Ukraine: Cabinet of Ministers plans to refuse from VAT repayment to grain traders – 10.09.2010

In the project of the Tax Codex, the Government of Ukraine offers to lay on zero imposition for Value Added Tax (VAT) for operations with grains, technical crops and timber, stimulating processing of the commodities in Ukraine, announced Nikolay Azarov, the Prime-Minister of Ukraine.

At the same time, N.Azarov underlined that in the mean time the VAT rate will face a decrease. Thus according to the project of the document, from January 1, 2014, the VAT rate will decrease to the level of 17%.

According to him, the Government plans to pass to the automatic VAT refund and renew the penalty interest for VAT refund delays by the Government at the level of 120% of the National Bank of Ukraine rate (now – 7.75% per year).

The Government will stop using money of taxpayers as non-refunded VAT, stated N.Azarov.

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