Value added tax: results of February 2020

Significant over-fulfillment of the Ministry of Finance’s indicator on the value added tax by 45.4% became one of the main factors of the State Tax Service’s fulfillment of tasks aimed at filling the budget in February 2020.

The state budget received 10.8 billion UAH (the VAT net balance) – which is 3.4 billion UAH more than planned. As follows, the VAT indicator has been exceeded by 5.1% (+ 0.9 billion UAH) over January-February. Budget has received 17.8 billion UAH since the beginning of 2020 compared to planned 16.9 billion UAH.

In comparison to February 2019, the VAT net balance has increased by 80.3% or 4.8 billion UAH. It is important that the tax approved all applications for the VAT reimbursement.

In total, in February 2020 the taxpayers declared 9.8% more than in February 2019, with the taxable volume of supply increased only by 2.7%, it means that the increase of the VAT revenues is ahead of the economic growth rate.

These results were achieved by improving quality of the tax revenue analysis, efficiency of administration and introduction of a new system for monitoring compliance of tax invoices with the risk assessment criteria.