Successful Implementation of Refund Project for VAT Paid on Housing and Non-Residential Areas

34.6 million manats of VAT refunded to citizens for non-cash transactions in residential and non-residential areas
Project for refunding a portion of VAT successfully ongoing under the Ministry of Economy and the State Tax Service
16,329 applications submitted through the portal from November 2022 to July 2024, resulting in the payment of 34.6 million manats to citizens
2,597 applications received through the portal in the first 6 months of the year, with 9.2 million manats paid to citizens
1,398 “Information Forms on Residential and Non-Residential Areas” submitted by individuals engaged in building construction activities, with 917 forms approved
VAT refund includes residential properties financed through state mortgage loans for building construction activities
Funds transferred to the individual’s virtual “VAT account” at the client bank starting from September 2023
Reasons for refusal include failure to apply within 90 days of the last payment date, discrepancies in e-invoice information, payments made by third parties, and non-separate payments for VAT and principal amounts
Recommendations for individuals engaged in building construction to submit information forms in accordance with legislation
Tax authorities conducting monitoring and analysis related to building construction activities

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.