"United Mining and Chemical Company" | News | JSC UMCC breaks a new tax record

JSC UMCC breaks a new tax record
JSC UMCC breaks a new tax record

15.04.2019

In 2018, JSC United Mining and Chemical Company broke another annual record, paying UAH 902.4 million in taxes, fees and mandatory payments to the budgets of all levels. This is a historic high indicator in the past five years, during which the company manages subsidiaries – Vilnohirsk Mining and Metallurgical Plant and Irshansk Mining and Processing Plant.
 
The most significant payments for the national budget and the budgets of the cities, where the subsidiaries of JSC UMCC operate were the dividends in the amount of UAH 332.6 million, fee for subsoil use – UAH 147.1 million, corporate profit tax – UAH 161.2 million, unified social tax and personal income tax – UAH 235.5 million. The national budget also received nearly UAH 9 million in military tax, while the budget of Vilnohirsk – UAH 5.8 million in water tax.
 
Oleksandr Gladushko, Acting Chairman of the Board of JSC UMCC, explains that continuously growing proceeds from the sales of products and tireless fight for reduction of the production costs through upgrade of the means of production and saving of the resources largely contributed to the increase of tax payments. “In 2014, we started with UAH 17 million in tax payments and increased our obligations to the budget annually. The gap between our initial indicator and the indicator of 2018 is colossal! I am confident that the state has never received such tax payments from the subsidiaries,” he said.
 
In the period of 2014-2018, JSC UMCC paid nearly UAH 3 billion in taxes, fees and mandatory payments. It has been ranked among the Top 100 largest donors of the national budget and the city’s primary taxpayers by the State Fiscal Service and was also among the Top 10 conscientious taxpayers in the mining industry.
 
The company's payroll was also increased. In 2014, it did not exceed UAH 17.6 million, while in 2018, JSC UMCC allocated nearly UAH 484 million for this item.
 
The management of JSC UMCC retains the image of a socially responsible company and conscientious taxpayer with high production standards. “Despite the heavy tax burden, we invest a lot into modernization of production of the subsidiaries, transport pool and development of new land plots, which point to effective management,” believes Oleksandr Gladushko.