When Can VAT Payers Reclaim Overpaid Funds in the Electronic VAT Administration System?

• A VAT payer can request a refund of overpaid funds in the VAT electronic administration system if the amount exceeds the budget payment due according to the submitted report.
• The request must be submitted to the tax authority as part of the VAT declaration.
• Funds can be transferred to the state budget or to the taxpayer’s bank account or non-bank payment service provider.
• The transfer is possible if there is no excess of tax amounts in issued and registered tax invoices over declared tax liabilities.
• The procedure is governed by the VAT electronic administration order approved by the Cabinet of Ministers.
• The tax authority sends a register to the State Treasury for the transfer, including taxpayer details and the amount to be transferred.

Source: news.dtkt.ua

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.

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