State Budget Performance in January - April 2021

According to preliminary data of the State Treasury Service, in April 2021 the State Budget received UAH  94.1 billion, which was executed by 96.9% (UAH 3.0 billion less than planned).

The underperformance of the state budget was due to the less amount of funds (profit) transferred to the budget by the National Bank of Ukraine in 2020 (UAH 24.4 billion, while UAH 33.0 billion was planned in the budget), at the same time it was partially compensated by the overperformance of State Tax Service and State Customs Service.

The revenues from the State Tax Service amounted to UAH 36.5 billion or 109.4% of the April budget plan (+UAH 3.1 billion), including:

• personal income tax and military fee - UAH 11.5 billion;
• corporate profit tax - UAH 1.9 billion;
• fee for the use of mineral resources - UAH 3.1 billion;
• excise tax on goods produced in Ukraine - UAH 6.2 billion;
• value-added tax - UAH 12.2 billion (UAH 24.7 billion collected, UAH 12.4 billion refunded).

The revenues of the general fund of the state budget from customs payments amounted to UAH 30.4 billion or 107.8% of the April forecast (+UAH 2.2 billion). From the total receipts, UAH 28.4 billion was received in the form of value-added tax, while UAH 1.8 billion was import duties.

The general fund of the state budget for the first four months of 2021 received UAH 313.8 billion or 102.3% of the reporting period (+UAH 6.9 billion). The revenues from the State Tax Service amounted to UAH 165.2 billion. The plan for January-April was executed by 106.9% (+UAH 10.7 billion). The State Customs Service - UAH 113.8 billion, the implementation was 104.8% of the plan (+UAH 5.2 billion).

The proceeds from social security tax paid to the Pension Fund and Social Security Fund in January-April 2021 amounted to UAH 106.4 billion, which overperformed the State Pension Fund's plan for the relevant period by UAH 4.4 billion. Of this amount, UAH 29.8 billion was received in April (+UAH 3.7 billion more than planned).

According to the preliminary data of the State Treasury Service of Ukraine, in January-April 2021, the expenditures of the general fund of the state budget amounted to UAH 344.0 billion, or 91.3% of the budget expenditures for the accounting period. Financing of social expenditures, expenditures on defense, debt service, subventions, and subsidies to local budgets was carried out in full following the budget plan based on payment orders.

In January-April 2021, the state budget was executed with a deficit of UAH 27.2 billion, including a deficit of UAH 29.4 billion of the general fund of the state budget (comparing to UAH 69.2 billion planned).

The actual state borrowings to the general fund of the state budget in January-April 2021 amounted to UAH 170.1 billion or 88.3% of planned for this period.

UAH 135.4 billion, including UAH 30.4 billion in foreign currency (USD 956.4 million and EUR 112.3 million), was raised for the state budget in January-April of this year.

During the 4 months of 2021, UAH 34.7 billion was received from external sources, as a result of long-term Eurobonds of USD 1.25 billion maturing in 2029, with a yield of 6.875% per annum.

In January-April 2021, the public debt principal payments amounted to UAH 141.9 billion, debt service payments amounted to UAH 45.7 billion.