The annual indicators of filling the budget in 2020 were met in full / Photo from ua.depositphotos.com
The deficit of the general fund was estimated at US$7.58 billion.
As much as UAH 877.6 billion, or US$30.87 billion, was transferred to the general fund of Ukraine's national budget in 2020, the actual amount exceeded the plans by 2.2%, according to the State Treasury Service's rough estimates.
This was reported by the Ukrainian Finance Ministry's press service.
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It says the annual indicators of filling the budget in 2020 were met in full, despite the difficult situation at the beginning of the year, when shortfalls in the general fund of the state budget in January-April 2020 amounted to UAH 44.2 billion, or US$1.55 billion.
Payments collected by the State Tax Service amounted to UAH 507.5 billion (US$17.85 billion), or 110.7%, which is UAH 49.2 billion (US$1.73 billion) more than the annual plan. Value-added tax (VAT) refunds alone amounted to UAH 143.1 billion (US$5.03 billion).
The major payments that helped the government to ensure more revenue than planned were those of value-added tax (+UAH 40.2 billion, or US$1.41 billion), personal income tax and war tax (+UAH 6 billion, or US$211.04 million), as well as excise tax on products manufactured in Ukraine (+UAH 4.8 billion, or US$168.84 million).
Customs payments channeled into the general fund of the budget totaled UAH 297 billion (US$10.45 billion), or 91.2% of the annual plan, the ministry said. In December 2020 alone, the State Customs Service managed to exceed its plan by 23.5%, or UAH 6.2 billion (US$218.08 million).
"According to the Treasury's update, spending of the general fund of the state budget in 2020 amounted to UAH 1.098 trillion (US$38.62 billion), or 96.7% of the annual target. At the same time, expenditures on the social sector, defense spending, debt servicing and subsidies to local budgets are fully funded according to the plan, based on payment orders," the message says.
However, the general fund of the budget in 2020 was executed with a deficit of UAH 215.5 billion, or US$7.58 billion, with the ceiling amount capped at UAH 274.5 billion (US$9.66 billion).
Actual borrowings by the government for the general fund of the budget in 2020 totaled UAH 621.5 billion (US$21.86 billion), or 93.8% of the amount planned for that period.
As of January 1, 2021, there was UAH 70.7 billion, or US$2.49 billion, in the State Treasury Service's accounts, which is a record amount over the past decade.