In 1Q2019, PJSC Ukrnafta paid UAH 3.6 bln in taxes to the budgets of all levels. For the reported period taxes in total exceeded by 9,1% the same indicator for 1Q2018 (UAH 3.3 bln).
The paid taxes include UAH 13 mln of the overdue tax debt the company returned in the reported period.
Meanwhile, on March 28, 2019, at the Extraordinary General Meeting the shareholders approved the decision that is intended to lead to the elimination of the overdue tax debt of Ukrnafta. It envisages NAK Naftogas will buy 2.06 bln m3 of gas which was transferred by Ukrnafta to the underground gas storage in the past and will buy additionally 2 bln m3 of gas to be produced in the future. In its turn, Ukrnafta is obligated to allocate all proceeds to repay the tax debt and other tax obligations arising in the course of execution of the contracts, which will open the way to increasing investments, modernizing production assets and achieving sustainable growth in production of hydrocarbons. However, Ukrnafta will be able to fully repay the tax debt only if these gas contracts have been fully executed.
In 2018 Ukrnafta met its current tax obligations at full extent, having paid UAH 15.3 bln and become the fourth biggest tax payer in the country. This sum includes UAH 1.24 bln of the overdue tax debt the company returned last year.
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