OREANDA-NEWS.  January 25, 2012. Based on the 2011 performance, and within the framework of the 2011 National Action Plan implementing the 2010-2014 Economic Reform Program in the area of the "Tax System Reform", Communications Department (Press Office) of the Ministry of Finance is informing of the following.

As of January 1, 2012 VAT has been refunded on the current bank account in the amount of 42.8 billion UAH in average throughout Ukraine. This exceeds last year’s VAT refund similar period figure by 1.8 times.

As of January 1, 2012, there is no overdue VAT to be refunded.

Pursuant to the requirements of the Tax Code, starting March 2011, the first reported period 2011 claimed VAT amounts are subject to the procedure of automatic budget tax refund.

Thus, within December 2011, VAT was automatically refunded in the amount of 1.97 billion UAH, which is 59% of the VAT amount refunded in cash during the reported period.

To improve the automatic VAT refund criteria, quarter period is established to compare the divergence between the taxpayer tax credit and counterparties’ tax liabilities (instead of three-year period), they have set a zero rate transactions share to be aggregated for the previous 12 months at least 40%, instead of current 50%.

Thus, assisted by the STS of Ukraine, the Ministry of Finance is taking measures to ensure timely VAT refund on time.