Poroshenko says 5% of royalties for subsoil use to be sent to local budgets in 2018


Ukrainian President Petro Poroshenko says the draft national budget for 2018 provides for the further growth of local budget revenue, with 5% of royalties for the use of subsoil to be sent to the local budgets.


"Starting from January 1, 2018, as much as 5% of royalties for the use of subsoil would be transferred to the local budgets," he said at the 2nd Ukrainian Forum of United Citizens "Initiatives that Change Life" in Kyiv on December 4.

According to the president, interbudget transfers worth UAH 2 billion (US$73.5 million) for the formation of infrastructure of the united territorial communities are planned for the next year.

Read alsoPoroshenko: Local budget revenue to reach $6.3 bln in 2017"In general, state support for local self-government projects will amount to UAH 18.5 billion ($679.6 million) in 2018," Poroshenko added.

As UNIAN reported earlier, the Cabinet of Ministers on December 1 approved a draft national budget for 2018 for its second reading in parliament. The document was finalized after it passed its first reading in parliament on November 14 with a number of amendments in line with the conclusion of the Budget Committee. The budget deficit was set at UAH 77.9 billion ($2.9 billion), or 2.4% of GDP.