Revenue from duty on scrap metal exports triples in Ukraine – committee head

The Ukrainian budget has received three times more funds from the duty on scrap metal exports (UAH 343 million/US$12.7 million instead of UAH 112 million/$4.1 million) over the year when an increased rate of the export duty on scrap metals was in effect.

Read alsoUkraine's central bank estimates GDP growth in Q3 at 2%"We have very positive results of our 'metallurgy law' with Oleh Lyashko [Ukrainian MP, leader of the Radical Party] on a threefold increase in export duty on scrap metals (from EUR10 to EUR30 per tonne). The national budget revenue from scrap metal exports has tripled, from UAH 112 million to UAH 343 million," Head of the parliamentary committee on industrial policy and entrepreneurship Viktor Halasiuk wrote on Facebook.

Over the year of the law in effect, a deficit of scrap metal at Ukraine's metallurgical plants fell by 40% (from 725,000 tonnes to 425,000 tonnes).

According to Halasiuk, the effect of the increased export duty on scrap of ferrous metals should be extended.

As was earlier reported, Ukraine experienced an acute shortage of scrap metal before 2016, which led to a decline in production and the shutdown of Ukrainian enterprises.

At the moment, Ukraine levies duties on scrap metal exports, but they are supposed to be lifted next year.