Taxes

20/ 02/ 2018

As you know, more than one year, a large number of companies in Ukraine are deprived of the opportunity to receive “old sums” of budget refunds of VAT, which were declared before February 1, 2016. The Tax Code of Ukraine provided for the creation of the Temporary Register of applications for refunds of budget reimbursement of VAT filed before February 1, 2016, till February 1, 2017 but  it has not been formed yet.

Thanks to the long path of finding compromises between business representatives and the Government of Ukraine the Verkhovna Rada of Ukraine registered Draft Law #7518, dated 19 January, 2018,  which provides the registration of taxpayers’ applications to the Temporary Register the day after receiving a decision on the results of the administrative appeal procedure or a court decision that has acquired legal force.

The Treasury will transfer the amount of budget reimbursement within 5 business days,

regardless of the allocation of funds in the State Budget of Ukraine.

Recall that due to the different interpretations of the algorithm of the Temporary Register by Govemental authorities, business counts on Draft Law # 7518 as a sort of “rescue circle” for the return of its own funds.

We would like to participate in the support of the Draft Law #7518  and we hope that in the near future Draft Law #7518 will be adopted by the Verkhovna Rada!

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