Ukraine budget revenue surges 16% yoy in August

Ukraine budget revenue surges 16% yoy in August



2 вересня 2014 года
Конкорд Капитал

Ukraine’s state budget revenue surged 15.8% yoy in August compared to 5.4% yoy in the prior month, according to a State Treasury report released on Sept. 1. For 8M14, budget revenue reached UAH 236.9 bln, which is 8.9% more than the same year-ago period. Nevertheless, the revenue growth falls short of the state budget plan by UAH 16.8 bln (6.6%) for 8M14. VAT reimbursement in cash for exporters was UAH 4.5 bln in August, the Treasury reported, which is 31.3% higher yoy (or UAH 29.6 bln in 8M14, which is a 19.8% drop yoy). MinFin also reimbursed UAH 954.8 mln through VAT bonds in August.



Alexander Paraschiy: The growing budget revenue looks encouraging, with the main contributors being a higher rent on mineral extraction, a new war tax, and a tax on deposit incomes (approved with budget amendments in August) the main contributors to the revenue growth. In light of these improving trends (and despite the escalating war), we see a very good chance that MinFin will meet its outlined target of 11.4% yoy central budget revenue growth for 2014, which in turn would likely keep the state deficit unchanged in line with IMF commitments. Barring a large-scale war, the risks surrounding budget implementation are very minor this year.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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