Entrepreneurs can choose method of VAT refund
By 1 January 2014 a taxpayer may choose to get a VAT refund in the form of financial treasury bills.
Drawing a financial treasury bill is equivalent to the payment of the sum of budget refund to the tax payer by transferring funds from the budget account to the payer.
The payer must indicate issue of a treasury bill as chosen method of receiving VAT refund in their application. Thus, payers will be able to decide whether a refund comes in money or in bills.
Note that the amount of VAT recoverable from the budget by issuing financial treasury bills, is divided into equal portions. For each of the portions a separate financial treasury bill is issued with maturity of one, two, three, four and five years.
The taxpayer can cover the amount of any agreed financial obligation payable to the state budget by presenting the financial treasury bill (not before the specified maturity term).
The corresponding norm is stipulated by the Law of Ukraine of 04.07.2013 № 407-VII «On Amendments to the Tax Code of Ukraine and other laws of Ukraine on financial bills» (effective from 03.08.2013).
Remember that keeping the register of bills is carried out by the State Treasury of Ukraine
