Ukrmetallurgprom told what to expect for metallurgists from the new tax policy

The new tax policy, which is actively promoted by the government of Honcharuk, could kill Ukrainian business. In particular, the mining and metallurgical complex will suffer.

Oleksandr Kalenkov, President of Ukrmetallurgprom, said that changes related to the increased fiscal burden introduced to the Tax Code of Ukraine could collapse the hryvnia and make a number of industries uncompetitive.

Alexander Kalenov believes that in Ukraine, due to the strengthening of fiscal control, the mining and metallurgical complex will be the first to suffer.

"We will lose on iron ore. We will also lose on metal products. The entire mining and metallurgical complex makes up 30 percent of all foreign exchange earnings. This means that there will be a colossal blow to the stability of our currency. Moreover, this will have a multiplier effect on the entire economy: there will be to tinker with less cargo, subcontractors will lose their jobs, investments will decrease, "Kalenkov said.