, tax revenues brought UAH 128.6 billion and were 6.2% higher than the expected figure and 16.1% higher than in January-March 2020.
VAT refunds in March fell to UAH 12 billion from UAH 12.47 billion in February.
Local budget revenues last month were 4% higher than the expected level - UAH 27 billion, which is 24.4% higher than in March 2020.
Proceeds from social security tax amounted to almost UAH 27 billion last month, which is 12.6% more than in March 2020.
6.1.2 Budget dynamics - specific issues...
The deficit of the Pension Fund in January-March 2021 amounted to UAH7.5bn, according to its website.
According to the data on the fund's website, revenues for this period amounted to UAH116.6bn with expenses of UAH124.1bn.
The Pension Fund's revenues in February amounted to UAH40.1bn, of which UAH26.2bn were its own revenues, and UAH13.9bn came from the state budget.
At the same time, receipts from social security tax in March amounted to UAH23.3bn against the planned UAH24bn, while in the first quarter this figure amounted to UAH66.2bn, which is UAH3.3bn less than the expected figure, according to released data.
"In March, the Pension Fund again covered its deficit through loans from the single treasury account and was unable to return UAH6.6bn at the end of the month, compared to UAH3.7bn in February. Thus, from the beginning of 2021, the amount of outstanding funds of the fund to the single treasury account is UAH13.3bn," the Kyiv School of Economics said on Telegram.
According to its experts, this situation has arisen due to the accelerated indexation of pensions, which this year did not take place on July 1, as provided by the Pension Fund budget, but on March 1.
Earlier, the government noted that indexation increased pensions by 11% for 7.9mn citizens, that is, by an average of UAH308.
6.1.3 Budget dynamics - funding
Ukraine issued a $1.25bn eight-year Eurobond on April 26 to high demand with total demand topping $3.3bn despite the country’s recent tensions with Russia, Reuters reported on the same day.
The bond will price for a yield of 6.875% as announced earlier, the lead manager told Reuters.
The country managed to cut the yield on the bond from the region of low 7% when the sale started earlier the same day as demand increased from an initial $2.9bn.
38 UKRAINE Country Report May 2021 www.intellinews.com