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Budget 2019 does not provide funds for recovery of old VAT sums

18/ 10/ 2018
  As of October 18, in the draft State Budget for 2019, funds for the recovery of old sums of VAT are not included. In addition, the table published on the official website of the State Fiscal Service (DFS) is still not the Temporary Register of applications for the return of old VAT amounts. This situation is a concern, because business has repeatedly requested the return of agreed amounts of VAT. The European Business Association appeals to the Cabinet of Ministers of Ukraine, the Ministry of Finance of Ukraine and the Verkhovna Rada with a request to provide a specific amount in the State Budget for the repayment of old sums of VAT. If the issue is not resolved at this stage, then there will not be any compensation next year, as no funds would have been allocated. The business community calls to move the issue forward and to include at least a portion of the amount that needs to be repaid by businesses for debts in the budget, at least totaling UAH 1 billion. In addition, it is necessary to set up safeguards for channeling these funds in non-controlled territories of Ukraine in order to avoid financing terrorism. In our opinion, further delay in solving the issue will simply be seen as bringing the situation to a standstill. Recall that arrears on old amounts of VAT stand at about 4.7 billion UAH.

As of October 18, in the draft State Budget for 2019, funds for the recovery of old sums of VAT are not included. In addition, the “table” published on the official website of the State Fiscal Service (DFS) is still not the Temporary Register of applications for the return of old VAT amounts.

This situation is a concern, because business has repeatedly requested the return of agreed amounts of VAT.

The European Business Association appeals to the Cabinet of Ministers of Ukraine, the Ministry of Finance of Ukraine and the Verkhovna Rada with a request to provide a specific amount in the State Budget for the repayment of old sums of VAT. If the issue is not resolved at this stage, then there will not be any compensation next year, as no funds would have been allocated.

The business community calls to move the issue forward and to include at least a portion of the amount that needs to be repaid by businesses for debts in the budget, at least totaling UAH 1 billion. In addition, it is necessary to set up safeguards for channeling these funds in non-controlled territories of Ukraine in order to avoid financing terrorism.

In our opinion, further delay in solving the issue will simply be seen as bringing the situation to a standstill.

Recall that arrears on old amounts of VAT stand at about 4.7 billion UAH.

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