Today the Ministry of Finance launches e-registry of the VAT: how it works
Today, Saturday, April 1, the Ministry of Finance has launched an electronic register of VAT refunds.
Currently, the filling of the register of information, the press service of the Ministry of Finance.
Note that the registry will be available on the first business day of April, namely, on Monday, 3 numbers.
“According to the law (Decree of CMU No. 26 On approval of the Procedure of keeping the Register of declarations of refund of the amount of budget refund of value added tax), it will be available on the first business day of April, 3 numbers. Now every entrepreneur can online to check what is the status of his payment”, — is spoken in the message.
So far, the registry is launched in test mode. View it at this link.
How to work the new registry?
All incoming information in the registry forms the DFS on the basis of demands of the business and secures it with digital signature. DFS enters this information into the registry. After that, the approval of the amount is given no more than 30 days (in cases stipulated by law – 60 days) and automatically refund on the next day after the end of this period.
Compensation occurs in chronological order (the entrepreneur who first filed, first receives funds under all other equal conditions) and on a daily basis. Previously VAT was reimbursed in the last 5 days of the month. With this approach, the entrepreneurs were not able to plan well in advance. Now to return the VAT will be in any day of the month after approval of the amount, so the business can better plan their activities and will receive additional working capital, starting from 10-th of each month.
What gives?
The Ministry of Finance claim that a transparent and automatic registry eliminates corruption in the VAT recovery, which restores the confidence of the business creates a level playing field for every entrepreneur and facilitates doing business in Ukraine.
Meanwhile, the President of Ukraine Petro Poroshenko noted: “E-registry allowed us to remove the “tax pits”, which just throws of the VAT from the air. Was taken no where, and directions celosa from the state”.
Poroshenko also noted that among the manipulations from the VAT scheme was used in which, for example, to Ukraine imported bananas and sold them for cash. Then the documents are transferred to the company of transit and “turned” construction and building materials, and the state must reimburse the VAT.
The President, moreover, believes that to stop manipulation of the reimbursement of value added tax is possible only when the State fiscal service together with the Ministry of Finance, through the transparent mechanism, will have the right to suspend a suspicious transaction for VAT refund.
“Since April 1, the society, finally, is a business, community activists – will see the public register of VAT. That’s why they didn’t wait 25 years. It was a mystery. It was the last from the remnants of “azarovshchina”, which to earn it and did political corruption”, — said Poroshenko during the meeting of the National Council of reforms.
Earlier, Finance Minister Alexander danyluk said that the Ministry of Finance took over the maintenance function and ensure the transparency of the registry. “This is a very transparent marketplace, an open registry. DFS enters the information, and automatically reimburses the state Treasury. Everything is open, simple and clear. Simple algorithm will work like clockwork. The Ministry of Finance has the right to intervene in the registry,” said the Minister.