The Ministry of Finance of Ukraine has supported the proposal of the Association “Insurance Business” (ASB) and the League of Insurance Organizations of Ukraine (LIOU) on the inadmissibility of VAT taxation of commission remuneration of insurance agents, according to the press release of the ASB.
It is specified that the norm on VAT taxation was contained in the draft law of Ukraine “On Amendments to the Tax Code of Ukraine to improve the taxation of insurance activities in Ukraine”.
As reported, both associations jointly appealed to the Ministry of Finance, the Ministry of Economy, the State Regulatory Service, the National Bank with a request not to worsen the tax conditions of insurance business and not to violate the requirements of the EU Directive.
“Ukraine is moving to the EU, so we must check all tax innovations both with common economic sense and with the principles and norms in force in the European Union,” says Vyacheslav Chernyakhovsky, general director of the Insurance Business Association.
At the same time, the press release specifies that the imposition of VAT on commissions of insurance agents directly contradicts the EU Council Directive No. 2006/112/EC of November 28, 2006 “On the Common System of Value Added Tax”. Article 135 “Exemption from taxation of other activities”, which expressly stipulate that “Member States shall exempt from taxation … insurance and reinsurance operations, including related services provided by insurance brokers and insurance agents.
The report also notes that to substantiate their position, insurance associations have analyzed the performance of insurers of Ukraine for the first nine months of 2023 and conducted a representative survey of market participants. According to the results of which it became clear that the state would not receive economic effect from this innovation, and on the contrary, there would be unpredictable additional costs for administration, control and monitoring of VAT operations in insurance activities.
“According to our estimates, our proposals, supported by the Ministry of Finance, saved each insurance company at least 40-50 thousand UAH monthly,” – said Chernyakhovsky.
insurance agents, MINISTRY OF FINANCE, TAXATION, VAT, АСБ, ЛСОУ
Real GDP in 2021-2025 (forecast)
Source: Open4Business.com.ua and experts.news
PJSC Ukrnafta has bought a special license from Chernigovnaftogazgeologiya (a subsidiary of state-owned Nadra Ukrayiny), the company’s director Serhiy Koretskyy said on Facebook.
According to him, thanks to the new license, Ukrnafta will receive an increase in total reserves by 1.01 billion cubic meters of gas and 100,000 tons of oil in 56.5 square kilometers of areas in northeastern Ukraine.
Koretskyy also noted that this is the first special permit obtained by Ukrnafta in the last 14 years.
As reported, Ukrnafta in 2023 increased production of oil with condensate by 3% (by 39.9 thousand tons) compared to 2022 – to 1 million 409.9 thousand tons, gas – by 5.8% (by 60.4 million cubic meters), to 1 billion 97.4 million cubic meters.
The company’s strategic goal is to double its oil and natural gas production to 3 million tons and 2 billion cubic meters respectively by 2027.
“Ukrnafta, Ukraine’s largest oil producer, is the operator of a national network of 537 gas stations, of which 456 are operational. The company is implementing a comprehensive program to revitalize its operations and update the format of its network of gas stations. Since February 2023, Ukrnafta has been issuing its own fuel coupons and NAFTACard, sold to legal entities and individuals through Ukrnafta-Postach LLC.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share stake. On November 5, 2022, the Supreme Commander-in-Chief of the AFU decided to transfer to the state a share of the corporate rights of the company owned by private owners, which is now managed by the Ministry of Defense.
In 2023, the distribution system operators of DTEK Grids recycled 3.5 thousand tons of various types of waste.
“DTEK Grids operates an efficient waste management system. It is built on the principles of the circular economy and last year alone helped to transfer more than 3.5 thousand tons of various types of waste for recycling,” the energy holding said in a press release on Tuesday.
According to the document, last year, DTEK Grids’ companies in Dnipro, Odesa, Donetsk and Kyiv regions and Kyiv sent about 25% of the total amount of waste for recycling. These include construction materials, used tires, waste paper, glass, office equipment, and oil products.
