Business news from Ukraine

Italy plans to introduce 26% tax on profit from cryptocurrencies

Italy plans to introduce 26% tax on profit from cryptocurrencies. The government will charge tax if the profit exceeds 2 thousand euros.
Taxpayers have already received letters demanding to indicate the value of their crypto-assets as of January 1, 2023 in the declaration and pay a tax of 14%.

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Italy transferred more than 20 155-mm self-propelled artillery mounts to Ukraine – La Repubblica

Italy has handed over more than 20 155-mm M109L self-propelled artillery mounts to the Ukrainian army, La Repubblica reports.
“These are armored tracked vehicles with a 155 mm cannon using NATO ammunition. In the last years of the Cold War, Italy produced hundreds of such installations, upgrading the original American model, then they were withdrawn from service at the beginning of the millennium,” the message says.
It notes that these installations will undergo a major overhaul, and then go straight to the front line.
Journalists report that the Ukrainian army will receive from twenty to thirty self-propelled guns, “although the exact number remains top secret.”
The publication adds that these self-propelled guns are part of the latest military aid package, which was agreed by the previous Italian government, Mario Draghi.


Another 6 dry cargo ships will deliver 223 thousand tons of Ukrainian agricultural products to China, Israel, Egypt, Belgium and Italy

Six vessels with 223.4 thousand tons of food left Ukrainian ports on Friday, having received permission from the Joint Coordination Center (JCC).
“On October 28, six ships left Ukrainian ports, they are transporting a total of 223,430 tons of grain and other agricultural products as part of the Black Sea Grain Initiative,” the SKC said in a statement.
The ship Kavo Perdika will deliver 54,160 tons of corn to Israel, the ship Zante – 47,270 tons of rapeseed to Belgium. Dry cargo ship Asl Tia transports 39 thousand tons of sunflower meal to China, dry cargo ship Super Bayern transports 33 thousand tons of corn to Italy.
In addition, two ships Rising Eagle (25 thousand tons of wheat) and Lina (25 thousand tons of corn) are sent to Egypt.
“Grain that has arrived at its destination can be processed and then transported to other countries,” the SKC explained.
It is noted that as of October 27, the total tonnage of grain and other agricultural products exported from three Ukrainian ports is 9,239,819 tons.
“At the moment, 101 vessels have been registered for verification by the SKC, another 76 have applied to join the initiative,” the message says.
As reported, in Istanbul on July 22, with the participation of the UN, Ukraine, Turkey and Russia, two documents were signed on the creation, first, for a period of 120 days, of a corridor for the export of grain from three Ukrainian ports: Chernomorskaya, Odessa and Yuzhny. Ukraine set as its goal to export 3 million tons of agricultural products per month as part of the initiative.

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Agricultural holding KSG Agro started exporting sunflower oil to Poland and Italy

Agroholding KSG Agro has begun exporting sunflower oil to Poland and Italy, and the first batch of 2,000 tons of rapeseed has been sent to Slovakia, according to a press release from the agrarian group on Thursday.
“Currently, there are very good conditions for agricultural producers to export to the EU – in fact, there are no taxes (in particular, VAT) and import duties. So, if you solve problems with transportation, establish efficient logistics, you can have a good source of replenishment of foreign exchange income”, – quotes the agricultural holding of its owner Sergey Kasyanov.
According to him, the export of agricultural products to the EU makes it difficult to increase the cost of logistics and increase its time. So, if earlier one delivery to the EU was carried out on average in 5-7 days, then in the conditions of the Russian military invasion and queues at border crossings, delivery can last 20-30 days.
It is specified that the supply of sunflower oil to Poland and Italy will be carried out with the help of flexitanks – polymer containers designed for the transportation of liquid cargo on conventional trucks.
In addition to KSG Agro LLP, we are currently negotiating with partners regarding the possibility of bottling and refining sunflower oil in the EU countries in order to quickly increase its exports and sell products ready for consumption.
“We managed to build effective supply chains for export supplies of both grain and high value-added products (vegetable oil) to the markets of the EU countries, despite the blockade of seaports. In 2022-2023, we plan to focus on developing the export of our products in order to increase foreign exchange earnings. There are all the prerequisites for this, for example, high demand in the EU for grain and the same rapeseed,” Kasyanov summed up in the message.
The vertically integrated holding KSG Agro is engaged in pig breeding, as well as the production, storage, processing and sale of grains and oilseeds. Its land bank is about 21 thousand hectares.
According to the agricultural holding, he is in the top 5 pork producers in Ukraine.
In 2021, the holding increased its net profit by 16 times compared to 2020, to $20.27 million, revenue by 44%, to $30.75 million, while doubling EBITDA to $12.28 million.
The owner and chairman of the board of directors of KSG Agro is Sergey Kasyanov.

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5 ships with Ukrainian food to leave for Turkey, Italy, China under Black Sea Grain Initiative

The Joint Coordination Centre (JCC) authorized five outbound vessels loaded with food on Thursday within the framework of the Black Sea Grain Initiative, the UN has reported.
“JCC authorized the movement of five ships carrying a total of 83,241 tonnes of grain and other foodstuffs as part of the Black Sea Grain Initiative,” the UN said.
The UN reported that vessels Jasmin Queen (9,531 tonnes of corn), Captain Adam 1 (9,300 tonnes of wheat) and Filyoz (4,410 tonnes of sunflower oil) will go to Turkey. The Kiran America ship will head to China with 50,000 tonnes of barley and corn, while the Santana ship will deliver 10,000 tonnes of wheat to Italy.
In addition, vessel Dignity (8,200 tonnes of sunflower seeds) previously postponed the departure from the port of Chornomorsk to Thursday, September 8. It is planned that it will go to Turkey.
“As of September 7, the total tonnage of grain and foodstuffs exported from the three Ukrainian ports is 2.335 million tonnes. In total, the movement of 211 ships has been authorized at the moment – 111 inbound and 100 outbound,” the UN said.
In Istanbul on July 22, with the participation of the UN, Ukraine, Turkey and Russia, two documents were signed on the creation of a corridor for the export of grain from three Ukrainian ports – Chornomorsk, Odesa and Pivdenny.

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Italy will continue to raise funds to restore the city of Bucha in Kyiv region, which suffered from Russian occupiers, Mayor of Bergamo (Italy) Giorgio Gori said during a meeting with Minister of Finance of Ukraine Serhiy Marchenko and Managing Director of the Rothschild international banking group for the CIS region Giovanni Salvetti.
As the Ministry of Finance pointed out in a press release on the website on Wednesday following the meeting, in April 2022, the Italian humanitarian organization Cesvi, headquartered in Bergamo, allocated the first EUR 500 million for the restoration of Bucha, and Gori confirmed its readiness to raise funds in the future.
The mayor of the Italian city noted that the amount of financial support for the restoration of the communal infrastructure and social facilities of Bucha will be increased through charitable contributions from private and public donors, in particular from the municipality of the city of Bergamo.
“Today, the amount of infrastructure damage reaches $104 billion, but the war is not over yet. Now, even after the victory, a difficult path for the restoration of Ukraine awaits us,” the Minister of Finance of Ukraine said in turn, quoted by the ministry’s press service.
Priority areas for the recovery of Bucha are the restoration of destroyed infrastructure, housing, refurbishment of fleets of special equipment, including ambulances, fire engines and public transport, the ministry added.

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