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Ukraine's budget received UAH 56.03 bn revenue in Oct, exceed target by 8.3%,

Ukraine's budget received UAH 56.03 bn revenue in Oct, exceed target by 8.3%,Ukraine's national budget received UAH 56.03 billion of revenue in October 2016, exceeding the budget target by 8.3%, including UAH 53.33 billion sent to the general fund (12.6% up on the target).

In January-October 2016 revenue of the national budget totaled UAH 463.53 billion, being 5.1% less than the budget target, including UAH 431.72 billion for the general fund (3.9% below target), the State Treasury Service reported on Wednesday.

One of the key reasons for not meeting the budget target is a delay in payments from the National Bank of Ukraine (NBJU): it was planned that in January-October 2016 the central bank would send UAH 31 billion of profit for 2015, while the NBU's council started operating only in October and the bank managed to send first UAH 10 billion to the budget.

The State Treasury Service said national budget revenue grew by 30% in October year-over-year, including by 29.9% for the general fund, while in January-October they rose by 8.5%, including by 7.3% for the general fund. The NBU in October 2015 sent UAH 5 billion to the budget and UAH 52.13 billion in January-October 2015.

Tax payments (UAH 19.75 billion) in October 2016 were 15.8% off target, while customs payments (UAH 21.83 billion) exceeded the target by 19% and the State Fiscal Service managed to cut a gap between the actual figure and the target to 0.5%.

Read also: Ukraine's govt retains 3% of GDP deficit projection in finale budget 2017 draft - PM

VAT refunds grew to UAH 8.6 billion in October compared to average refunds of UAH 7.2 billion in the previous months.
In January-October 2016, tax payment (UAH 218.76 billion) were 2.6% less than the target and customs payments (UAH 188.78 billion) exceeded the target by 6.9%.

Single social security tax payments after the tax rate was cut to 22% considerably fell. In October they totaled UAH 11.19 billion, and this is 32.8% or UAH 5.46 billion less than in October 2015. Since early 2016, single social security tax payments reached UAH 105.68 billion and this was 28.9% or UAH 43 billion less year-over-year.
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