Poltava Mining and Processing Plant Faces a Fine of 35.3 Billion Hryvnia — Bloomberg
On August 6, it was reported that the Poltava Mining and Processing Plant (GZK), part of the Ferrexpo Group, could face a tax penalty of 35.3 billion hryvnia (about $788 million). The alleged reason is a violation of foreign exchange restrictions.
The basis for the potential fine is alleged non-compliance with state foreign exchange restrictions.
Ferrexpo received a notice based on the results of an “unscheduled documentary audit without an on-site inspection.” The company stated that the tax authorities “did not take the actual circumstances into account.”
Poltava Mining and Processing Plant has filed official objections with the local tax authority. If these objections are upheld, the audit findings may be revised.
The company is facing mounting operational and financial pressure due to logistical disruptions and legal proceedings, Bloomberg reports.
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