Oct 28, 2020

Farmak is a winner of the Good Faith Taxpayer – 2019 rating

The results of 2019 showed that Farmak’s tax deductions amounted to UAH 650 million.

Farmak was recognized by the highest rating commission of the Association of Taxpayers of Ukraine as a good faith taxpayer.

“Farmak runs a transparent and honest business. We are confident that this is the key to the success of the Company both in Ukraine and globally. It should be noted that Farmak not only pays all taxes, but also participates in the state social programs. To reduce the financial burden on patients, Farmak is actively engaged in the Affordable Medicines Program with a 13.7% share. This is a conscious choice of the Company. Business is not just about profit; it is about providing jobs to Ukrainians, ensuring social guarantees and charitable assistance. The Company employs 2,700 employees. Farmak employees are paid competitive and reported salaries, which are reviewed annually based on international salary reviews. Over 5 years, the average salary has increased 2.5 times and is increased by 15% annually. Every year the Company holds a charity race in Shostka, where the API Production Division is located. The environmental educational project Eco-School has been held for three consecutive years. During the quarantine period, we demonstrated more than once our commitment to support the state and the population. Together with the All-Ukrainian Charitable Organization “The Zhebrivski Family Charitable Foundation”, Farmak purchased three lung ventilators and other facilities and personal protective equipment, which were delivered to 40 medical institutions in different parts of Ukraine along with the medicinal products. Investments in socially important projects is the Company’s philosophy,” said Volodymyr Kostiuk, Executive Director of JSC Farmak.

“Those, who work in a transparent and honest manner and pay taxes in good faith, diligently perform their duties to the state, ensure its social and economic stability and public welfare, care about Ukraine and its future, especially in conditions when the whole country is fighting against COVID-19, and our support is needed more than ever. The economic well-being of each of us and the state as a whole and the payment of taxes are intertwined. Only when the state has a rich state treasury it is able to perform its duties – proper social protection of citizens (allowances, subsidies, pensions), free medical care and education, development of science and culture, construction and repair of roads, ensuring the safety of life of citizens and the state, etc.,” said Liudmyla Herasymenko, Director General of All-Ukrainian public organization “Association of Taxpayers of Ukraine”.


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