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Metinvest Group paid more than 14 billion UAH of taxes in 2016

6 April 2017

Metinvest Group paid around UAH 14.1 billion to the budget of all levels in 2016. Despite growing costs, tariffs of natural state monopolies, problems with infrastructure, and ongoing armed conflict in eastern Ukraine, the Group managed to retain its total tax payments at 2015's level.

The amount of taxes Metinvest paid on import goods excluding VAT increased from UAH 9.26 billion in 2015 to UAH 9.36 billion in 2016. The highest increase was reported in land tax payments, i.e. by 89% (from UAH 381 million to UAH 721 million) and in income tax payments, i.e. by 52% (from UAH 1.522 billion to UAH 2.323 billion). At the same time, the level of paid unified social tax decreased 22% (from UAH 2.731 billion to UAH 2.222 billion) due to the lower unified social tax rate that came into force in early 2016.

Yuriy Ryzhenkov, Chief Executive Officer of Metinvest Group,

"Retaining the level of taxes paid in 2016 at the previous year's level proves that despite all current difficulties Metinvest Group still remains a responsible tax payer and one of the leaders of Ukrainian business when it comes to the amount of taxes paid. We realize the budget of our country badly needs resources for the implementation of programs aimed at social protection of residents and infrastructure development. The budget decentralization process helps keep higher tax amounts in local budgets. The residents of Zaporozhye, Krivoy Rog, Mariupol, and other cities, where Metinvest enterprises are main employers, can now better feel the effect of our work. The heads of local government bodies in these cities have more resources to provide better living standards to residents."