In September, the general fund of the State Budget received UAH 13.4 billion of excise tax
In September 2024, UAH 13.4 billion of excise tax on excisable goods produced in Ukraine and imported into its customs territory was transferred to the general fund of the State Budget of Ukraine.
This was reported by the State Tax Service of Ukraine.
In particular, it is noted that this amount is UAH 13.4 billion, which corresponds to 101.7% of the target set by the Ministry of Finance.Thus, the budget received an additional UAH 0.2 billion above the target.Compared to the same period last year, revenues increased by UAH 0.36 billion, which is equivalent to an increase of 2.7%.
This overperformance was made possible by an increase in excise tax revenues from tobacco products and electricity. The excise tax on tobacco products brought in UAH 1.1 billion more than expected, which is 111.8% of the target, totalling UAH 9.37 billion. In addition, the excise tax on electricity exceeded the plan by UAH 0.14 billion, reaching 125% of the target of UAH 0.57 billion.
As a reminder, in June 2024, the Verkhovna Rada of Ukraine passed in the first reading a draft law amending the Tax Code of Ukraine to revise excise rates on tobacco products.According to the draft law, it is planned to increase excise taxes on tobacco products to the minimum level set by Directive 2011/64/EU by 2028. Already in 2025, the excise rates will be increased by 23%, and in 2026-2028 – by 5% annually.In addition, excise taxes will be pegged to the euro instead of the hryvnia, which may lead to additional tax increases in the event of a devaluation of the national currency.
The increase in excise rates is expected to generate additional revenues for the state budget of UAH 612 million in 2025, UAH 5 billion in 2026, UAH 9.3 billion in 2027, and UAH 13.8 billion in 2028.
