State Budget Performance for August 2020: 119.7% Overfulfillment by the Tax Authorities and 101.1% Overfulfillment by the Customs
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According to preliminary data of the State Treasury Service, in August 2020, the general fund of the state budget received UAH 85.4 billion, the plan was completed by 119.7% or + UAH 14.0 billion.
Revenues from payments controlled by the State Tax Service amounted to UAH 56.3 billion, the planned figure was fulfilled by 133.2%, or + UAH 14.0 billion.
The main payments that resulted in overperformance were:
- value added tax (+9.2 billion), including through the fight against abuse in the tax refund from the budget;
- rent for subsoil use (+1.7 billion);
- personal income tax and military tax (+0.9 billion);
- excise tax (+0.5 billion).
At the same time, the monthly plan of corporate income tax was performed in full – the state budget received UAH 18.1 billion, or 100.8% of the target.
Receipts of customs payments to the general fund of the state budget in August 2020 amounted to UAH 26.9 billion. Starting in June of the current year, for the third month in a row, the State Customs Service performs a monthly plan for customs payments, in particular, the performance in June amounted to 100.1%, in July to 100.4% and in August to 101.1%.
Over the last four months of this year, the non-fulfillment of the budget targets, compared to January-April, decreased by almost UAH 26 billion to UAH (18.4) billion, as a result the cumulative performance in January-August improved to 97.0% (in January-April 2020, performance was 86.1% or - UAH 44.2 billion).
According to the preliminary data of the State Treasury Service for January-August 2020, expenditures on the general fund of the state budget amounted to UAH 646.6 billion, or 87.4% of the target for the reporting period. At the same time, social expenditures, defense expenditures, debt service and subventions and subsidies to local budgets are fully financed in accordance with the plan on the basis of payment orders.
In January-August 2020, the state budget was performed with a deficit of UAH 40.0 billion, including the general fund with a deficit of UAH 51.0 billion, with the general fund target of the reporting period in the amount of UAH 127.3 billion.
Actual government borrowings to the general fund of the state budget for January-August 2020 amounted to UAH 378.2 billion, or 92.3% of those planned for this period.
A total of UAH 208.0 billion (86.8% of the target) was attracted from the placement of domestic government loan bonds to finance the state budget, including UAH 84.6 billion due to the issuance of domestic government bonds in foreign currency (USD 2.4 billion and EUR 0.7 billion).
UAH 170.3 billion (100.0% of the target) was attracted from external sources, in particular:
- UAH 33.9 billion by placing 10-year Eurobonds worth EUR 1.25 billion at 4.375% per annum;
- UAH 1.350 billion (USD 50.0 million) obtaining IBRD loan funds within the project "Modernization of the Social Support System in Ukraine";
- UAH 55.2 billion (SDR 1.5 billion) – receipt of the first tranche of the IMF loan under the Stand-by-2020 program;
- UAH 15.0 billion (EUR 500 million) – receipt of funds within the EU Macro-Financial Assistance;
- UAH 55.4 billion by placing 12-year Eurobonds worth USD 2.0 billion at 7.253% per annum, including UAH 24.1 billion (USD 0.9 billion) for the implementation of a transaction on public debt for early repayment / redemption of foreign government bonds in 2015 with repayment in 2021-2022;
- UAH 9.0 billion through private placement of an additional issue of foreign government bonds of the second series in 2015 in the amount of USD 328.8 million for the purpose of a transaction with government derivatives.
At the same time, payments on public debt repayment in January-August 2020 amounted to UAH 275.2 billion (99.9% of the target), service payments amounted to UAH 76.7 billion (92.6% of the target).