Ukraine budget surplus swells to UAH 4.5 bln in February

Ukraine’s general budget surplus swelled to UAH 4.5
bln in February from a UAH 268 mln surplus in January, the State Treasury
reported on March 26. General budget revenue jumped 23.7% yoy to UAH 93.7 bln,
speeding up from 3.6% yoy growth in January. Budget expenditures increased 9.4%
yoy to UAH 89.2 bln, slowing from a 46.2% yoy surge in January.

Tax revenue advanced 23.7% yoy in February,
accelerating from 2.1% yoy growth in January. In particular, net VAT revenue
surged 73.0% yoy after a 66.1% yoy plunge in January. Personal income tax
revenue increased to 23.1% yoy, speeding up from a 22.8% yoy rise in January.
At the same time, the enterprise profit tax declined 7.4% yoy (vs. a 52.1% yoy
surge in January).

Non-tax revenue inched up 2.8% yoy, slowing from 21.9%
yoy growth in January. The growth of non-tax revenue was mostly due to
unclassified “other” revenues. Meanwhile, income from ownership and
entrepreneurship plummeted 37.6% yoy after a 6.9% yoy decline in January.

In 2M19, general budget surplus amounted to UAH 4.7
bln.

Evgeniya Akhtyrko: It’s a bit
surprising to see a significant slowdown in fiscal spending growth during the
presidential election campaign. The growth of VAT revenue was restored without
any warning signs of restrained VAT reimbursement to exporters. The revenues
from enterprise profit tax continue to be uneven, as well as income from
ownership and entrepreneurship.