Ukraine's tax agency: VAT balance grows by 64% in Q1

Chairman of Ukraine's State Tax Service (STS) Serhiy Verlanov says the value added tax (VAT) balance in the first quarter of 2020 (Q1) grew by almost 64% year-over-year (y-o-y).

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"The tax base has shrunk by 1.4% since last year, while the amount payable grew by 6.5%. In the first quarter, the VAT balance was almost 64% up y-o-y. This is what the real fight against shadow schemes looks like!" he wrote on Facebook on April 3.

"The Finance Ministry's task on VAT for the first quarter has been completed by 101.7%. Few believed that this was possible under current conditions, but, as they say – you are what the scoreboard reads. The results speak for themselves whether our fight against tax minimization schemes was effective," he added.

In conditions of economic slowdown, the State Tax Service still records an increase in VAT revenue.