Ukraine’s budget revenues increased in March - data

The general fund of Ukraine’s state budget received UAH 152.2 billion, with expenditures at UAH 225.2 billion, according to Ukraine’s treasury service data, as announced by the ministry of finance on Tuesday.

Compared to February 2023, Ukraine’s state revenues increased by 15%, the ministry noted.

The largest growth was demonstrated by the corporate income tax, which brought in UAH 26.2 billion in March, or 3.5 times more than the month before. Revenues from import value added tax (VAT), excise duty, and rent also increased.

The share of international grant aid in Ukraine’s budget general fund decreased from 39%, or UAH 51.4 billion, in February to 30%, or UAH 45.8 billion, in March.

The deficit of the general fund, covered by borrowings, amounted to nearly UAH 73 billion.

Since the beginning of 2023, the amount of borrowings has exceeded UAH 400 billion, or 83.7% of the plan for the period, the finance ministry added.

Ukraine’s state budget has been in a fragile position since Russia’s full-scale invasion and has more than once been increased through parliamentary decision to sustain growing expenditures.

The last time, on March 21, Ukrainian MPs voted to increase the state budget by UAH 537 billion, allowing state budget expenditures to exceed UAH 3 trillion for the first time in Ukraine’s history.