LONDON (dpa-AFX) - Ferrexpo plc (FXPO.L) said two of its Ukrainian subsidiaries, Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining, have received notifications from the Ukrainian tax authorities of a decision to suspend the refund of VAT for the month of January 2025, in the aggregate amount of approximately $12.5 million. The explanation provided by the tax authorities for the suspension relates to the imposition of personal sanctions on Kostiantyn Zhevago. The suspension of VAT refunds will put financial pressure on the Ferrexpo Group's liquidity and force it to reduce production and sales.
Lucio Genovese, Executive Chair said: 'The suspension of VAT refunds will place significant stress on our business, at a time when we are already managing many other challenges. Ferrexpo calls on the Ministry of Finance and the State Tax Service of Ukraine to take urgent and effective measures to reinstate the VAT refunds.'
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