Metinvest promises to shut down its enterprises due to non return of VAT

​In November 2015 all enterprises of Metinvest were excluded from the list of automatic VAT return.

The tax return will possibly be held in the “manual” mode, however, Metinvest is not aware of the volume of return.

This is not the first case for the past few months when the enterprises of Metinvest are excluded from the system of automatic VAT return. However, this is an unprecedented case when all the enterprises of the group are excluded at once.

The debt of the Government before the enterprises of Metinvest on VAT return as of November 1st made up 2.33 bln grivnas. Currently the tax authorities haven’t confirmed the return of another 1.1 bln grivnas in the manual mode. The group is not sure that this amount will be returned in the manual mode.

In case of the absence of VAT return, in the current market situation the holding will have to shut down its enterprises soon. It will lead to the shutdown of the entire metallurgical sector of the country and firing of dozens thousand employees. We call the State Fiscal Service, Cabinet of Ministers and President to avoid this situation and return the debts to Metinvest, CEO of Metinvest, Y. Ryzhenkov, said.