In order to prevent negative social and economic consequences of late VAT refund and improved financial condition of business entities, President of Ukraine Viktor Yanukovych demands the Government to establish an effective procedure of timely refund of legally declared VAT.

According to the relevant instruction, in the first decade of October the Government is to elaborate an effective plan of measures on improving administration of the tax, preventing growth of VAT refund debts, establishing effective monitoring of VAT-bonds circulation and its impact on the financial markets and providing in-depth consideration of all the factors that affect VAT refunds in the process of preparation of the 2011 state budget.

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