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Arrears of VAT refund in Ukraine decreased to UAH 16 bn

Arrears of VAT refund in Ukraine decreased to UAH 16 bnUkrainian President Petro Poroshenko states that arrears of VAT refund in Ukraine have decreased to UAH 16 billion.

“We have a positive trend. If arrears of VAT refund totaled 25 billion by the previous accounting date, then at present even under limited budget opportunities VAT refund arrears decreased to 16 billion," President Poroshenko said at the 5th session of the National Council of Reforms dedicated to the improvement of tax system, the president’s press service reports.

He also noted that “it is very important that a single VAT register be created. It will be a great achievement. Ukraine will timely and transparently refund VAT for the first time in 25 years of independence”.

President Poroshenko assumed that previous VAT arrears should be covered by funds received from special confiscation. If a relative draft law is not endorsed, the refund may be ensured by respective state securities.
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