One of the biggest investors in the agrarian sector of Ukraine noted positive changes in the VAT refunding

State tax service improves analytical work and new approaches to the VAT administration. Recently, one of the biggest investors in the agrarian sector of Ukraine, namely Cargill Inc., noted positive changes in refunding of the of value added tax. Company highly estimated automation of the VAT refunding to investors. This was stated by the Chairman and CEO of Cargill Inc. David MacLennan during meeting with the President of Ukraine Volodymyr Zelenskyi.

According to him, foreign companies positively commended Ukraine’s development towards transparency and active cooperation. They call current state investment policy as a “new day”.

As of 30.01.2020, amount of the value added tax claimed for refunding has been fully reimbursed to the Cargill Inc. over 2019 (3 billion UAH in 2019 and 0.9 billion UAH in January 2020).

“We do not stand still, constantly improving the quality of administration and analytical work. As a result, opportunities for the VAT manipulation are diminishing day by day, which means that companies of the real sector of economy begin to receive refunding rhythmically and in full amount. And it is very important for us that investors experience positive changes” – emphasized Chairman of the STS Serhii Verlanov.

In total, amount of 151.9 billion UAH of the VAT was refunded during 2019. This is 20.2 billion UAH (+15.4%) more than in 2018.

One of achievements of the new Tax service is the stabilization of completeness of the VAT refunds in accordance with the applications submitted by the taxpayers. Thus, 99.4% of the VAT was refunded from the declared 152.8 billion UAH. Meanwhile in 2018 this figure was only 89.9%.