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The Finance Ministry has launched an electronic register of VAT refunds

Минфин запустил электронный реестр возмещения НДСNow the registry is filled with information.

Today, Saturday, April 1, the Ministry of Finance has launched an electronic register of VAT refunds.

Now, the filling of the registry information.

Note that the available register will be available on the first business day of April, namely, on Monday, 3 numbers.

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“According to the law (Decree of CMU No. 26 On approval of the Procedure of keeping the Register of declarations of refund of the amount of budget refund of value added tax), it will be available on the first business day of April, 3 numbers. Now every entrepreneur can online to check what is the status of his payment “, – is spoken in the message.

How to work the new registry?

All incoming information in the registry forms the DFS on the basis of demands of the business and secures it with digital signature. DFS enters this information into the registry. After that, the approval of the amount is given no more than 30 days (in cases stipulated by law – 60 days) and automatically refund on the next day after the end of this period.

Compensation occurs in chronological order (entrepreneur, first filed, first receives funds under all other equal conditions) and on a daily basis. Previously VAT was reimbursed in the last 5 days of the month. With this approach, the entrepreneurs were not able to plan well in advance. Now to return the VAT will be in any day of the month after approval of the amount, so the business can better plan their activities and will receive additional working capital, starting from 10-th of each month.

What gives?

The Ministry of Finance claim that a transparent and automatic registry eliminates corruption in the VAT recovery, which restores the confidence of the business creates a level playing field for every entrepreneur and facilitates doing business in Ukraine.

Meanwhile, the President of Ukraine Petro Poroshenko stressed: “Electronic registry allowed us to remove the” tax pits “, which just throws the VAT from the air. Undertook nowhere, and allowed to steal from the state”.

Poroshenko also noted that among the manipulations from the VAT scheme was used in which, for example in Ukraine, imported bananas and sold them for cash. Then, according to the documents, handed them to the company of transit and “turned” construction and building materials, and the state must reimburse the VAT.

The President, moreover, believes that to stop manipulation of the reimbursement of value added tax is possible only when the State fiscal service together with the Ministry of Finance, through the transparent mechanism, will have the right to stop a suspicious transaction for VAT refund.

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