Tax authorities reduce arrears of VAT returns 16-fold as of end-September

The VAT arrears reduced 16-fold from UAH 15.3bn to UAH 932mln (USD 34.5mln) during April – September, since automatic returns registrar started operating. At this, UAH 757mln are under appeal procedure, while UAH 121mln are under investigation from the law enforcement agencies. These amounts are blocked by the state controlling bodies and the tax authority continues following up those cases too. According to treasury accounts, VAT returns amounted to UAH 87.5bn as of end-September 2017, up more than 50% y/y. To note, the fiscal authorities make VAT returns not longer than 30 days after filing or 60 days in exceptional case. The largest VAT returns were remitted to agriculture Kernel Holding, metallurgy Azovstal, metallurgy ArcelorMittal Kryviy Rih, metallurgy MMK Illicha, and metallurgy Dneprovsk Metallurgical Plant.