Financial Data for January–May 2026
Ukraine’s Ministry of Finance has released its fiscal report for the first five months of 2026, revealing that general fund revenues reached UAH 1.36 trillion, while cash expenditures totaled UAH 2.25 trillion. This period covers January through May, highlighting a significant gap between income and spending. The main contributors to state revenue were:
- value-added tax (VAT) on imported goods,
- corporate profit tax,
- personal income tax (PIT) and military levy,
- domestic VAT and excise tax.
In May 2026 alone, general fund revenue amounted to UAH 318.7 billion. VAT on imports generated the largest share—UAH 258 billion over five months, with UAH 53.1 billion collected in May. Corporate profit tax receipts for January–May stood at UAH 180.7 billion, including a record-breaking UAH 68.6 billion in May, marking a sharp monthly surge. Personal income tax and military levy contributions totaled UAH 167.5 billion for the five-month period, of which UAH 36.7 billion came in May.
Additional Fiscal Indicators
Net domestic VAT collection for January–May reached UAH 132.7 billion, against gross receipts of UAH 231.1 billion, with UAH 98.4 billion refunded to businesses. Excise tax revenue over the same span amounted to UAH 123.6 billion. Smaller but steady income streams included import and export duties (UAH 25.1 billion), royalty payments for subsoil use (UAH 19.9 billion), and dividends from state-owned enterprises (UAH 10.1 billion).
Additionally, the National Bank of Ukraine transferred UAH 146.1 billion to the general fund in April and May, including UAH 73.1 billion in May. International grants for the five-month period totaled UAH 249.9 billion, with UAH 21.7 billion received in May. State borrowings reached UAH 260.6 billion, equivalent to 36.1% of the planned target. External borrowings accounted for UAH 68.2 billion, including a UAH 65.56 billion loan from the International Monetary Fund.
Debt repayment payments over the period hit UAH 229 billion, fulfilling 99% of the plan, while debt servicing costs amounted to UAH 143.8 billion. Meanwhile, the European Bank for Reconstruction and Development has downgraded its 2026 growth forecast for Ukraine’s economy.
These figures underscore the persistent challenges facing Ukraine’s economy, particularly the fact that spending growth continues to outpace budget revenues, likely driving the need for further borrowing. The EBRD’s downward revision of growth projections highlights the risks to the country’s fiscal stability.
Addressing this situation will require a comprehensive approach to budget management and economic policy in order to ensure the nation’s financial resilience.
In addition to the reported revenue growth, recent data shows that customs revenues have increased significantly, contributing to the overall financial health of Ukraine's state budget. This surge in customs income, coupled with the robust performance of VAT and corporate taxes, underscores the government's efforts to enhance fiscal stability amid ongoing economic challenges.