The potential for increasing revenues of the state budget of Ukraine for 2025

The Accounting Chamber of Ukraine conducted an expert assessment of the draft state budget for 2025 and identified the possibility of increasing its revenues by UAH 13.5 billion. This additional financing can become a significant basis for improving the economic situation in the country.

According to estimates, additional reserves can be formed thanks to two main sources. First, UAH 1.3 billion is expected to be received from fees for issuing special permits for the use of subsoil, as well as from the sale of such permits. Secondly, a significant part of revenues, about UAH 12.2 billion, can come from the corporate income tax. This will be possible thanks to the mobilization of tax debt and an increase in the tax rate for banks from 25% to 50%.

Thanks to these measures, the planned revenues of the state budget can increase to 2 trillion 336.3 billion UAH, which is 22.2% more compared to the plan for 2024. The main factors that will contribute to this growth will be the increase in tax rates, the devaluation of the hryvnia, the increase in the volume of imports and the receipt of funds from the National Bank of Ukraine (NBU).

However, despite the significant potential of additional revenues, the Accounting Chamber also pays attention to risks that may negatively affect the implementation of the budget. In particular, there are fears about the possible failure to achieve the projected growth of imports and the exchange rate of the hryvnia. This may have a negative impact on revenues from value-added tax (VAT) on imported goods and import duty, which in the draft state budget are provided at the level of 22.9% and 20.2%, respectively.

The Accounting Chamber emphasizes the importance of monitoring the economic situation to ensure the stability of public finances. If the risks materialize, this could lead to significant financial losses and reduced resources needed to finance social programs and infrastructure development.

Thus, although there is a possibility of increasing budget revenues, it is necessary to take into account probable risks that may affect the financial plans of the state. The Accounting Chamber recommends taking measures to manage these risks in order to ensure stable economic development of Ukraine in the face of global challenges.