2024-08-07 13:04:40
At the initiative of the State Revenue Committee, within the framework of measures aimed at improving the business environment, with the changes made in the Tax Code, the period of refund of value added tax to businessmen was significantly reduced. Instead of the quarter, 2021 from July 1, returns are made based on the results of each reporting month. Thus, taxpayers are given the opportunity to receive refunds more frequently.
The taxpayer can submit an application and transfer the refundable amounts of VAT generated by the calculation to a single account on the day after the submission of the joint calculation of VAT and excise tax. Transferred to the unified account, the refundable amount of VAT is directed to the repayment of other tax liabilities.
Moreover, in the absence of other tax obligations, the entrepreneur is free to dispose of the refundable amount of VAT transferred to the joint account and can receive it back on the basis of an application. The amendment applies a single unified approach to refunding VAT refunds for monthly refunds and zero-rate VAT.
The next important change concerns the threshold for refunding VAT refunds without examination or with a simplified procedure. in this case, instead of quarterly 40 million drams, 40 million drams per month was set. Another significant change. Compensation amounts related to the period of being considered a VAT payer are returned to taxpayers, regardless of the circumstance of being considered a VAT payer at the time of submission of the refund application.
Along with the improvement of the VAT refund mechanism, the amounts returned to the entrepreneurs are also increasing year by year. In particular, in August-September of 2021, the amounts to be compensated amounted to 22 billion 627 million drams, and in the same period of 2020, more than 18 billion drams. In other words, during the past two months, 4.5 billion drams or 25.2 percent more compensation money was sent to the joint account of taxpayers. It is noteworthy that an increase was also registered in terms of the amounts compensated by the simplified procedure. 2020 1 billion drams were returned in August-September, and 3 billion drams in the same period of 2021.
The statistical data are also telling for 9 months. If in 2020 87 billion 990 million drams were returned in January-September, and 108 billion 669 million drams in the same period of this year. The growth was 23.5 percent.