Ukrainian Tax Revenues Exceed Projections In February

by Ulrika Lomas, Tax-News.com, Brussels

05 March 2009

The Ukrainian tax administration has announced that it has markedly exceeded its revenue collection target in February. Despite the worsening downturn the Ukrainian economy boasts an increased tax-take on last year’s figures.

In February the State Tax Administration exceeded its tax collection targets by 2.6% or UAH197m (USD22m); total revenues amounted to UAH7,808bn.

According to a statement made by head of the tax administration Serhii Buryak the final figures were as follows:

• Value Added Tax: 108% fulfilled at UAH2.7bn, UAH210m above target;
• Personal Income Tax: 105% fulfilled at UAH3.5bn, UAH183m above target;
• Excise Duty outperformed estimates by 6% or UAH30m.

Buryak also added that in February Ukraine returned UAH2.218bn in VAT rebates, up UAH170m on February 2008.

Ukrainian tax revenues also over-performed at municipal level with local budgets showing 4.3% growth or UAH191m in February.

Concluding the announcement Serhii Buryak noted that since the beginning of 2009 tax receipts exceeded estimates by 4%, boosting revenues in Ukraine by some UAH548m, giving the government some leeway in providing Ukraine with additional stimulus.

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