As of Aug. 18, government VAT debt accumulated to ArcelorMittal Kryviy Rih was Hr 3.186 billion. ArcelorMittal, which owns the nation's largest steel mill in Kryviy Rih, acknowledged it has received government bonds in lieu of value-added tax refunds it is due.

“We acknowledge that we have received last Friday the VAT bonds in payment for our accumulated debt until last May 1. Understanding the challenging situation the Ukrainian Government is facing with VAT refund, we have accepted that issuing the VAT t-Bonds was a controversial but necessary compromise decision. We have accepted this compromise against the government commitment that VAT refunds from May 1 onwards would be made in cash and on time, and we are now confident that government will comply with its commitment,” noted Arnaud Poupart-Lafarge, executive vice president, ArcelorMittal.

"As an enterprise to which the state owes the biggest VAT refund debt, we perceive issuing of the VAT treasury bonds as an important milestone in resolving the VAT refund issue. We expect the re-establishment of the automated VAT refund to take place soon,” added Rinat Starkov, chief executive officer of ArcelorMittal in Kryviy Rih.

Information: As of Aug. 18, VAT debt to ArcelorMittal Kryviy Rih was nearly Hr 3.2 billion, out of which 1.7 billion (debt as of May 1, 2010) was claimed via VAT treasury bonds refund.


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