Conference call meeting with participation of the Prime Minister of Ukraine Oleksii Honcharuk was held at the STS

Updated tax risk monitoring system upon registration the VAT tax invoices is the Government’s effective mechanism for combating the value-added tax minimization schemes. This was stated by Oleksii Honcharuk during the conference call meeting which was held at the STS on the 27^th of February 2020.

According to him, elimination of the VAT’s shadow market will allow the state to save 1 - 2 billion UAH per month.

“Schemes with the value added tax is longstanding problem in Ukraine. VAT’s shadow market is estimated in billions UAH per month. Government eradicates these schemes” – noted Oleksii Honcharuk.

In turn, Chairman of the STS Serhii Verlanov clarified that the updated monitoring system will become a deterrent for dishonest taxpayers and at the same time will ensure compliance with the rights and guarantees of the law-abiding taxpayers.

“Our goal is: first, to reduce fraud and schemes in terms of the VAT’s reimbursement; second, to fill the budget of Ukraine. And in a month we will have results of the updated monitoring system” – noted Serhii Verlanov.

Also, Chairman of the STS added that system has already shown its effectiveness: “System stops invoices in terms of real grounds for doing so. A striking example – registration of tax invoices was stopped for about 10 billion UAH (0.56% of the total) due to work of the monitoring system in 2019. Invoices only for 3.4 billion UAH were registered after the review. That is, more than 6 billion UAH were intended for concealing from Ukrainian budget. We have prevented this.”

Transition to the new system will be imperceptible for honest business. For this purpose, the State Tax Service will create a thematic hotline on the status of processing invoices. In addition, the downloadable information has already been developed, as well as regular meetings and seminars that are planned with the participation of regional offices and business representatives.

During the meeting with participation of the Prime Minister of Ukraine Oleksii Honcharuk, Chairman of the State Tax Service also reported about the condition of fulfilling the budget in terms of the tax revenues.

According to the preliminary data, indicator of February 2020 will be fulfilled.