STS’s Board meeting: results were considered, priorities – outlined

Results of work of the STS and its bodies in 2020 and the first quarter of 2021, as well as tasks for future periods were discussed during the STS’s Board meeting on May 21, 2021.

“Last year, the Tax service, due to effective work of the entire team, became a foundation of financial security of the state, received positive assessment of international experts on the implementation of reforms and their support. I believe that the STS has sufficient potential to perform all tasks and achieve high results” – stated Deputy Prime Minister of Ukraine – Minister of Economy of Ukraine Oleksiy Lyubchenko.

Revenues of taxes controlled by the STS to budgets and the state trust funds increased by 13.5% with GDP growth at par of 5.4% in 2020.

The main component of this growth was receipt of VAT from manufactured goods. Growth rate of this tax was 36.8%.

Payers were reimbursed 143.1 billion UAH of VAT with 136.3 billion UAH claimed for reimbursement.

“Not only all applications for VAT reimbursement were reimbursed in a timely manner in 2020, but it was also possible to pay off arrears for previous periods. In addition, according to experts, last year each 5 UAH was returned to business within 15 days from submission of tax declaration. And this is probably one of the best examples of support we could give to business. After all, in a crisis caused by the coronavirus, business received timely resources that allowed it to survive and develop” – emphasized Deputy Chairman of the STS Yevhen Oleinikov.

According to him, the STS has significantly exceeded indicative figures from budget revenues in the first quarter of this year. At the same time, revenues growth compared to last year is also recorded. Indicative figure of revenues to the general fund of the state budget was exceeded by 6.2% or 7.6 billion UAH; growth of revenues compared to the previous year – by 16.1% or 17.9 billion UAH.

Growth of the VAT revenues from goods produced in Ukraine is significant. Growth compared to last year was almost 1.5 times. Indicator was exceeded by 12.3% and 4.2 billion UAH of the VAT was received in excess of the indicative.

“Results of work in the first quarter of 2021 show that positive tendency in securing budget revenues, which began last year, continues. And this is not an accidental result, not a coincidence, these are the consequences of our systematic work” – specified Yevhen Oleinikov.

Representatives of the Ministry of Finance of Ukraine, present at the meeting, also noted high result shown by the STS last year in terms of budget revenues. First Deputy Minister of Finance of Ukraine Denis Ulyutin, particularly emphasized that fulfillment of all tasks for financing social programs by the Government directly depends on the effective work of the Tax service.

Board also discussed development of the IT component and introduction of new services for payers, improving control and verification work and combating money laundering, litigation and methodological work, work with the tax debt and more.

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