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According to the Ministry of Revenue and Duties of Ukraine, in December 2013 the automatic Value Added Tax (VAT) refund for business entities will total 2.4 billion UAH. In fact, this was the target amount in the Ministry of Revenue registers submitted to the State Treasury for VAT refund, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine reports.
Experts point out that this is a record amount for the entire period of the automatic VAT refund mechanism.
According to the Ministry of Revenue, in the 11 months of 2013, 486 taxpayers were automatically refunded VAT for 21.8 billion UAH.
Compared with January 2013, the volume of the automatic VAT refund has grown by over one third, from 1.6 billion UAH to 2.1 billion UAH.
It is envisioned to refund VAT for the total amount of 24.2 billion UAH in 2013, which is up 52.2% from 2011. In this relation, it must be noted that the 2011 was the first year of the Tax Code and the launch of the automatic VAT refund.
Analysts say the growth of the amount of VAT compensation and growth of share of automatic compensation reflect general improvements in the administration of this tax, as well as falling corruption in the tax area.
In particular, a dramatic improvement of VAT administration resulted from creation of a single electronic register of tax invoices. Experts say, its launch helped drastically cut opportunities for VAT refund fraud.