In 2016, Zaporizhstal paid a record UAH 3.2 billion in taxes (up by 28% YoY) to the national budget of Ukraine. In 2015, the company paid UAH 2.5 billion in taxes.
Tax payments of Zaporizhstal to local budgets increased by 66% (by UAH 255 million), to UAH 640 million in 2016 against UAH 385 million in the previous year.
The plant pays more and more to the budgets of all levels every year despite the recession in the industry, in particular, lower steel prices and demand, ongoing internal market decline and pressure of monopolies. Zaporizhstal managed to cement its position through effective operations focused on cost reduction as well as through the implementation of large investment projects, energy efficiency initiatives, product quality improvement and sustainable use of production resources.
“The increase in tax payments demonstrates high transparency of our business operations. Taxes mean stable payment of salaries and pensions to public-sector employees, effective economy, implementation of important infrastructure projects and normal life for people living in Zaporizhzhia and Zaporizhzhia region. We realize this and do everything we can to ensure full and timely payment of taxes,” noted Rostislav Shurma, General Director of Zaporizhstal.
With effective operations of the plant, the salary of Zaporizhstal employees increased by 16.8% in 2016. Last December, the average salary amounted to UAH 11,120.
Zaporizhstal is one of the biggest taxpayers in Ukraine and Zaporizhzhia region. The plant is among TOP 100 largest taxpayers of Ukraine. The ranking is made by the State Fiscal Service on the basis of the integrated budget tax revenues for the year. (Scmholding/Ukrainian metal)