Business entities of Ternopil region transferred more than 744.7 million UAH of the value added tax to the state budget of Ukraine during January – July 2020. An increase in payments has amounted 101.3 million UAH comparing to January – July 2019. Payment exceeded expected revenues by 19 million UAH in 2020.
“The fact that VAT payments have increased indicates about gradual economic recovery and efficient administration of payment. In addition, using the Risk Assessment Monitoring System, which automatically stops registration of risky tax invoices, taxpayers can initially detect and suspend questionable financial transactions of unscrupulous business entities.” – commented Head of Main Directorate of the STS in Ternopil region Ivan Punko.
He also emphasized that suspension of tax invoices registration does not terminate economic activity of the business entity. However, the taxpayer is obliged to explain and document the reality of the business transaction, which has signs of risk.
Tax official also reminded that the Law of Ukraine as of 16.01.2020 №466 “On Amendments to the Tax Code of Ukraine to Improve Tax Administration, Eliminate Technical and Logical Inconsistencies in Tax Legislation” made some changes to the value added tax. Specifically, the deadline for registration of certain categories of consolidated tax invoices in the Unified Register of Tax Invoices has been extended from the 15th to the 20th of the month.