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Metinvest abandoned the "tax holiday" for the support of the cities of presence

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Mining and metallurgical holding company will continue to pay tax on land and property to support cities where the period of validity of quarantine measures against the coronavirus.

Metinvest abandoned the "tax holiday" for the support of the cities of presence

Metinvest Group decided to abandon tax holidays under law No. 3220 "On amendments to the Tax Code of Ukraine" to support the business during the period of quarantine measures against coronavirus. The amount of tax deductions, including tax, land tax and property tax to be paid by group companies to the local budgets within the grace period will exceed UAH 50 million.

"Metinvest, recognizing its responsibility to cities, which are his business and residents, believes it is important to keep the volume of tax revenues from the city-forming enterprises in this difficult period. In this regard, the group has taken a strategic decision to support local communities and the rejection of tax breaks," reads message on the website of Metinvest.

As told by the company's CEO Yuriy Ryzhenkov, this decision was supported by shareholders of Metinvest Rinat Akhmetov and Vadim Novinsky.

"Everyone's counting on the fact that the state will develop some compensatory mechanisms at the regional and municipal levels that allow businesses to successfully cope with crisis situations and to continue to work effectively for the good of the country, providing taxes and jobs," said Ryzhenkov.

Recall, Metinvest is taking all necessary measures to prevent the spread of the coronavirus in their enterprises: employees are provided with personal protective equipment and disinfection, is constantly carried out additional processing facilities and transport. The group actively participates in the work of regional anti-crisis headquarters to combat coronavirus: helps the city's medical institutions with the supply of the necessary means of protection and provision with oxygen, disinfects the streets and provides food packages to veterans.

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