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Implementation of the State Budget - 2023

02 January 2024

According to the preliminary data of the State Treasury Service of Ukraine, in December  2023 , the general fund of the State Budget received UAH 127,1 billion of taxes, duties and other revenues.

Among the payments controlled by the tax and customs authorities, the main revenues were received from:

  • UAH 35.7 billion - value added tax on goods imported into the customs territory of Ukraine;

  • UAH 22.5 billion - value added tax on goods produced in Ukraine, works performed and services rendered (UAH 33.4 billion collected, UAH 10.9 billion refunded);

  • UAH 20.9 billion - personal income tax and military duty;

  • UAH 8.3 billion - excise tax;  

  • UAH 4.1 billion - corporate income tax;

  • UAH 3.2 billion - import and export duties;

  • UAH 3.0 billion - fee for the use of mineral resources. 

Another important source of State Budget revenues in December 2023 was the funds received by Ukraine in the form of international aid (grants): its volume amounted to UAH 20.5 billion in the month.

Implementation for 2023

In 2023, the general fund of the State Budget received over UAH 1.66 trillion in taxes, duties and other payments.

Among the payments controlled by the tax and customs authorities, the main revenues were received from:

- UAH 366.2 billion - value added tax on goods imported into the customs territory of Ukraine;

- UAH 214.6 billion - value added tax on goods produced in Ukraine, works performed and services rendered (UAH 347.0 billion collected, UAH 132.4 billion refunded);

- UAH 176.0 billion - personal income tax and military duty;

- UAH 143.8 billion - corporate income tax;

- UAH 103.9 billion - excise tax;  

- UAH 56.1 billion - fee for the use of mineral resources;

- UAH 30.7 billion - import and export duties

At the same time, the State Tax Service of Ukraine performed its annual revenue plan by 100.7% (+UAH 4.9 billion) and the State Customs Service of Ukraine by 93.9% (-UAH 25.7 billion). The main reason for the lower customs revenues was the blocking of Ukrainian freight traffic by Polish carriers, as well as a stronger than expected hryvnia/US dollar exchange rate.

Another important source of State Budget revenues last year was the funds received by Ukraine in the form of international aid (grants): UAH 425.4 billion at the end of the year.

The largest donor of grant support in 2023 was the United States of America (UAH 400.5 billion). Ukraine also received non-repayable funding from Japan, Norway, Germany, Spain, Finland, Ireland, Switzerland, Belgium, and Iceland totalling up to UAH 25 billion. The funds were allocated to the State Budget through the World Bank's Trust Fund as part of the PEACE in Ukraine project.

UAH 35.9 billion was transferred to the general fund of the State Budget by the National Bank of Ukraine as part of its profit for 2022.

In total, in 2023, the general and special funds of the State Budget received UAH 2.67 trillion in taxes, duties and other payments. In addition, the Pension Fund and social insurance funds received UAH 478.1 billion in unified social tax, including UAH 53.1 billion in December.

According to the State Treasury Service of Ukraine, in 2023, cash expenditures of the State Budget amounted to over UAH 4 trillion, including UAH 3.03 trillion of the general fund, or 98% of the plan for the reporting period.

In 2023, the State Budget was executed with a deficit of UAH 1.33 trillion, including a deficit of UAH 1.36 trillion in the general fund, against the deficit of UAH 1.83 trillion planned for 2023 in the general fund schedule.

Actual public borrowings to the general fund of the State Budget in 2023 amounted to UAH 1.68 trillion, or 73.7% of the planned amount for this period.

The placement of domestic government bonds raised UAH 552.6 billion to finance the State Budget, including UAH 164.1 billion in foreign currency (USD 3.68 billion and EUR 735.8 million).

At the same time, UAH 281.8 billion was raised through the issue of wartime bonds.

In particular, UAH 1.13 trillion (USD 30.9 billion) was received from external sources:

  • UAH 714.9 billion (EUR 18.0 billion) of EU macro-financial assistance under the Memorandum of Understanding between Ukraine and the EU (Instrument for Supporting Ukraine for 2023 (Macro-Financial Assistance+, MFA-IX);

  • UAH 164.0 billion (SDR 3.3 billion) of IMF funds under the four-year EFF Extended Fund Facility Arrangement;

  • UAH 64.2 billion (CAD 2.4 billion) loan from the Government of Canada;

  • UAH 54.9 billion (USD 1.5 billion) of the IBRD loan to support development and recovery policies;

  • UAH 33.3 billion (USD 900.0 million) loan from the IBRD under the project Social Protection for Inclusion, Resilience and Efficiency (INSPIRE) project";

  • UAH 18.3 billion (USD 500.0 million) of the IBRD loan under the Fourth Additional Financing of the project Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project;

  • UAH 18.1 billion (USD 500.0 million) of the IBRD loan under the Fifth Additional Financing of the project Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project;

  • UAH 37.5 billion (USD 1.0 billion) loan from the IBRD under the Sixth Additional Financing of the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project;

  • UAH 16.1 billion (EUR 404.3 million) of IDA loan under the project Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project;

  • UAH 4.8 billion (USD 132.0 million) loan from the IBRD under the project  "Accelerating Investment in Agriculture to Ukraine"; 

  • UAH 1.8 billion (EUR 47.0 million) loan from the IBRD under the project "Health Enhancement and Lifesaving";

  • UAH 1.3 billion (USD 35.0 million) of IBRD funds under the second additional financing for Emergency COVID-19 response;

  • UAH 0.5 billion (USD 15.0 million) of the IBRD loan under the project "Modernisation of the Social Support System of Ukraine";

  • UAH 0.7 billion (USD 18.5 million) of the IBRD loan under the project "Modernisation of the Social Safety Net of Ukraine";

  • UAH 0.5 billion (USD 14.0 million) of the IBRD loan under the Additional Financing to Serving People, Improving Health Project.

At the same time, according to the preliminary data, public debt repayments in January-December 2023 amounted to UAH 436.5 billion (95.8% of the plan), while service payments amounted to UAH 247.4 billion (93.3% of the plan).

The funds raised from the placement of domestic government bonds in January-December 2023 allowed to fully cover the need for funds required to make payments on the redemption of domestic government bonds.

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