The Ministry has simplified the forms and procedures of filling in VAT tax reporting.

The Ministry of Finance of Ukraine has simplified the reporting on value added tax (VAT) for tax payers, RBC-Ukraine reports.

On January 28 the Ministry of Finance reportedly approved new forms and procedures for filling in VAT reporting (order №21 “On Approval of Form and Procedure of Filling in Valued Added Tax Reporting”).

“This order of the Ministry of Finance significantly simplifies forms and procedures of filling in VAT tax reporting. In particular, compared to the declaration, acting prior to approval by this order of the Ministry of Finance, the new declaration reduces the number of sections of declaration: from four to three. The number of items of declaration has reduced more than twice: from 96 to 44 items. That is, the scope of information, which is subject to reflection in tax declarations and its annexes, has reduced to the minimum”, as it is said in the message.

In addition, due to the reduction of declaration the form of refining calculation, which consists of 21 items, unlike the previous refining calculation, which consisted of 31 items, has also reduced. 

The simplification of forms of VAT tax reporting will allow tax payers to reduce time expenditures for their drawing up and minimize errors while filling in reports.

“Considering amendments, introduced to Article 209 of Tax Code, the order of the Ministry of Finance also stipulates the calculation of specific weight of cost of agricultural goods/services. The amount of value added tax, which is subject to payment to budget and transfer to special accounts, depends on the type of agricultural products, which are on sale”, as they said at the ministry.