In 2024, umgi private equity firm and its Ukrainian assets paid UAH 628.6 million in taxes and fees to the national and local budgets. This is 96% more than the amount paid in 2023, UAH 321 million.
The growth was driven by increased sales volumes, which increased our income tax and value-added tax liabilities, and higher employees’ salaries. Most taxes were paid to the national budget, contributing to the country’s economic resilience and defence capability.
Following Q4 of 2023 and three quarters of 2024, two umgi assets – Vesco PrJSC and Recycling Solutions LLC – entered the White Business Club. The State Tax Service of Ukraine (STS) draws this list based on a high level of voluntary compliance with tax legislation, timely tax payment, salary level, and eligibility under other criteria.
“We are guided by the principles of fairness and transparency in our activities, and the government’s recognition of our assets is yet another confirmation of this,” notes Andrii Gorokhov, CEO of umgi. “Responsible business should be a reliable partner of the government, as this is the only way to shape the future. The said is crucial for Ukraine in wartime. Despite all the challenges, the umgi businesses continue their operations and investments. We have almost doubled our annual tax payments.”
The umgi businesses not only provide stable tax revenues but also prioritize the support of their employees by creating decent working conditions and offering competitive salaries, even in difficult wartime conditions.
Since the start of the full-scale war, SCM businesses have paid a total of UAH 214.3 billion (nearly $6 billion) in taxes to budgets at all levels.