Tax authorities will reimburse VAT faster
Tax authorities have prepared new rules for VAT refunds, according to which the VAT refund periods will be reduced. It is assumed the amendments will allow return of capital to the business faster. At present, this procedure can last up to six months. The new rules will shorten the time for consideration of documents from 3 months to 2. For fast VAT refund, the following conditions should be met: – the company and its suppliers must be conscientious taxpayers;- the amount of tax to reimbursement can not exceed the amount of taxes paid for 3 years;- the company should not reduce taxes or overstate the amounts to be refunded;- the taxes benefit should be justified. The new rules will be applied from October 1, 2017.