The State Tax Service of Ukraine (STSU) will settle all disputed issues on VAT refunds to foreign investors during 2012, STSU Chairman Oleksandr Klymenko said during a meeting with companies - members of the European Business Association (EBA), UKRINFORM reports.

"We do not abandon our obligations. We will settle the debt to foreign investors to the maximum. But the nature of the tax loan should completely exclude a "schematic" loan. Amounts to be provided for reimbursement must be clean in terms of legislation and the risk of tax evasion," Klymenko underscored.

"Overall, 2012 will be devoted to productive work with foreign investors. I do not mean the fiscal support, but the level of service and responsiveness to the problems of taxpayers," the official emphasized.

Overall, according to tax authorities, over the past year taxpayers were refunded almost UAH 43 billion in value added tax (VAT). This is twice as much the figure in 2010. Then the taxpayers received a budget compensation of UAH 24 billion (USD 1 - UAH 7.99).

To prevent businessmen from working with dubious counterparties, the STSU chief recalled, the tax authorities offer a new "horizontal monitoring" service. This, in essence, is a free audit that businesses will get to identify "dangerous" business partners.

Earlier, the State Tax Service had announced the reduction in VAT refunds debt from UAH 11.1 billion to UAH 4.6 billion in 2011.

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