Business news from Ukraine

Kametstal increases payment of taxes and duties by one third

2 March , 2024  

Metinvest Group’s Kametstal plant, which was set up at the facilities of Dnipro Metallurgical Plant (DMK, Kamianske, Dnipro region), increased its tax and fee payments by 34.8% in 2023 compared to 2022, to UAH 2.154 billion.

According to a press release, despite the economic, logistical and energy challenges of operating under martial law, Kametstal increased its tax revenues last year compared to 2022. At the same time, the budget of the city of Kamenskoye received almost UAH 605 million. The regional and state budgets received more than UAH 1.549 billion.

Kametstal’s most significant sources of revenues to the budgets of various levels are: a single social contribution of over UAH 401 million; land tax of over UAH 364.5 million; and personal income tax of UAH 352.5 million last year.

In addition, almost UAH 156.5 million of income tax and more than UAH 154 million of environmental tax were transferred to the treasury in 2023.

KAMETSTAL’s Chief Financial Officer Sergey Polukhin noted that despite the trials and tribulations of wartime, KAMETSTAL, along with other Metinvest Group companies, remains a stable producer of steel products important to the country’s economy and a responsible taxpayer.

“Today, the plant is also a reliable pillar of Kamenskoye’s economy and the largest donor to the city budget. The funds contributed by the enterprise significantly help to maintain the stability of salary payments to employees of the city’s utilities, ensure the operation of hospitals and other city programs. We work together for Ukraine and Ukrainians,” said the CFO.

It is also noted that in 2023, including associates and joint ventures, Metinvest Group paid UAH 14.6 billion in taxes and fees to the budgets of all levels in Ukraine. The rejection of tax benefits that the company is entitled to under the law made it possible to allocate additional funds to those areas where it is needed most.

As reported, in 2022, Kametstal paid UAH 1.598 billion in taxes and duties, which is higher than in 2021.

“Kametstal was created on the basis of Dnipro Coke Plant (DKKhZ) and Central Metallurgical Plant (DMK) of PJSC Dnipro Metallurgical Plant.

According to the 2020 report of Metinvest Group’s parent company, Metinvest B.V. (Netherlands) owned 100% of the shares in DCCP.