Ukraine's Fiscal Service reports about US$3 bln in VAT refunds in eight months

The State Fiscal Service of Ukraine has reported that it paid UAH 85.2 billion, or US$3 billion, in value-added tax (VAT) to taxpayers in January-August 2018, which was 9.3% up year-over-year.

Taxpayers obtained UAH 10 billion, or almost US$355 million, in VAT refunds in August 2018 alone, it said.

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The State Fiscal Service says that the positive VAT reimbursement dynamics were due to the effective work of the risk assessment monitoring system, which allows the regulator to block the registration of risk tax invoices. An electronic VAT refund register operating in an open mode was also conducive to the growth of VAT refunds.

As UNIAN reported, the State Treasury Service in 2017 reimbursed UAH 120 billion (or US$4.25 billion at the central bank's current forex rate) in VAT to taxpayers, which was 27.2% up on 2016.