The Association “Insurance Business” (ASB) opposes the increase of income tax, which is included in the draft law No. 11416 “On Amendments to the Tax Code of Ukraine and other laws of Ukraine on the peculiarities of taxation during martial law”. In the opinion of the ACB, which its representatives made public during the meeting of government and business representatives, the bill creates conditions for disproportionate pressure on bona fide businesses and employees. At the same time, the new type of turnover tax will complicate the already complicated administration of taxes and fees, creating new corruption risks.
In addition, the draft law lacks measures to combat the shadow economy and measures to improve the efficiency of the State Tax Service. Such factors will lead to discrimination of bona fide business and contribute to the growth of the shadow economy, the Association’s website says.
In addition, the developers of the bill do not take into account the negative consequences of its adoption, which will be in the reduction of business activity, which will lead to a decrease in the total taxable base, an increase in the risks of shadow economy and the introduction of various tax optimization schemes, which automatically raise the risks of corruption, according to the ASB.
Vyacheslav Chernyakhovsky, Director General of the Insurance Business Association, speaking at the meeting, noted that the insurance market already bears the burden of double taxation: 3% of gross insurance payments and 18% of income tax on a common basis.
“Our Association has conducted research on the basis of insurers’ reporting data for 2023, made public by the National Bank of Ukraine. We proved on figures that 3% tax on income means more than 35% on profit. This will have a particularly negative impact on those life insurance companies that are engaged in accumulative life insurance”, – warned Chernyakhovskyi.
According to him, if this is extrapolated to the economy as a whole, the introduction of an additional 1% tax on income in the form of a military levy corresponds to an increase of 12 percentage points in corporate income tax on the general taxation system, which would correspond to a general rate of over 30%.
Ukrainian business calls on the government and people’s deputies to take into account the proposals of the business community, to hold a professional discussion of alternatives to fill the budget and possible cuts in expenditures and to jointly work out a decision on the sources of budget revenues, the report says.
Private JSC “Insurance company “Nadiyna” (Kyiv) in January-March 2023 collected gross insurance premiums in the amount of UAH 17,8 mln, which is 50,7% less than in the same period a year earlier. This is evidenced by the data in the information of RA “Standard-Rating” on updating of the company’s credit rating/rating of financial stability (reliability) of the insurer at the level uaA+ according to the national scale.
Thus premiums from individuals have amounted to UAH 0,054 m, and premiums from reinsurers have been absent. Thus, following the results of Q1 2024 the client portfolio of the insurer on gross premiums has been mainly represented by legal persons.
Insurance payments sent to reinsurers, in Q1 2024 compared to the same period of 2023 have decreased by 49,39% – up to UAH 10,220 mln The ratio of reinsurers’ participation in insurance premiums has grown by 1,53 p.p. – to 57,41%.
Net premiums of the insurer following the results of Q1 2024 compared to Q1 2023 have decreased by 52,44% to UAH 7,581 mln, and earned premiums – by 50,42% to UAH 8,111 mln.
The volume of insurance payments and indemnities made in the reporting period compared to the same period of 2023 has grown in 2,26 times – up to UAH 4,170 mln. Thus, the level of payouts has increased by 18,32 p.p. – up to 23.43%.
At that, the company’s activity has been profitable. Thus, the profit from operating activities of the insurer amounted to UAH 2,183 mln, and net profit – UAH 2,087 mln.
Assets of the company on April 1, 2024 have grown by 0,21% – to UAH 76,025 mln, shareholders’ equity has shown growth by 3,16% – to UAH 66,625 mln, liabilities have decreased by 16,67% – to UAH 9,4 mln, cash and cash equivalents have decreased by 2,01% – to UAH 40,314 mln. According to the company’s website, it was registered in the Unified State Register of Legal Entities, Physical Entrepreneurs in 2006. Its authorized capital is 15 million UAH. Its shareholders are eight individuals – residents of Ukraine and one legal entity – LLC “Agroholding 2012”.
NNEGC Energoatom is to repair two more nuclear power units this year in preparation for the upcoming heating season, said the company’s acting chairman of the board Petro Kotin.
