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Ukraine to Get over Crisis

Economy Ukraine

There are reasons to believe that Ukraine is gradually emerging from the crisis. In May-September 2020, budget revenues from VAT increased 1.5 times compared to the corresponding period of 2019. Tax efficiency with VAT increased from 2.65% in April this year to 3.4% in June. That is the highest level during the year and a half. Minister of Finance of Ukraine Serhiy Marchenko reports about this.

“Thanks to the tax and customs revenues fulfilment, we reduce lag in income. This is UAH 44.2 billion at the beginning of May. Now this ‘hole’ has been cut to UAH 10 billion. And by the end of 2020, we will close it entirely,” the minister said.

He considers these positive trends to be the result, among other things, of the fight against shadow schemes with VAT and fictitious tax credit. “This was facilitated by the tax authorities’ transparency and accountability increase, staff rotations, the State Tax Service organisational improvement, new quality of services, etc.,” Marchenko stressed.

According to him, there are positive changes in the work of customs. “For the fourth consecutive month, the State Customs Service performs a monthly plan of revenues. This achievement is also the result of several personnel decisions and automation of customs processes,” he said.

Natalia Tolub

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