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Finance Minister says the results testify to the successful efforts toward de-shadowing.
The State Tax Service (STS) as of November 24 has already met the annual target for the revenues to the state budget's general fund.
"With an annual list of UAH 458.3 billion for such payments assigned to the STS, the general fund of the state budget has already received UAH 462.9 billion. That is, the implementation is 101%, or +UAH 4.5 billion," as reported by the Finance Ministry's press service.
Today, even if the level of fulfillment of annual indicators for individual sources has not been reached, some have already been exceeded. In particular, this is the value-added tax (VAT), taking into account budgetary refund (+UAH 28.4 billion); administrative fines and other sanctions (+UAH 2.2 billion); and excise tax on excisable goods imported into the customs territory of Ukraine (+UAH 0.7 billion).
Commentary by finance minister
According to Finance Minister Serhiy Marchenko, the results testify to the successful efforts toward de-shadowing, since the volume of "shadow" operations has significantly reduced, while many businesses are now operating within the legal framework, paying taxes.
At the same time, VAT refunds occur without delay and within the timeframe established by law, the minister said. In particular, VAT refunds worth UAH 12.5 billion are expected in November this year.
"The end of the year is approaching, and this allows us to assess the performance of the tax agency. Facts and figures speak of the STS efficiency. The annual budget revenue plan has been fulfilled. At the same time, more than a month is still left until year-end. Yes, I am satisfied with the work of the professional tax team: over the past six months we have seen a regular overfulfillment on revenues, which gave us the opportunity to catch up with the lag in the general fund budget revenues, which has been recorded since May," the press service quoted Marchenko as saying.
The minister expects the same positive trends and efficiency of tax authorities in the future.
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Marchenko expects the state budget profitability targets to be exceeded by late 2020.
Earlier, Prime Minister Denys Shmyhal said the non-fulfillment of the target for state budget revenues as of early November amounted to UAH 1.6 billion.