Tax support of the economy: which business fills Ukraine’s budget in wartime
14 April 2025 21:42
By the end of 2024, the largest private companies and banks transferred more than UAH 466.5 billion to budgets of various levels, which has become a critical source of the country’s financial stability. These figures were published by NV Business, which conducted a large-scale survey among more than 170 leading companies in the country, "Komersant Ukrainian" reports.
The leaders of the tax rating are not state giants, but international corporations and strategic private players
1. Philip Morris Ukraine – UAH 52.2 billion
The company, which is part of the global tobacco giant, has been at the top of the ranking for the second year in a row. The main share of payments is excise tax, which accounts for the lion’s share of state budget revenues from the production of excisable products. Even with the decline in tobacco consumption in Ukraine, the company maintains high production volumes and continues to export some of its products.
2. DTEK – UAH 41 billion
Rinat Akhmetov’s energy holding has significantly increased tax payments by restoring generation in the de-occupied regions and investing in wind energy. In 2024, DTEK became the largest private investor in critical infrastructure with over UAH 7 billion allocated to restore power grids after Russian shelling.
3. British American Tobacco (BAT Ukraine) – UAH 38 billion
Another representative of the tobacco industry. Due to high excise tax rates and stable sales, BAT maintains its position as one of the largest budget donors. The company also announced the launch of new production lines in Vinnytsia to expand its export potential.
The list includes not only giants.
Bayadera Group (UAH 12.8 billion) is the largest alcohol producer in Ukraine, which also demonstrates stable excise payments. The company has entered new markets in Europe, where it is actively developing brands of Ukrainian origin.
Comfy (UAH 2 billion) is an example of how a retail company can maintain tax discipline even when dealing with a decline in consumer demand. In 2024, Comfy opened 9 new stores in the western regions of the country.
Taxes as a mirror of real business
Interestingly, in the face of a 5.7% decline in GDP in 2024, large taxpayers managed to increase the total amount of deductions, which indicates an active restructuring of business models, export growth, digitalization of processes and strengthening of internal controls.
“These companies are not only budget contributors, they are economic stabilizers. Their presence guarantees the operation of entire industries,” says economist Oleg Pendzin.
The shadow side
However, analysts emphasize that the main tax burden is concentrated on 5-7% of taxpayers, which creates risks of fiscal dependence on certain industries. In particular, more than 40% of the payments in the list are excise taxes on tobacco and alcohol.
There is also a low level of tax return in the IT sector, which actively operates through the individual entrepreneur model, as well as in the agricultural business, which enjoys preferential taxation.
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