- Funds from the electronic VAT administration account are transferred to the state budget for tax obligations or to the taxpayer’s bank account upon request.
- The request is submitted with the VAT tax report and must exceed the declared tax obligations and tax debt.
- Transfers to the taxpayer’s account are possible if there is no excess of tax in issued invoices over declared tax obligations.
- The mechanism for these transactions is defined by the VAT electronic administration procedure.
- If the account balance exceeds the amount due to the budget, the taxpayer can request a transfer to their bank account or payment service provider.
- The tax amount is reduced by the amount to be transferred to the budget or taxpayer’s account, ensuring no negative balance is created.
- The tax authority sends a register to the Treasury for processing these transfers.
Source: od.tax.gov.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.
