News
Business VAT Refund Suspended by Nearly 17 Billion Hryvnia
The Ministry of Finance has suspended a nearly 17 billion hryvnia (approximately 660 million USD) budget refund for business. This decision was announced by the first deputy head of the Tax Committee, Yaroslav Zhelenzhak. The suspension affects businesses that have claimed a refund for the additional value added tax (VAT). This means that the refunded funds will not be available for the businesses to use as planned, impacting their financial planning and operations. The suspension is effective as of the date of the announcement, and the exact date is not specified in the article. The decision is seen as a measure to ensure the stability of the government's budget, as the refund would have been used for various business expenses such as payments to suppliers, purchasing raw materials, paying salaries, and maintaining production. The article provides further details on the process of refund and the potential impact on businesses.