Oleksiy Lyubchenko: paid taxes have exceeded expectations by 29.5 billion UAH over the last 4 months

According to operative data, the general fund of state budget received 355.7 billion UAH of payments controlled by the State Tax Service in January – August 2020. This is 52.5 billion UAH or 17.3% more than in 2019m, including + 22.5% in May – August 2020.

“Amount of paid taxes has exceeded expectations by 29.5 billion UAH in January – August 2020. This allowed not only to eliminate the tax gap totaling 11.7 billion UAH which arose in January – April 2020, but also to significantly reduce revenues backlog of the general fund of state budget as a whole (from 44.2 billion UAH in January – April to 18.4 billion UAH), – emphasized Chairman of the State Tax Service of Ukraine Oleksiy Lyubchenko. – This is the best contribution to strengthening financial independence of the state.”

According to Oleksiy Lyubchenko, such indicators have been achieved due to the intensification of counteraction against the shadow schemes and without additional burden on the real sector of economy.

“We have repeatedly emphasized that elimination of unfair competition from the shadow sector of economy will motivate taxpayers to fulfill their obligations to the state in full.” – stated Oleksiy Lyubchenko.

He also stated that the growth rate of total receipts of payments controlled by the State Tax Service for 8 months of 2020 is + 10.8%, with a reduction in GDP (according to the Ministry of Economy) by 6.5% in the first half of 2020, including by 11% in the second quarter of current year.

Value added tax revenues in January – August amounted 73.9 billion UAH. This is 1.4 times or 22.2 billion UAH more than in 2019. Actual level of VAT revenues exceeded the expected by 38.3% or 20.5 billion UAH.

General fund of the state budget received 56.3 billion UAH in August 2020. This is 14.0 billion UAH or 33.2% more than expected revenues and 6.1 billion UAH more than in August 2019. The budget additionally received 9.2 billion UAH. Amount of VAT revenues has increased 1.7 times comparing to August 2019.