State-owned PrivatBank topped the list of profit-making Ukrainian banks in 2021, declaring UAH 35.05 billion of net profit, while Pravex Bank recorded the largest loss last year – UAH 266.249 million.
According to the data of the National Bank of Ukraine (NBU), the second position in the list of profit-making banks was taken by Raiffeisen Bank Aval (UAH 4.858 billion), and the third by FUIB (UAH 4.188 billion). According to the results of 2021, the subsidiary of the Russian Sberbank IR Bank (UAH 3.897 billion) is in the fourth position, and Ukrgasbank is in the fifth position (UAH 3.82 billion).
According to the central bank, Unex Bank (UAH 50.355 million) ranked second among loss-making banks, BTA Bank (UAH 32.085 million) ranked third, Ukrainian Bank for Reconstruction and Development fourth (UAH 27.928 million) and Alpari Bank fifth (UAH 6.12 million).
During this period, 66 out of 71 banks operating in Ukraine saw profit.
According to the statistics of the National Bank, in terms of total assets, PrivatBank (UAH 582.851 billion) retained the first place in the ranking in 2021 (UAH 582.851 billion), Oschadbank (UAH 249.938 billion) was second, Ukreximbank was third (UAH 210.029 billion), and Ukrgasbank was fourth (UAH 130.817 billion) and Raiffeisen Bank Aval fifth (UAH 133.651 billion).
The Verkhovna Rada is proposed to introduce ceiling prices for certain types of export products, upon exceeding which exporting companies will be obliged to pay 50% of the revenues received in excess of the established limit to the state budget, which will make it possible to replenish the state budget for a total amount of $ 6.37 billion per year and redirect these funds to support the social sphere.
Corresponding bill No. 5666 was registered in the Verkhovna Rada on June 16 by MPs Oleh Dunda, Bohdan Yaremenko and Oleksandr Aleksiychuk (all of them are from the Servant of the People parliamentary faction).
According to an explanatory note to the bill, it is proposed to tax a portion of foreign currency earnings exceeding the limits established by the bill with a 50% tax. For wheat, the limit is proposed to be set at $ 230/tonne (as of June 1, its average export price is $ 283/tonne), corn – $ 170/tonne ($ 271/tonne), rapeseeds – $ 350/tonne ($ 568/tonne), oats – $ 230/tonne ($ 265/tonne), sunflower oil – $ 850/tonne ($ 1,300/tonne). Accordingly, if a 50% tax is imposed on part of the profits received by exporters in excess of the established limits, the state budget will receive $ 450 million from taxation of exported wheat, corn will bring $ 1.21 billion, rapeseeds – $ 440 million, oats – $ 10 million, sunflower oil – $ 1.57 billion, the document says.
It is also proposed to tax the profits exceeding the established limits for exporters of iron ore, steel scrap and rebar, aluminum, copper, zinc and nickel.
According to the explanatory note to the document, the taxation of “excess profits” in these commodity groups will make it possible to replenish the state budget for a total of $ 6.37 billion per year.
“The tax is levied on excess profits, that is, the profits that a business entity received by taking advantage of the favorable market conditions. Usually this is a temporary measure that is applied when the country’s budget is experiencing an acute deficit,” the authors of the bill explain.
Ukrainian metal companies saw a growth of 27.7% in foreign currency revenues from exports of ferrous metals in January-August 2018 year-over-year, to $7.001 billion. According to customs statistics published by the State Fiscal Service, the share of ferrous metals of total income from exports was 22.65% compared to 19.93% from a year ago.
In August 2018 alone, receipts from ferrous metal exports amounted to $803.263 million.
In January-August 2018, Ukraine increased imports of similar products by 25.7%, to $896.765 million including imports reaching $144.565 million in August. In January-August 2018, Ukraine increased metal products exports by 32%, to $729.444 million including August deliveries being $91.404 million. During this period, imports of metal products grew by 19.9%, to $598.239 million, including August imports worth $94.603 million.
As reported, in 2017 Ukraine saw its forex earnings from ferrous metal exports rise by 20%, to $8.666 billion. Ukraine saw imports of these products increase by 42%, to $1.135 billion. Ukraine experienced a 30% rise in metal products exports, up to $896.7 million. Metal imports grew by 25% last year, to $806.8 million.
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