You are honest taxpayer? Then you are entitled to an automatic VAT refund

In Uzhgorod, Velyky Berezny and Perechyn districts, about 44 million hryvnias have been refunded to taxpayers within 9 months of 2013. 29 taxpayers have received refund of VAT, 23 – under general procedure, 6 – automatically.

Timely and regular refund of value added tax is a strong argument in assessment of investment attractiveness of the region for potential investors. Therefore, the Ministry of Income specialists focus on simplification of tax and customs duties administration procedures, reduction of document flow, implementation of electronic services, such as "Automatic VAT Refund" and "Evaluation of investment projects in terms of tax risks." 

 "It should be noted that to be eligible for automatic refund, a taxpayer must have a positive history. There are several criteria that enterprises must meet to be able take advantage of this service," – Taras Tryndyak, the head of Uzhgorod STI said.

The main criteria to receive refund of value added tax automatically are: the absence of the tax debt, the lack of taxpayer risk (bankruptcy, absence at the location), the number of workers employed must be more than 20 people.    Other criteria for an entity to have the right to use the automatic VAT refund are set out in Article 200 of the Tax Code of Ukraine.

Taras Tryndyak stressed that by using all the privileges of the automatic VAT refund, an entity receives a guarantee of quick return of funds that, in particular, are needed to develop and expand business.

By Uzhgorod STI