Tax overpayments in Ukraine at almost US$1.6 bln as of Jan 1

Ukraine's State Tax Service (STS) says tax overpayments to the national budget as of January 1, 2020, totaled UAH 38.7 billion (US$1.58 billion), which was 4.3% up from the figure reported as of January 1, 2019.

"Fake information is spreading in social networks, claiming that the 2019 budget implementation by the STS was allegedly possible only due to tax overpayments. In fact, budget execution was made possible due to proper tax administration. But the amount of overpayments in the last three years has hardly changed," the STS wrote on Facebook on February 18, having posted the relevant infographics.

Read alsoHow Yanukovych's economic policies almost finished Ukraine

In particular, tax overpayments stood at UAH 38 billion (US$1.55 billion) as of January 1, 2018, UAH 37.1 billion (US$1.52 billion) as of January 1, 2019, and UAH 38.7 billion (US$1.58 billion) as of January 1, 2020.

The State Tax Service emphasized that the information that the national budget as for revenue has been executed solely due to tax overpayments is false.

As UNIAN reported earlier, the Ukrainian national budget's general fund in 2019 received UAH 457.3 billion (US$18.7 billion) in tax revenue, which was UAH 66.7 billion (US$2.7 billion), or 17.1%, up from 2018.