Koretskyi warned of risk of losing 70 billion UAH in taxes due to the Russian Federation

Prime Minister of Ukraine Serhiy Koretzky. Photo: UNIAN

Prime Minister Serhiy Koretzky stated that the state budget may miss out on about 70 billion hryvnias in tax revenues due to Russian attacks. This assessment was made by the government about two weeks ago; since then, Russia’s strikes against Ukraine have continued daily. The head of government noted that the amount of potential losses could grow because of this.

Koretzky said this during the annual YES meeting organized by the Victor Pinchuk Foundation, according to journalist Halyna Ostapovets from Novyny.LIVE.

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The head of government thanked Ukrainian business for its work during the war. According to him, companies continue to operate and recover after Russian shelling, while also ensuring tax revenues and supporting the country’s economy.

The government is cutting non-priority expenditures

Serhiy Koretsky also said that the main funding priorities in the budget remain the Armed Forces and the social sector. All expenditures that can be suspended, canceled, or reduced, the government intends to optimize. Earlier the prime minister said that the Cabinet had already found 70 billion hryvnias in savings on non-defense expenditures and plans to direct these funds to the army.

At the same time, the head of government stated that there are not enough grounds to talk about monetary emission at present. According to him, the authorities are focused on saving budget funds and finding other sources of financing, while the state’s social obligations must be fulfilled.

“I can say in absolute terms: we expect, as of two weeks ago when we were closing the sums, that about 70 billion hryvnias in tax revenues may not reach the state budget because of the attacks. This is as of two weeks ago, but the strikes continue daily. But, in fairness, a heartfelt thank you to the business — small, medium, and large — for continuing to operate and recover,” Koretsky said.

As a reminder, earlier Novyny.LIVE quoted the prime minister of Ukraine, who said that the government expects to cover the deficit for financing the needs of all components of the defense forces with the help of international financial support.

Novyny.LIVE also reported that Serhiy Koretsky explained how Ukraine is preparing for a difficult heating season and strengthening the protection of the energy infrastructure.