Oleksiy Lyubchenko: we expect to exceed the target of 14.6 billion UAH over January – August

Press service of the State Tax Service of Ukraine, published 21 August 2020 at 09:13 Chapter: News

According to the results of January – August 2020, the general fund of the state budget is expected to receive 352.5 billion UAH of payments, controlled by the STS. This is 14.6 billion UAH more than the indicator of 337.8 billion UAH set by the Ministry of Finance of Ukraine. This was reported by Chairman of the State Tax Service of Ukraine Oleksiy Lyubchenko during festive conference call dedicated to celebration of national holiday – the Independence Day of Ukraine, with participation of the Minister of Finance of Ukraine Sergii Marchenko.

“Not only filling the gaps over January – April totaling 11.7 billion UAH was made up, but also revenues with a significant indicator’s over-fulfillment by 14.6 billion UAH are expected according to the results of 8 months 2020. I want to thank all taxpayers for trust in the state that they show by paying taxes honestly. I assure you that the Tax Service will continue to protect them from unfair competition from the shadow sector of economy, as well as improve level and quality of services provided to the taxpayers.” – emphasized Oleksiy Lyubchenko.   

Comparing to the same period in 2019, revenues growth is expected by 49.3 billion UAH or 16.3%, including the VAT by 5.4 billion UAH or 1.6 times more than in August 2019.

With a reduction in the GDP according to the Ministry for Development of Economy, Trade and Agriculture of Ukraine in the first half of 2020 by 6.5% (including by 11% in the second quarter) the growth rate of total receipts of payments controlled by the State Tax Service is 10.1 %.

Minister of Finance of Ukraine Sergii Marchenko also noted effectiveness of the State Tax Service. According to him, the institutional reform of the Tax Service, teamwork and change of priorities in the activities had a positive effect on the implementation of indicative figures. This gives confidence in the possibility of providing funding for current needs of the state, specifically for payment of wages, social benefits and pensions.

19.7 billion UAH or 36.8% is expected to exceed the value added tax revenue target. It is planned that 73.1 billion UAH of the VAT will be paid over January – August 2020, comparing to planned amount of 53.4 billion UAH. Comparing to 2019, the VAT revenues will increase by 21.4 billion UAH or 1.4 times, including comparison to August 2019 – by 5.4 billion UAH (14 billion UAH against 8.6 billion UAH) or 1.6 times.

“I believe that such results will be a good gift from all taxpayers for the Independence Day of our state. The Constitution of Ukraine stipulates the obligation for citizens to pay taxes and declare their income. But this is not just a duty, it is the payment that each of us contributes to the formation of our state, development of its financial and economic independence.” – emphasized Oleksiy Lyubchenko.