According to the results of 2020, companies that are part of Smart Holding industrial and investment group (excluding the companies of METINVEST Group and HarvEast) paid UAH 1.432 billion in taxes and fees to the budgets of all levels, which is 21.4% less than in 2019.
The decrease in the tax payments by the Group's businesses is explained by the general economic slowdown amid the pandemic.
The Group’s corporate income tax amounted to UAH 167.2 million and its subsoil use tax made up UAH 437.6 million.
The amount of payroll taxes reached UAH 322.9 million.
UAH 190.9 million was paid to local budgets, including a land tax of almost UAH 31 million.
‘Over the past year, we saw multidirectional impact of the coronavirus pandemic on our businesses. In general, if not to take into account the assets in which we are minority shareholders, we observe a decrease in profitability and, accordingly, a decrease in the tax burden. At the same time, we fulfil our production plans. For example, the physical volumes of gas production by Smart Energy Group were record-breaking since the time when we entered this business, reaching 400 million cubic meters last year,’ Julia Kiryanova, the First Deputy CEO, CFO of SMART-HOLDING LLC, commented on the tax statements.
METINVEST Group, taking into account its associated companies and joint ventures, paid UAH 22.1 billion in taxes and fees to the budgets of all levels in 2020, which is 5% above the last year's level.
Reference:
Smart Holding is one of the largest industrial and investment groups in Ukraine. The interests of the Group focus on the industries that are the key ones for the economy of the country. The enterprises of the Group invest in metals and mining, oil and gas segment, banking, agriculture, shipbuilding, real estate and energy sector’s assets. The SMART HOLDING’s strategy is aimed at efficient management of a diversified investment portfolio in order to increase its value in the long term.
SMART HOLDING (CYPRUS) LTD is the top holding company of the Group, which is established and operates under the laws of the Republic of Cyprus. Its beneficiary is Vadym Novynskyi.
