Ukraine's January budget soars: Revenues and expenditures surge

Business

6 February 2025, 10:07 AM

Ukraine's state budget revenues reached UAH 282.8 billion ($6.8 billion) in January 2025, with UAH 128.2 billion ($3 billion) allocated to the general fund, an increase of 83.4% and 10.5%, respectively, compared to January 2024, respectively, Interfax-Ukraine reported on Feb. 6, citing the State Treasury's operational data.

Cash expenditures for the state budget grew even more, up 108.4% to UAH352.9 billion ($8.4 billion), with the general fund accounting for UAH213.3 billion ($5.1 billion), an increase of 42.7%.

Specifically, value-added tax (VAT) on domestically produced goods generated UAH 37.5 billion ($900 million) compared to UAH 35.1 billion ($840 million) last year, while VAT refunds rose to UAH 15.5 billion ($372 million) from UAH 9.8 billion ($235 million).

Other contributions to the budget came from import VAT (UAH 36.6 billion / $878 million), corporate income tax (UAH 2.3 billion / $55 million), personal income tax and military tax (UAH 24.1 billion / $583 million), rent for the use of subsoil (UAH 2 billion / $50 million), excise tax (UAH 15.9 billion / $382 million), and import and export duties (UAH 4.2 billion / $101 million).

According to the Finance Ministry, unified social tax revenues to the Pension Fund and social insurance funds increased to UAH 46.1 billion ($1.1 billion) from UAH 34.2 billion ($820 million) last year.

The State Tax Service and the State Customs Service also exceeded their revenue targets by 14.8% and 0.8%, respectively.

Ukraine's state budget for 2025 was approved with revenues of UAH 2 trillion 327.1 billion ($55.8 billion), including UAH 2 trillion 133.3 billion ($51.1 billion) from the general fund (excluding grants and international assistance), and expenditures of UAH 3 trillion 929.1 billion ($94.2 billion), including UAH 3 trillion 591.6 billion ($86 billion) from the general fund.

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