Among the main problems of Ukrainian companies are pricing, VAT refunds and currency regulation.
During the war, Ukrainian exporters faced a large number of problems caused by both direct conflicts and the controversial practices of the regulatory authorities and the consequences of some management decisions of the authorities. This was discussed in the round table discussion Problems of exporters during the war: regulatory challenges, GMK Center report.
function news4677685() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4677685&lang=2&IsAjax=true’, function (data) { $(‘#nk4677685’).html(data); });
}
news4677685();
The publication notes that one of the main problematic issues for exporters of the Ukrainian mining and metals industry is the imperfection of the transfer pricing (TP) control system.
“In particular, the Supreme Court opinion allowed tax authorities to use PLATTS quotes as the sole source of information for any transfer pricing transaction within the mining and fuel and energy sectors. However , the use of PLATTS in cases of price transfer control can lead to pressure on businesses, because the use of certain quotes can easily make any export-oriented Ukrainian mining and metal industry business not profitable,” the publication said.
For her part, Natalya Artemchuk, coordinator of the tax committee of the European Business Association, said that the association is preparing its position on the tax service’s controversial approaches to transfer pricing control, which will be published in the near future. future.
Another problem for Ukrainian mining and metal exporters is the issue of blocking or delaying VAT refunds, which has recently become critical. According to Irina Evsyukova, head of Ferrexpo’s accounting department, the company faces two main problems: blocking of tax invoices and refusal or delay in VAT refunds. As a result, businesses lose working capital and cannot carry out financial planning.
Another very important issue for exporters is excessive foreign exchange regulation, uncertainty and unclear application of foreign exchange restrictions. An example of such legal uncertainty is the existence of a deadline for the return of foreign currency earnings.
According to Oleg Krikavsky, director of government relations at ArcelorMittal Krivoy Rog, the company faces individual liability for non-return of foreign currency earnings by counterparts. The company appealed to the NBU, but this problem has not been resolved.
“It seems that the state policy against Ukrainian companies is deliberate – even with or without foreign investment, companies should not be afraid of an open conversation with the authorities and speak publicly about the problems. But when there are some wrong things on his part, so we should not be afraid to talk about it,” said Ksenia Orinchak, executive director of the National Association of the Mining Industry of Ukraine.
We remind you that in the first quarter of 2024, exports of goods from Ukraine decreased. At the same time, foreign trade operations were conducted with partners from 205 countries.
At the same time, Ukraine increased its income from the export of ferrous metals. In April alone, revenues reached $207 million.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.