VAT-Revolution: Modification ~ U-Tax Blog

Tuesday, December 9, 2014

VAT-Revolution: Modification

It is more than a month has passed since the publication of the article on the new system of VAT administration. Over this period of time, some important points have shown up. 
Firstly, there is a high likelihood of the new administration system being revoked. The revocation of the new system is provided for by the Coalition Agreement. Moreover, the bill No 1141 on the revocation of this system has been registered by the Verkhovna Rada (Ukrainian parliament).

Secondly, the blocked VAT-accounts will not be opened at the Clearing Сenter for Servicing Contracts in the Financial Markets. Pursuant to the effective resolution of the Cabinet of Ministers of Ukraine No 569 such accounts will be rather opened at the State Treasury of Ukraine.

Thirdly, on 4 December 2014, the State Fiscal Service of Ukraine published a methodological document "Basic Rules of the Electronic VAT Administration." The document provides clarification on many aspects of the operation of the new system of administration.

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