Metinvest is in the list of honest taxpayers in Ukraine

Metinvest Group has been included in the list of honest taxpayers in Ukraine as part of the Oboz.ua «Support the honest» program. This is stated in the company’s announcement.

The editors divided the experience of honest businesses into several categories at their discretion. The goal of the information campaign is to set an example and encourage Ukrainians to pay taxes honestly and support transparent businesses. Metinvest was recognized as an example of a White Employer.

Metinvest is the largest taxpayer in the industry and one of the largest in Ukraine. In 2023, the company paid more than UAH 3.2 billion in unified social tax. All employees have a high “white” salary. Last year, Metinvest paid over UAH 14.6 billion to the Ukrainian budget.

Since its inception, the company has been committed to the principles of transparency and responsible business conduct, and this is especially important now, in the context of a full-scale war.

«We are aware that the economies of the frontline regions where our businesses operate and the country as a whole depend on our stable operations and tax payments. We are also able to support the country, the military and Ukrainians in the most difficult times,» noted Yulia Dankova, CFO of the Metinvest group.

The company not only complies with the law on disclosure of its performance indicators, but also provides additional information about its activities to all stakeholders. This includes regular publication of financial reports. Metinvest also releases financial and operational reports every year, and constantly reports on significant projects for communities.

However, big business also has certain problems due to the non-transparent work of not only competitors but also contractors.

«For example, some of our counterparties from whom we purchase services or goods are considered risky by the tax authorities. These counterparties withdraw VAT, and it does not go to the budget, as it should according to the law. And instead of dealing with these risky taxpayers, the tax authorities refuse to refund VAT to companies that operate officially and transparently,» Metinvest reported.

The group notes that it is therefore important to adhere to the principles of transparent and responsible work. And in the context of military operations, the importance of these principles is growing, as transparent companies do not receive VAT refunds. This affects their working capital, and the state receives less taxes.

Metinvest Group, including its associates and joint ventures, paid UAH 4.2 billion in taxes and duties to the budgets of all levels in Ukraine in January-March 2024. The volume of payments increased by 1.7 times compared to the same period last year.

As GMK Center reported earlier, nine Metinvest Group companies were included in the rating of the best companies in Ukraine with an impeccable reputation published by Opendatabot.