Ukraine's Tax Service collects more taxes than planned

Ukraine's State Tax Service (STS) says the growth rate of total tax revenue collected by the Service for 11 months of 2020, according to rough estimates, stood at 10.7%.

Read alsoExporters, importers improve assessment of Ukrainian customs – pollIn January-November 2020, UAH 472.7 billion (US$16.55 billion) was transferred to the national budget's general fund, that is the revenue target set at UAH 431.4 billion (US$15.11 billion) was exceeded by UAH 41.4 billion (US$1.45 billion)," the STS press service said on its website on December 1.

The figure was 15.1%, or UAH 62.1 billion (US$2.2 billion), up year-over-year (y-o-y), the report said.

Over the period under review, the target of value added tax (VAT) was surpassed by 53.5%, as UAH 108.2 billion (US$3.8 billion) in VAT was collected (target set at UAH 70.5 billion/US$2.5 billion), which was 1.4 times, or UAH 31.9 billion (US$1.1 billion), up y-o-y.

In November 2020 alone, the VAT target (UAH 47.8 billion/US$1.7 billion) was exceeded by 11.5%, or UAH 53.3 billion (US$1.9 billion), which was 2.1 times, or UAH 5.5 billion (US$192.6 million), up y-o-y.

VAT amounts declared for refunding in January-November 2020 totaled UAH 122.9 billion (US$4.3 billion), while UAH 128.7 billion (US$4.5 billion) (including previously claimed sums) was reimbursed.

In November 2020, UAH 12.6 billion (US$441.2 million) in VAT subject to refunding was reimbursed in full.

Background

• Ukraine's Finance Ministry said the State Tax Service as of November 24 had already met the annual target for the revenue to the national budget's general fund.
• With an annual target of UAH 458.3 billion (US$16 billion) for such payments assigned to the STS, the national budget's general fund has already received UAH 462.9 billion (US$16.2 billion). That is, the implementation is 101%, or +UAH 4.5 billion (US$157.6 million), the ministry said.