You're reading: Fiscal guarantees of Oschadbank, Ukreximbank, Ukrgasbank give right to automatic VAT refunds

The financial guarantees of Oschadbank, Ukreximbank and Ukrgasbank (all based in Kyiv) give the right to automatic budgetary VAT refunds to the payers of this tax.

This decision follows government resolution No. 538 dated July 29, 2015.

It states that the adoption of this list of banks is stipulated in the Tax Code: a bank financial guarantee is one of the requirements that provides taxpayers with the right to automatic VAT refunds.

The Cabinet also instructed the Finance Ministry to amend its regulations in part of defining requirements for banks, which can be included in the list, approved by the mentioned decree.

Oschadbank and Ukreximbank are 100 percent state owned, while the state holds 94.7 percent of the shares in Ukrgasbank.