Business news from Ukraine

Business news from Ukraine

UKRAINE INTRODUCES IBAN (INTERNATIONAL BANK ACCOUNT NUMBER)

The application of the international bank account number (IBAN) will be introduced in Ukraine on August 5, the National Bank of Ukraine (NBU) wrote on Facebook.
According to its report, the banks will change their operating accounts in accordance with the requirements of the new standard, while maintaining the current number of analytical accounting.
New IBAN-standard accounts will consist of 29 alphanumeric characters: a country code, a check digit, a bank code, and an account number.
Since November 1, the use of IBAN will become mandatory for customers of all banks of Ukraine in the implementation of money transfers, both in national and in foreign currencies, including cross border transfers so that all transfers will be carried out exclusively using IBAN.
After the introduction of IBAN, all payment cards issued by banks to the client’s account remain valid, they are a payment tool that enables the client to transfer unds from a bank account using a payment device.

OVER 2,300 ACCIDENTS AT WORKPLACE REGISTERED IN H1 IN UKRAINE

Through January-June 2019, almost 2,335 accidents happening at the workplace were registered, of which 189 people received fatal injuries. The number of accidents happened through this period fell by 2.1% compared to the same period a year ago, when a number of fatally injured persons grew by 9.2%.
The biggest number of insurance accidents happened at the coal enterprises and retail store networks.
The most number of the employees were injured in Dnipropetrovsk region (15.5%), Kyiv (11.1%) and Donetsk region (10.7%).
The Social Insurance Fund makes insurance payments to victims of accidents at work or in the event of an occupational disease, and also provides medical and social services. In particular, the fund finances the treatment of all the direct consequences of an insured event until recovery, operational rehabilitation on the basis of sanatoriums, conducting research, performing surgeries, endoprosthetics, prosthetics, and providing medicines and medical products.

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LARGEST TAXPAYERS OF UKRAINE INCREASE TAX PAYMENT BY ONE THIRD IN JULY

The largest taxpayers of Ukraine in July 2019 increased tax payments by almost UAH 7 billion compared with July 2018, to over UAH 27 billion, the Office of Large Taxpayers has said in a press release.
According to the report, revenue from value added tax (VAT) grew by 5.3% last month compared to the same period in 2018, to UAH 10.2 billion, excise tax revenues amounted to UAH 5.9 billion, profit tax revenues – UAH 340.1 million.
The office also noted a significant increase of revenues from the part of net profit levied to the national budget in July – by UAH 7.8 billion (more than 22 times).
“A significant part (more than UAH 14.5 billion) over the past two months was paid by state-owned banks, UAH 12.3 billion of net profit was transferred by Naftogaz,” the office said.
Since the beginning of the year, the largest taxpayers have transferred UAH 201.8 billion to the national budget, which is 14% more than last year, the office said.
The share of tax payments from large businesses in July amounted to over 56.7% of all tax revenues to the national budget.
In January-July 2019, the largest taxpayers received a VAT refund of UAH 70 billion, which is 32% (UAH 17 billion) more than in the same period in 2018.

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UKRAINE EXPORTS 4.2 MLN TONNES OF GRAIN IN NEW AGRI YEAR

Ukraine since the beginning of the new 2019/2020 agricultural year (July-June) and as of August 6, 2019 had exported 4.189 million tonnes of grain and legumes.
According to the Ministry of Agricultural Policy and Food, farmers exported 1.59 million tonnes of corn, 1.58 million tonnes of wheat, and 1.02 million tonnes of barley.
For the same period last year, 2.606 million tonnes of grain and leguminous crops were exported.
As of the indicated date, 27,700 tonnes of flour were also exported.
As reported, with reference to the ministry, Ukraine exported a record 50.4 million tonnes of grain in the 2018/2019 agri-year, and this is 23% more than in the previous agri-year.

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DNIPROSPETSSTAL REDUCES ROLLED PRODUCTS OUTPUT BY 10%

Dniprospetsstal Electrometallurgical Plant (Zaporizhia) in January-July 2019 reduced rolled goods production by 10% compared to the same period last year, to 88,400 tonnes, according to the recent reports.
As the enterprise told Interfax-Ukraine, for the seven months it reduced steel production by 14.7%, to 126,000 tonnes.
In July, the plant produced 19,000 tonnes of steel, 14,000 tonnes of rolled goods.
Dniprospetsstal is Ukraine’s only manufacturer of high-quality rolled products and forgings made of special steel grades: stainless, tool, bearing, structural, and also from nickel-based superalloys.

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UKRAINE’S FOREX RESERVES EXPAND BY $1.2 BLN TO $21.84 BLN

Ukraine’s forex reserves in July 2019 grew by $1.2 billion or 5.8%, to $21.84 billion thanks to net purchase of currency on the interbank currency market by the National Bank of Ukraine (NBU), according to preliminary data posted on the central bank’s website.

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