Kyiv's power plants will keep operating at full capacity after gas was bought from a private supplier.
Naftogaz of Ukraine said the unstable gas supply to Kyiv facilities had been resolved and everything was now running normally: the Kyiv City State Administration (KMDA) managed to buy a volume of gas from one of the private suppliers operating on the Ukrainian market.
The company's press office also said the gas purchased would be enough to keep the thermal power plants fully running until the gas debt situation is settled. The debts built up while the plants were operated by…
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The National Bank explains the exchange rate swings
The hryvnia exchange rate is moving sharply because large sums are being transferred abroad and substantial VAT refunds are paid out at the end of the month.
The swings we have been seeing for more than a week have several causes, including:
Private companies are repatriating large amounts of profit (they bought around USD 300 million at the start of July), and non-residents are selling their domestic government bonds (OVDP): since the first days of July, the volume…
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NBU reports a thirteen-fold drop in the balance of payments surplus in June
Ukraine's balance of payments was in surplus in June, at an estimated USD 23 million. The surplus stood at USD 266 million in May, USD 290 million in April and USD 306 million in June last year. The figures were released by the press office of the National Bank of Ukraine (NBU).
The current account deficit is estimated at USD 125 million. Over the first half of the year it…
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Published 31 July 2018. Some rules have changed since; ask us for the current position.
VAT returns and adjustment calculations
Individuals and companies registered for VAT often find themselves having to refund part of an amount that was paid earlier. To report these adjustments to the tax authority, the reporting itself has to be corrected. Under the law, a supplier may reduce the amount of VAT only once the adjustment has actually been made. A downward adjustment is always reflected in the VAT the taxpayer will pay.
A…
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Poltava Airport was granted international status at the end of 2017, yet it handled its first flight only on 29 July 2018, once repair works were finished. The opening had originally been planned for May, with a flight carrying Ukrainian holidaymakers to Antalya. The Poltava Regional State Administration (ODA), however, was sceptical about the tour operators' plans and took a realistic view of how much repair work the airport needed before it could operate properly.
The restoration and upgrade programme adopted at the start of the year runs for four years, so only part of the plan has…
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