The Ministry of
Finance welcomes the adoption of draft law #2173a by the Parliament which
improves VAT administration in Ukraine.
The Ministry of
Finance has set an objective of increasing the state budget by encouraging economic activity out of the shadows.
One of the functional mechanisms in fighting against tax avoidance and tax
fraud is based on VAT electronic administration which came into force on 1 July
2015.
At the same time,
for the purpose of improving the electronic VAT system, the Ministry of Finance
developed and the Parliament adopted draft law #2173a “On
changes in Tax Code of Ukraine regarding VAT administration improvement” .
In particular, the draft law:
- Regulates
the funds' accumulation on the special accounts of agricultural enterprises;
- Gives
information to the taxpayer about cash movements in the system of electronic
tax administration;
- Reduces
the requisite of tax invoices;
- Balances
the tax invoicing process by businesses which undertake constant goods or
service delivery;
- Determines
that the law “On execution process” does not imply to the funds on the
electronic bank accounts and commits to remove an exicting arrests
from the funds.
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