Smart Energy Group paid 1.5 billion UAH in taxes in 2018

Smart Energy Group paid 1.5 billion UAH in taxes in 2018
For 12 months of 2018 Smart Energy Group paid 1.5 bln UAH in taxes, which is twice as much as compared to previous year (850 mln UAH). Herewith, most of the charges are royalty exceeding 700 mln UAH. Out of a total of taxes more than 60 mln UAH were paid to local budgets.

“Smart Energy Group fulfilled its tax obligations towards all-level budgets full and complete. A significant increase in tax deductions has directly resulted from the increase of hydrocarbons production volume. I would like to notice that legislative pre-changes certainly contributed. This includes the decrease of royalty rates, introduction of motivating 12% for new wells and deregulation. We can observe a positive proof of decisions taken. In order to remain it an uptrend, we are looking forward to further steps by our state to improve investment climate in Ukraine, transparency and openness in all industrial processes. Next most important event should be the holding of international auctions”, - noted Sergiy Glazunov, CEO of Smart Energy Group. 

On top of all, Smart Energy Group additionally paid 2.9 mln UAH for different social projects in the regions of its companies operating activity.

In particular, the Representative Office of Regal Petroleum Corporation Limited paid 1.65 mln UAH for the development of social infrastructure in Lokhvitsa and Chernuhivskiy districts in Poltava region. Among completed projects are: co-financing of children’s unit of Lokhvitsa district hospital, water pipe repair in Yakhnyki, Bezsaly, Zhabky, Derekevshyna villages, community center repair in Kharkovtsy, as well as school and kindergarten repairs in Zavodske, support of local junior sportsmen etc.

Ukrgazvydobutok, a company operating in Kharkiv region, paid 710 K UAH. This sum contributed to implementing a range of important social initiatives: participation in co-financing of project “Safe community” in Rakytne village, construction of  playground and pavement surfacing repair in Yakovlevka and Rzhavets villages, purchase of sports equipment and uniform for junior football team and finance support for holding a Bicycle Day in Novaya Vodolaga.

In its turn, Kharkiv company Prom-Energo Product allocated 550 K UAH for community support. Thus, it contributed to continuing the project for street lightning set-up in the territory of Vedensky village council, repairing floor surface in Vedenskiy study center, purchasing sound equipment and materials for panel wiring in Ternovskoye educational institution, paying the trip for local folk music group Beregynia to Latvia to participate in international festival Cultures Union.  

Also, Ukrgazvydobutok and Prom-Energo Product supported a development program for national and patriotic upbringing of children “Plast” in Kharkiv region and charity project “Classical fairy show”.

As a reminder, Smart Energy Group are among TOP-100 largest taxpayers for 2018 according to the Office of major taxpayers of State Fiscal Service of Ukraine.

Reference

Smart Energy is a part of Smart-Holding in charge of implementing exploration projects, commercial development of the hydrocarbon deposits and alternative energy initiatives.

Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region) and Regal Petroleum, a listed British company having assets in Poltava and Kharkiv regions (Prom-Energo Product).

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