Procedure for Refunding Excess Funds Credited to Electronic VAT Account in Ukraine’s Tax System

• 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.

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