Naftogaz Accounts for 16% of Ukraine's Taxes

State Naftogaz Ukrainy paid 16% of the total tax and dividend income that was received by Ukraine in the first eight months of this year, it said September 18. That was hryvnia 84.8bn ($3.2bn), and more than any other entity paid the government.

The payment would have been greater still but for the failure of the local distribution companies to pay up for the gas they have taken in the past year or more, which has led Naftogaz to write off hundreds of millions of hryvnia. It will write off more in consideration of reaching agreement with dozens of late payers on debt restructuring, it said September 13, calling for urgent discussions with local authorities as the heating season approaches.

William Powell