Ukrnafta pays over UAH 5 bln in taxes in Q1 2020

“In March 2020, PJSC Ukrnafta paid UAH 638 million in taxes to the budgets of all levels. This amount included the rent for subsoil use, VAT, profit tax, excise duty and other taxes. The sum of taxes paid in the first quarter reached UAH 5.08 billion,” reads the report.

The company’s rent payment to the state and local budgets of different levels for the subsoil use in  March 2020 made up UAH 336 million. Of this amount, UAH 16.8 million was transferred to local budgets in line with the rent sharing mechanism, established by the law, on the distribution of rent payments for oil and gas extraction.

The largest sums of rent payments from Ukrnafta were transferred to the budgets of Sumy region (UAH 6.67 million), Ivano-Frankivsk region (UAH 3.78 million) and Poltava region (UAH 3 million).

It notes that the amount of rent paid to the local budgets depends on the volume of hydrocarbons production in the region. The communities usually fund local infrastructure and social projects with rent revenues.

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