Business entities of Volyn region paid 1 billion 976 million UAH of VAT to the state budget during January – November 2020. The VAT collection in Volyn region increased by 32%.
Increase in the VAT payments is by 480 million UAH comparing to the corresponding period in 2019 and is a result of effective counteraction against risks of non-payment of the value added tax by a number of business representatives – stated Main Directorate of the STS in Volyn region
“Electronic format of interaction with the VAT payers allows us to quickly, efficiently and in a timely manner prevent possible abuse, especially in terms of forming a fictitious tax credit. In the process of analyzing activities of business entities, the use of Risk Assessment Monitoring System is an extremely effective tax tool for combating the VAT abuse.” – emphasized Head Main Directorate of the STS in Volyn region Svitlana Savchuk.
As tax specialists work effectively against the shadow economy with the help of SMCOR, legal business has better conditions for its own activities, increases its sales and, consequently, tax deductions.
“But it is a timely cessation of registration of risky operations that prevents budgetary losses. At the same time, business has opportunity to document the reality of their business operations. It is worth emphasizing: if the payer provides substantiated evidence of operation’s reality – than registration of the tax invoice in SMKOR occurs as soon as possible” – summarized Svitlana Savchuk.
Reference: Volyn business received reimbursement totaling almost 548 million UAH of the VAT during January – November 2020.