Tax efficiency with VAT has reached record levels for the last 10 years – 3.03% according to the declarations of January – June 2020. This was stated during a meeting of the State Tax Service Board by the Chairman of the State Tax Service of Ukraine Oleksiy Lyubchenko.
According to him, tax efficiency increased from 2.67% in April this year to 3.15% in May, 3.33% in June and 3.14% in July. For comparison, for the same period last year, this figure was 2.68%.
“We have such results due to the destruction of tax evasion schemes. We have practically stopped the mass existence of such a concept as a scroll, and minimized the possibility of forming a fictitious VAT tax credit, ”said Oleksiy Lyubchenko, the head of the State Tax Service.
Source: gov.ua
Latest Posts in "Ukraine"
- How Contractors Can Opt Out of Cash Method for VAT in Construction Contracts
- VAT Taxation Procedure for Sale of Pledged Property by Non-Financial Creditors in Ukraine
- VAT Implications for Resident Buyers Receiving Credit Notes as Monetary Rewards from Non-Residents
- VAT Exemption on Pawned Property Sales by VAT Payers: Conditions and Regulations Explained
- Adjustment of Tax Liabilities and Credits in VAT Declaration for Reporting Period
