Ukraine’s State Treasury Service on February 1, resumed VAT refunding. Government resolution No. 26 approving the rules for keeping the register of applications for return of VAT dated January 25, came into effect.
“On February 2, treasury agencies provided for executing applications for UAH 2.187 billion that had conclusions from the State Fiscal Service about VAT refunds from the budget,” the authority said.
The authority said that on January 31, 2016 it received applications for UAH 6.828 billion from the State Fiscal Service for processing.
The rest of the unfunded sums in these applications will be refunded after all conclusions from the fiscal service arrive.
The government resolution extended the term of budget refunds under the rules that were in effect before January 1 until April 1, 2017.
Revenues of Ukraine’s state budget in January totaled UAH 59.44 billion, up by 38.7% or by UAH 16.59 billion from the target. One of the main causes for this is virtually complete absence of the value added tax reimbursement in the first month of this year. According to the State Treasury, in January the budget received VAT to the tune of UAH 33.6 billion, while its refund totaled UAH 0.03 billion compared to UAH 7.89 billion in January 2016.
The tax revenue in January increased almost 2.5 times YoY, to UAH 36.83 billion, whereas the customs revenue increased 1.5 times, to UAH 18.23 billion. The temporary targets for January were topped by 60% and 14.2% respectively. (Interfax/Business World Magazine)