You're reading: Yanukovych suggests mining charge for iron ore, manganese, uranium

Ukrainian President Viktor Yanukovych suggests introducing a mining rent for iron ore, manganese, uranium, fact coals, base metal ores and some other minerals in addition to the existing charge on the extraction of oil gas and gas condensate.

“This would significantly increase the volume of budget revenue,
ensuring Ukraine equivalent payment for extensive development of its
subsurface resources,” Yanukovych said in his annual address to the
parliament.

Revenue from resource and environmental taxes in EU countries, where
resource development is less intensive than in Ukraine, averages at 4%,
and in some countries 15% of GDP, but barely climbs above 1% of GDP in
Ukraine.