“We have two more power units left to repair this year, which will be in the grid until November, and we will operate all nine units in the OOP, as we announced earlier,” Kotin said at a press conference during a visit to one of the nuclear power plants on Wednesday, answering questions from Energoreforma.
He also noted that the company managed to reduce the duration of repairs by more than 40 days to return the units to the grid faster.
“After the Russian occupation of Zaporizhzhia NPP, Energoatom has three nuclear power plants – Rivne, Khmelnytsky and South Ukrainian NPPs with a total capacity of 9 power units of 7.8 GW. The company indicated that the repair of one more of them, in addition to the above two, is likely to be postponed until next year.
Source: https://interfax.com.ua/
PJSC Ukrhazvydobuvannya (Kiev) on August 7 announced a tender for compulsory insurance of civil liability of owners of land vehicles (OSAGO).
As reported in the electronic public procurement system ProZorro, the expected cost of purchasing services is UAH 3.227 million.
The deadline for submission of documents is August 14
The winners of a similar tender a year earlier was IC “VUSO”.
Losses of late crops due to drought may amount to 10-15%, acting Minister of Agrarian Policy and Food Taras Vysotsky said during a national telethon.
“There are two main types of crops – early and late. If we are talking about the harvest of wheat, barley, peas, rapeseed, rye, oats, millet, this is the early group. It was affected by the heat wave, but not critically. The worst impact was recorded in the southeastern regions, but in general, we actually reached the previously forecasted figure (gross harvest – IF-U) for these crops, which is 2-3% lower,” he said.
The acting minister reminded that the group of crops with late ripening periods includes sunflower, corn and sugar beet. They are harvested mainly in the fall.
“This is likely to have a more negative impact of abnormal temperatures. It will be possible to determine the exact impact only after the harvest, but today it looks like the harvest of these crops may be reduced by up to 10-15%. There are regions where there will be no reduction, where there was sufficient rainfall to make it easier to cope with this abnormal heat. But there are regions where the impact is critical,” explained Vysotsky.
The acting minister added that the exact figures of crop losses due to the 2024 heat wave will be known in September-October, when the bulk of the harvest is collected.
Ukrnafta has elected the full composition of the Supervisory Board. Kateryna Kuznetsova, an independent member of the Supervisory Board, joined the team.
“The company is actively implementing the OECD corporate governance principles to ensure maximum efficiency of all processes in line with the best international practices, including gender balance and professional expertise,” said Sergiy Koretsky, CEO of Ukrnafta.
The composition of the Supervisory Board of PJSC Ukrnafta has been updated:
Kateryna Kuznetsova – independent director (member). She has more than 25 years of experience in international audit firms, having worked her way up from a junior consultant to a senior manager at ERNST & YOUNG (Australia); worked as a general manager of the finance department of the corporate center of SingTel Optus (the 2nd largest telecommunications operator in Australia); and was a director of the Capital Markets Group at PwC (UK).
Timothy Dodson is an independent director (member). With over 40 years of experience in mining and geology, he was Executive Vice President at Equinor and currently chairs the Board of Directors of Ennox Technology Sdn Bhd, Norway.
Duncan James Nightingale is an independent director (member). He has more than 30 years of experience in the oil and gas industry and is an international expert in the search for oil and gas reserves in Latin America, Europe, Africa and the Middle East.
Liudmyla Darahan is a representative of the state. State Secretary of the Ministry of Defense of Ukraine. Prior to that, she worked as Deputy Head, and before that as Chief of Staff of the State Property Fund. She was also the State Secretary of the Ministry of Veterans Affairs.
Roza Tapanova is a representative of Naftogaz of Ukraine and a member of the Supervisory Board of Oschadbank. She has over 16 years of experience in law. Honored Lawyer of Ukraine.
The company has united in its management bodies highly qualified professionals, including those with extensive international experience in geology, production, audit, law and management.
We work together every day to develop the industry and achieve Ukraine’s energy independence.
Source: https://www.ukrnafta.com/v-ukrnafti-obrano-povnyj-sklad-naglyadovoi-rady
