Volyn VAT payers transferred 915.2 million UAH of the value added tax to the state budget according to the results of the 1st half of 2020. Amount of the value added tax transferred to the state treasury is 17.4% higher than in 2019.
“First of all, the increase in the VAT payments is a direct result of the effective operation of the Risk Assessment Monitoring System, which stops the registration of risky tax invoices. That is, this system automatically processes information submitted by the taxpayers in accordance with the approved criteria. All operations that show signs of risk are suspended. However, suspension of the tax invoices registration in no way stops the taxpayer’s economic activity. And only requires him / her to document the reality of operations. In fact, really risky operations do not have a chance to be registered, because the automatic analysis eliminates the subjective factor”– emphasized Head of the Main Directorate of the State Tax Service in Volyn region Svitlana Savchuk.
Head of Volyn tax specialists stressed that the Risk Assessment Monitoring System does not restrict the business entities’ right to supply and purchase goods.
“Time of economic slowdown requires special attention of tax authorities towards he VAT declaration and a high level of the taxpayers’ liability. We ask business representatives not to manipulate the indicators of tax reporting and to carry out activities exclusively in the legal field.”– summarized Svitlana Savchuk.
Reference: 303.7 million UAH of the VAT was reimbursed to business entities of Volyn region during January – June 2020.
