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Revenues of the consolidated budget in October increased by 30.5%.

Revenues of the consolidated budget in October increased by 30.5%.

Posted in News.

For 10 months revenues of the consolidated budget amounted to UAH 594.4 billion (78.7% of the annual plan) and were 14.1% higher than in January-October 2015.
In October 2016, the pace of filling the budget was accelerated thanks to the National Bank of Ukraine, which finally transferred 10 billion UAH of its “profits” to the budget (38 billion UAH are planned for the year). The rest of the revenue growth was provided by the growth of revenues from VAT (+6.4 billion UAH or 28.1% of the total growth), excises (+3.2 billion UAH or 13.9% of the total growth), income from personal income tax (Personal Income Tax) (+2.9 billion UAH or 12.9% of the total increase).
It is important that in October the incomes of local budgets continued to grow significantly. So, almost 2 times up to 2.5 billion UAH income from a single tax increased. The volume of land tax in October amounted to 1.7 billion USD and was one third higher than last year. Revenue from retail excise increased by 44.7% to UAH 1.0 billion.
At the same time, the pace of implementation of the consolidated budget expenditures has slowed down. Since the beginning of the year as of November 1, the budget spent 621.2 billion UAH, which is 72.6% of the annual plan.
In October, the consolidated budget expenditures amounted to 64.5 billion UAH and were only 9.7% more than in October 2015. Two-thirds of the increase in expenditures this month is due to the large amount of financing of social benefits and transfers to the Pension Fund, which reached UAH 19.5 billion per month. Expenditures on housing and utilities, financed primarily from local budgets, increased by one third (to October 2015) to 1.8 billion UAH. Expenses for economic activity increased by 15.0% yoy and amounted to 5.6 billion UAH.
The growth of incomes in October and the slowdown in expenditures caused the surplus of the consolidated budget (+4.8 billion UAH) this month. 2/3 of this surplus was formed at the central level, and only a third (1.7 billion UAH) – at the local level. The deficit of the consolidated budget for 10 months amounted to 26.9 billion UAH.
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