Surplus of Ukraine’s national budget in October 2016 totaled UAH 3.1 billion thanks to the improvement of the revenue target implementation along with moderate spending, the National Bank of Ukraine (NBU) has reported.
“In October 2016, growth of revenue of the national budget resumed (by 29.9% YoY). In contrast to the previous months it was backed both by tax and non-tax payments,” the central bank said in a macroeconomic study.
According to the State Treasury Service, surplus of the general fund of the national budget in October 2016 amounted to UAH 3.41 billion with the deficit of the special fund being UAH 310 million.
The deficit of the national budget in January-October 2016 was UAH 60.3 billion, including UAH 60.07 billion for the general fund. Privatization brought only UAH 77.9 million.
The authority said that revenue of the national budget in October 2016 reached UAH 56.01 billion, including UAH 53.33 billion for the general fund, while spending – UAH 52.6 billion and UAH 49.91 billion respectively.
Revenue of the national budget in January-October 2016 reached UAH 463.57 billion or 74.9% of the annual target, including UAH 431.72 billion or 75.7% of the annual target and 96.1% of the 10-month target for the general fund.
Expenditure of the national budget in January-October 2016 totaled UAH 523.36 billion or 75.4% of the annual target, including UAH 494.94 billion or 77.1% of the annual target for the general fund, the State Treasury Service said.
The NBU said that a large rise in non-tax revenue (by 67%) mainly reflected resumption of payments by the NBU. The central bank sent UAH 10 billion of its last year profit to the budget in October 2016.
Tax payments grew by 20.2% along with good results in agriculture and improvement of production of excisable goods, the central bank said. VAT paid by farmers in October 2016 was twice more than in the previous month.
VAT refunds were less than in September.
“Inflation acceleration also backed growth of VAT and excise duty payments,” the NBU said. (Interfax/Business World Magazine)