Metinvest increased tax payments by UAH 22.1 billion

Metinvest Group, taking into account associated companies and joint ventures, transferred UAH 22,100,000,000 of taxes and fees to the budgets of all levels in 2020, which is 5% higher than the level of the year before last.

What are the main tax generators

The largest payment of the Group’s total deductions is income tax. Last year, Metinvest enterprises paid more than UAH 5,2 billion of such tax to the treasury, which is one third less than in 2019.

It is followed by a unified social contribution, payments of which increased by 18% compared to the year before last – up to 5,200,000,000 UAH.

Personal income tax closes the top three payments. Metinvest enterprises last year transferred UAH 4.7 billion of income tax to the budgets, which is 17% more than in 2019.

In addition, the payment for the use of subsoil in the amount of UAH 2.2 billion, the environmental tax – UAH 789 million, and the land payment – UAH 713 million – became the sources of filling the state and local budgets in 2020.

CEO of Metinvest Group Yuri Ryzhenkov

– The general crisis and the coronavirus pandemic did not prevent us from ending the year with strong operating results and at the same time abandoning tax holidays to support cities where our enterprises operate. When a business can operate effectively even in the most difficult conditions, everyone benefits: employees, cities, and the state. As one of the largest taxpayers in Ukraine, we are pleased to make another contribution to the recovery of the economy and the growth of Ukrainian prosperity.

Where the taxes go

Even at the beginning of the spread of the coronavirus, Metinvest decided to abandon the tax holidays provided to businesses to support it during the pandemic.

The amount of taxes paid by the Group’s enterprises to local budgets during the grace period exceeded UAH 50 million (land tax and property tax). It also allowed cities to provide hospitals with everything they need, pay wages to utility workers, and take anti-epidemic measures.

In addition, the Kryvyi Rih enterprises of Metinvest – Inguletsky, Central and Northern GOKs – in July-September 2020 transferred to the city treasury double income tax and land payments. During this period, Metinvest additionally replenished the budgets of all levels by UAH 113 million, of which Kryvyi Rih received UAH 78 million.

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