“Despite the war, our companies continue to implement the principles of the circular economy, in particular, in terms of waste management. They collect waste separately, store it in special conditions and send it for recycling and reuse. Thanks to this, over the past three years, about 20 thousand tons of industrial waste from DTEK Grids’ iron ore production facilities have been given a second life,” said Olena Potapenko, Head of Environmental Safety at DTEK Grids, quoted in the press release.
According to her, for example, more than 15 thousand tons of reinforced concrete pillars were used in construction and for the production of secondary crushed stone.
For separate waste collection, the company’s waste management facilities use more than 2 thousand labeled containers.
“Everything is organized in such a way as to prevent negative impact on the environment and to direct waste for recycling and reuse as much as possible,” the energy holding added.
“DTEK Grids develops the electricity distribution and power grid operation business in Kyiv, Kyiv, Dnipro, Donetsk and Odesa regions. The energy holding’s DSOs serve 5.4 million households and 150,000 enterprises.
In 2023, Agrotrade agricultural holding exported grain to 13 countries, with Egypt and Tunisia being the largest buyers, the company’s press service reported on Facebook.
According to the report, Egypt, Tunisia, Turkey, and Spain were the largest buyers of grain from Agrotrade. Grain was also supplied to Italy, Vietnam, Greece, Hungary, Romania, Latvia, Cyprus, Bulgaria, and Austria.
“Last year, we worked mainly with our usual destination countries, except for Tunisia, to which we exported large batches of corn for the first time – almost 56 thsd tonnes. Thus, this country immediately took the second place in the structure of our foreign trade. In general, Egypt purchased the largest volumes of grain from the company – over 35 thsd tonnes of corn and over 25 thsd tonnes of soybeans. Traditionally, we supplied large volumes of agricultural products to Turkey and Spain. Our southern neighbors bought soybeans and corn, while the Spaniards bought wheat. The smallest volumes of goods went to Austria – 320 tons of soybeans,” said Andriy But, Director of the agroholding’s Foreign Economic Activity Department.
As reported, in 2023, Agrotrade supplied about 350 thsd tonnes of grain to the global market. The share of own agricultural products amounted to 35% or 116 thsd tonnes, and third-party producers – 65% or 230 thsd tonnes.
The Agrotrade Group is a vertically integrated holding company with a full agro-industrial cycle (production, processing, storage and trade of agricultural products). It cultivates over 70 thousand hectares of land in Chernihiv, Sumy, Poltava and Kharkiv regions. Its main crops are sunflower, corn, winter wheat, soybeans and rapeseed. It has its own network of elevators with a simultaneous storage capacity of 570 thousand tons.
The group also produces hybrid seeds of corn and sunflower, barley, and winter wheat. In 2014, a seed plant with a capacity of 20 thousand tons of seeds per year was built on the basis of Kolos seed farm (Kharkiv region). In 2018, Agrotrade launched its own brand Agroseeds on the market.
Vsevolod Kozhemiako is the founder and CEO of Agrotrade.
Bank Clearing House may buy back 2,540 ordinary registered shares, or 5.2727% of the authorized capital, according to information in the disclosure system of the National Securities and Stock Market Commission (NSSMC).
According to the announcement, the relevant issue will be considered at the general meeting of shareholders on April 29 this year.
The agenda stipulates that the shares are to be repurchased at the market value determined by the appraiser Garant-Expertise LLC.
According to the bank, as of January 1 this year, its shareholders were: Yulia Lyovochkina – 63.4068%, Ivan Fursin – 16.7791%, Ihor Voronin – 9.7855%, Fabian Bonneleim – 6.4642%, Ng Ching Yu – 2.5408%, Yuriy Boyko – 1.0172% and Oleksandr Danchenko – 0.0005%.
As of February 1, 2024, in terms of total assets, Clearing House Bank ranked 34th (UAH 5.74 billion) among 63 banks operating in the country. Its authorized capital amounted to UAH 510.4 million, and its equity capital was UAH 1 billion 71.4 million.
Last year, the bank increased its net profit to UAH 143.56 million from UAH 83.58 million in 2022, and its assets grew to UAH 6.09 billion from UAH 5.85 billion.
