Company: KYIV
Filing Date: 2025-07-17
Form Type: F-4/A
Source: 0001213900-25-064873
Chunk: 584

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-17
Form: F-4/A
Chunk 584
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3INCOME TAXES Income tax expense is the total of the current and deferred income taxes. Current income tax is based on the estimated annual effective tax rate. Deferred income tax is the tax asset or liability resulting from a difference in income recognition between enacted or substantively enacted local tax law and group IFRS accounting. Income tax expense consisted of the following for the three -monthperiod ended March 31:

|                       |     | 2025 |   |     | 2024 |   |
| Current income taxes  |     |  (14 | ) |     |   (8 | ) |
| Deferred income taxes |     |    — |   |     |   (1 | ) |
| Income tax expense    |     |  (14 | ) |     |   (9 | ) |
| Effective tax rate    |     | 24.1 | % |     | 20.0 | % |

The difference between the statutory tax rate in the Netherlands (25.8%) and the effective corporate income tax rate for the Group in the three -monthperiod ended March 31, 2025 (24.1%) was primarily driven by a number of non -deductibleexpenses incurred by Kyivstar, which are recorded in our interim condensed combined income statement and by a change in deferred tax assets which have not been recognized. The difference between the statutory tax rate in the Netherlands (25.8%) and the effective corporate income tax rate for the Group in the three -monthperiod ended March 31, 2024, (20.0%) was primarily driven by a number of non -deductibleexpenses incurred by Kyivstar which are recorded in our interim condensed combined income statement. Global Minimum Tax The Group is in scope of the enacted Pillar Two legislation and has performed an assessment of the Group’s exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country -by -countryreporting and financial statements for the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates with all jurisdictions in which the Group operates are above 15%. The Group has applied the IAS 12 exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

F-100

VEON Holdings B.V.Notes to the interim condensed combined financial statements
(in millions of U.S. dollars