January 17, 2024

Metinvest Pays UAH14.6 Billion in Taxes to Ukrainian Budget in 2023

Amid Russia’s full-scale invasion of Ukraine, Metinvest remains a pillar of the country’s economy. In 2023, including associated companies and joint ventures, the Group paid UAH14.6 billion in taxes and duties to budgets of all levels in Ukraine.

The largest items included a single social contribution of UAH3.3 billion, income tax of UAH3.2 billion and personal income tax of over UAH3.0 billion. Elsewhere, Metinvest’s Ukrainian enterprises increased land rent payments by almost 10% year-on-year to UAH1.2 billion, while environmental tax payments rose to UAH608 million. In addition, subsoil use fees of UAH2.2 billion were a significant contributor to the state and local budgets of Ukraine.

Commenting on the news, Yuriy Ryzhenkov, CEO of Metinvest Group, said: “We have survived another extremely difficult war year. Despite serious challenges for the country in general and Ukrainian business in particular, we managed to persevere and rebuild Metinvest’s operations to face the new conditions. Despite the problems with capacity utilisation and the aggressor’s naval blockade, as well as the loss of control over assets in Mariupol, the shutdown of Avdiivka Coke and a significant reduction in staff due to the war, the Group remains one of the largest taxpayers in Ukraine. In addition, waiving tax benefits to which we were entitled by law allowed us to allocate additional funds to those areas where it is most needed. We continue to support Ukrainians and the army on the way to victory. We encourage every business to join and support Ukraine through taxes, donations and assistance to the armed forces and civilians at this challenging time.”

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