Draft law 1210 could eliminate Ukraine's mining and metallurgy.

Metinvest

Representatives of Ukraine's mining and metallurgy branch, economists and international analysts protested against the changes in the Tax Code of Ukraine. They claim such changes are devastating for the entire branch of industry; they put it this way during the session of a workgroup of the Parliamentary Committee for Financial, Tax and Customs Policy. Channel 24 reported that on Friday.

"The tax innovations of draft law No.1210, in fact, destroy the mining and metallurgy branch. The tax pressure will grow three- or fourfold. Respectively, the rent payments regarding the commercial income of Ukrainian enterprises will be 10 times more than those in Russia. As a result, they will remove us from the European market. We'll lose some 26 million tons. And that's two-thirds of what we're exporting now", said Oleksandr Kalenkov, the CEO of Ukrmetallurgprom, the union of enterprises.

Related: Law on increase of export duty on scrap metal comes into force

If the changes are actually approved, the enterprises will have to stop production because of incapability to compete with much cheaper production.

Ukraine's largest metallurgy factory ArcelorMittal Kryvyi Rih might be forced to shut down its iron ore mine - if the Ukrainian Parliament increases the rent price, according to draft bill No.1210. Volodymyr Tkachenko, the deputy CEO of the factory said so during his speech; he turned to the workgroup of the parliamentary Committee for Tax and Customs Policy.

He said that the offered changes to the legislative basis of taxation during the iron ore production would have negative consequences.

Related: ArcelorMittal Kryvyi Rih metallurgy factory could stop working in Ukraine

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