Minenergo, State Service for Geology and Subsoil of Ukraine and SFS supported project reporting

02 July 2018

Ministry of Energy and Coal Industry, State Service for Geology and Subsoil, as well as the State Fiscal Service supported the reporting of extractive companies for each project (special permit).

This is stated in the letters from the Ministry of Energy and Coal Industry and the State Service for Geology and Subsoil to the Ministry of Finance, as well as in the SFS response at the request of the DiXi Group analytical center.

According to the position of the State Service for Geology and Subsoil, the implementation of project reporting will help to resolve the situation with the non-use of special permits received by certain companies (“sleeping licenses”), which will help Ukraine achieve its goals for increasing gas production.

As stated in the SFS response, disclosure of company payment information in the context of each project will allow local councils to conduct a more detailed analysis of expected budget revenues to be sent to implement approved programs.

Let us remind that the Ministry of Finance develops draft reporting forms for mining companies for the implementation of the Directive 2013/34/EU on financial reporting, introduced in the amendments to the Law “On Accounting and Financial Reporting in Ukraine”. In addition, project reporting of subsoil users is part of the requirements of the draft law No. 6229 “On Ensuring Transparency in the Extractive Industries».

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