 |
Co-authored
by
Andrii Kuleba
(Junior
Associate of
Lavrynovych & Partners Law Firm)
|
Ukraine has finally implemented the system of blocked VAT-accounts to combat VAT-fraud. Ukrainian system of blocked VAT-accounts is innovative and does not have any equivalents in the world. It is based on a prepayment principle. A supplier in first place remits VAT to his blocked VAT account, and only after that the purchaser can enjoy his resultant input VAT deduction.
There is a special formula to calculate the limit on issuance of VAT invoices. Under this formula the maximum amount for which a supplier is permitted to issue a VAT invoice is determined taking account of his input VAT. Should the supplier intends to issue a VAT invoice for the amount exceeding one calculated according to the formula, he first needs to deposit additional funds to his blocked VAT-account.
The system of blocked VAT-accounts also entails the fully electronic administration of VAT:
- VAT invoices and VAT returns are issued/filed in electronic format only;
- All VAT invoices are subject to registration in the electronic register maintained by the state fiscal authorities. Only based on VAT invoices registered with the above register a purchaser can claim his input VAT deduction.
Blocked VAT-accounts have been in test-mode operation since 1 February 2015. The test-mode operation means that VAT is administered electronically and VAT liabilities are settled towards the state revenues through blocked VAT-accounts. However, over this transitory period of time the limit on issuance of VAT invoices (calculated under the special formula) does not apply. Thus, suppliers are not supposed to finance their blocked VAT-accounts before making taxable supplies in certain cases.
Since 1 July 2015 the system of blocked VAT-accounts will become fully-operational, which first and foremost mean the application of the limit on the issuance of VAT invoices.
It is also worthwhile to mention that the current system of blocked VAT-accounts has been seriously modified in response to the severe criticism of business society in respect of its adverse effect on VAT taxable persons.
First, there is now the real possibility for taxable persons to return the overpayments of tax accumulated in their blocked VAT-accounts.
Second, taxable persons are now given the opportunity to increase the limit on issuance of VAT invoices (calculated under the special formula) by the surplus of their input tax of previous tax periods.
Third, in order to minimize distractions of working capital, the limit on issuance of VAT invoices (calculated under the special formula) will automatically increase by the average monthly amount of VAT liabilities remitted to the state revenues by the taxable persons over the last 12 months.
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