Ukraine’s state budget general fund revenues grow to UAH 129 bln in Oct, outlays surge to UAH 314.2 bln

Tax, fee, mandatory payment, and grant revenues into Ukraine's state budget general fund rose to UAH 129.0 billion in October, up from UAH 122.9 billion in September, according to preliminary data from the Ministry of Finance on Tuesday.

Meanwhile, general fund expenditures saw a much steeper rise, reaching UAH 314.2 billion in October, up from UAH 249.3 billion in September – a record high for 2024.

For comparison, in October 2023, the general fund's cash expenditures were UAH 228.1 billion, with revenues at UAH 139.4 billion.

Specifically, VAT on goods produced in Ukraine brought in UAH 24.4 billion in October, compared to UAH 22.6 billion in September. VAT refunds also increased to UAH 15.3 billion from UAH 13.8 billion in September, and import VAT added UAH 41.9 billion to the budget (up from UAH 40.2 billion in September).

Corporate income tax receipts rose to UAH 6.1 billion in October from UAH 5.6 billion in September, while personal income tax and military tax collections reached UAH 23.2 billion (up from UAH 20.2 billion in September). Royalties on natural resource extraction contributed UAH 2.8 billion (down from UAH 3.7 billion), and excise taxes added another UAH 19.2 billion (down from UAH 21.3 billion), while import and export duties totaled UAH 4.2 billion (slightly up from UAH 4.1 billion).

The State Tax Service surpassed its revenue target by 0.7%, while the State Customs Service fell short by 13.1%, according to the Ministry of Finance.

Social security tax contributions to the Pension Fund and social insurance funds also increased in October to UAH 47.8 billion, up from UAH 46.7 billion in September.

Including the special fund, October 2024 state budget expenditures totaled UAH 374.6 billion, up from UAH 362.7 billion in September, while revenues were UAH 180.3 billion, down from UAH 232.0 billion in September.

In total, Ukraine's state budget revenues for the first ten months of 2024 amounted to UAH 2.3475 trillion, with the general fund contributing UAH 1.671 trillion. Cash expenditures during this period were UAH 3.3483 trillion overall and UAH 2.6567 trillion from the general fund.

According to preliminary data from the Ministry of Finance, expenditures grew by 7.5% (UAH 234.4 billion) compared to the same period last year, while revenues increased by 6.4% (UAH 141.5 billion). General fund expenditures rose by 13.2% (UAH 310.7 billion), while revenues from the general fund saw an 18.2% growth (UAH 256.7 billion).

Last year, UAH 404.9 billion in grant-based international assistance flowed into the general fund over the ten-month period, whereas only UAH 269.2 billion has been received this year.