Metinvest paid UAH 4.2 billion in taxes in Q1

The amount of payments to the budget of Ukraine has almost doubled

In January-March 2024, Metinvest Group, including its associates and joint ventures, paid UAH 4.2 billion in taxes and fees to the budgets of all levels in Ukraine. The volume of deductions increased by 1.7 times compared to the same period last year. This is stated in the company’s press release.

Among the largest payments is the payment for subsoil use, which increased 7.5 times compared to the first quarter of 2023 – to UAH 1.3 billion. Personal income tax payments increased by 22% – to UAH 791 million. Metinvest also paid UAH 870 million in unified social tax to the budget, up 20% year-on-year.

At the same time, Metinvest’s Ukrainian enterprises paid UAH 407 million in income tax in January-March 2024. Land payments increased by 8% y/y – to UAH 312 million and environmental tax – by 34% y/y, to UAH 182 million.

«Despite the war in Ukraine and many unfavourable business factors, we have managed to increase our contributions. This is the result of our team’s work to improve efficiency in all areas and rebuild the Group to face the new conditions. As the largest taxpayer in the industry, we are aware that the economy of the frontline regions, and the whole country, depends on our stable operation, as well as our ability to support the army and Ukrainians. We will do our best to continue to overcome all the challenges of wartime on our way to victory,» comments the company’s CEO Yuriy Ryzhenkov.

As the company’s CFO Yulia Dankova previously noted, to make the business work more efficiently during the war, key issues of Ukrainian taxation need to be resolved, including tax consolidation, tax duplication, etc. Businesses also have some problems with VAT refunds.

As GMK Center reported earlier, in 2023, Metinvest Group, including its associates and joint ventures, paid UAH 14.6 billion in taxes and fees to the budgets of all levels in Ukraine. The largest contributions included a single social contribution (SSC) of UAH 3.3 billion, income tax of UAH 3.2 billion and personal income tax of over UAH 3 billion.

In addition, since the start of the full-scale war, Metinvest has contributed UAH 4.8 billion to help Ukraine and its citizens, including over UAH 2.5 billion to the army as part of the Steel Front military initiative.