Volyn business entities paid 1 billion 83 million UAH of the value added tax to the state budget during January – July 2020.
The VAT payments growth rate during 7 months of 2020 has amounted to + 21.4% comparing to the same period in 2019.
“In fact, the increase in VAT payments is a rather eloquent fact, which indicates a gradual economic recovery and effective administration of this tax. Due to the Risk Assessment Monitoring System, which automatically stops registration of risky tax invoices, the STS specialists have the opportunity to respond in a timely manner to questionable business transactions. Thus, the attempts of certain business structures to conduct fictitious financial transactions are stopped at the initial stage” – stated Head of Main Directorate of the STS in Volyn region Svitlana Savchuk.
Regional tax service emphasizes that suspension of registration of tax invoices in no way stops the economic activity of enterprise.
“However, the taxpayer is obliged to explain and document the reality of transaction, which has risky signs. It is important that work of the Risk Assessment Monitoring System does not limit the right of economic entities to supply and purchase goods. That is, the taxpayer can carry out real and legal business transactions without hindrance. This means that transparent business gets more equal conditions for activity, respectively better fills the budget.” – summarized Svitlana Savchuk.
