In January-March 2024, the general fund revenues of the state budget exceeded the target by UAH 85.8 billion (22.4%). This became possible thanks to the assistance of international partners, but it is gradually decreasing.
These statements were made by the Chairman of the Accounting Chamber Olha Pishchanska, presenting the results of the analysis of the implementation of the law on the state budget for 2024 in the first quarter.
The state budget revenues in the first quarter of this year increased by UAH 116.2 billion (22.1%) compared to the same period in 2023 and amounted to UAH 642.1 billion. This growth is mainly due to non-economic factors: an increase in the corporate income tax rate for banks, advance transfers of dividends to the state share, and an increase in the own revenues of budgetary institutions.
The Accounting Chamber noted that the economic factors that contributed to the increase in revenues included the growth of taxable imports and profits of profitable enterprises, the devaluation of the hryvnya, real GDP growth, wage growth and inflation.
In the first quarter of this year, Ukraine received external loans and grants from its partners totalling UAH 402.3 billion, which is UAH 5.1 billion less than planned.
At the same time, the domestic resources of our country were twice as high as the external ones and amounted to UAH 811.7 billion. For example, domestic borrowing exceeded the plan by 11% due to the purchase of military bonds by banks.
In addition, state budget expenditures also increased by UAH 92.4 billion (12%) to UAH 813.1 billion over the period under review.