28 September 2021, Tuesday, 19:06 188

Accounting Chamber Uncovers UAH 32.7 Billion In Additional Revenue Sources Not Included In 2022 Draft State Budget

Редактор: Daria Zubkova

The Accounting Chamber uncovered additional sources of revenue totaling UAH 32.7 billion that were not included in the draft state budget for 2022.

The press service of the Accounting Chamber announced this in a statement, the Ukrainian News Agency reports.

According to the statement, the draft state budget’s revenue can be increased with proceeds from corporate income tax (UAH 19.2 billion); excise tax on imported tobacco, tobacco products, and liquids used in electronic cigarettes (UAH 11.3 billion); rent payments for extraction of natural gas (UAH 1.2 billion); revenues generated by state-financed institutions (UAH 1 billion).

According to the statement, the budget deficit is projected at 3.5% of GDP in the draft state budget, which is 0.5% more than the limit set in the Budget Code.

The Accounting Chamber believes that state borrowings will constitute 30.7% of the state budget’s revenues.

The envisaged increase of the interest rate on government borrowings (to 11.7% for domestic and 4.5% for external) will lead to an increase in the cost of servicing government debt.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers has proposed that the parliament adopt the 2022 state budget with revenues of UAH 1,267.4 billion, expenditures of UAH 1,441.9 billion, and a deficit of 3.5% of GDP.