Public joint-stock company Ukrnafta in January-March 2018 paid over UAH 3.3 billion of taxes, including UAH 3 million of overdue tax debt, the company's press service has reported.

The press service said that the financial plan of Ukrnafta for 2018 foresees payment of UAH 1.2 billion of overdue tax debt, which totaled UAH 11.85 billion as of late 2017.

The press service said that the company proposed to the Cabinet of Ministers to restructure the overdue tax debt for the period of four years, freezing the accruing of fines and penalties. This would allow lifting restrictions from investment expenses of the company and allow it to invest around UAH 29 billion in next five years.

"Under this scenario, in addition to repaying the entire amount of the overdue tax debt, the state will receive about UAH 80 billion of tax revenues from Ukrnafta over the next five years, including UAH 28 billion of additional tax revenues through increased investment and extraction," the press service said.

Ukrnafta sees two ways of paying off the tax debt.

The company offered to transfer 2 billion cubic meters of gas to the State Fiscal Service as tax lien, the market value of which is about UAH 15 billion. The second option is restructuring of the tax debt for several years and its repayment in installments at the expense of Ukrnafta's own funds.