President of Ukraine Petro Poroshenko has signed the law, adopted by the Verkhovna Rada on July 16, that will regulate the problematic issues of the functioning of the VAT system electronic administration (VAT accounts), which was implemented on an ongoing basis on July 1, 2015.
According to a report posted on the official website of the president, the new law reduced the list of details of tax bills which lost its relevance due to the introduction of VAT accounts; provided the possibility of the monthly filing of summarized tax invoices in case of supply of goods (services) if such supplies are continuous or have a rhythmic character (both VAT payers and non-payers).
In addition, the law will provide taxpayers, under their request, with information about funds flows in the VAT accounts systems. The law signed also establishes that VAT accounts are not subject to the law on enforcement proceedings, in particular, funds placed in such accounts cannot be seized or foreclosed. At the same time, requirements formed in accordance with the law on enforcement proceedings before this act enters into force, in relation to funds being on VAT accounts have been revoked.
As reported, the Ministry of Finance has developed a draft law after consultations held by the ministry and the State Fiscal Service with the business community, public organizations, auditing companies, as well as the working group established at the Verkhovna Rada committee on taxation and customs policy.
