Financial news

The Ministry of Finance of the Russian Federation suggested accelerating of the value-added tax refunding

13 апреля 2009 г.

The Ministry of Finance of the Russian Federation suggested accelerating and simplifying of the practice of the value-added tax refunding. This statement was made by deputy Minister of Finance Sergey Shatalov.

 According to Shatalov, the taxpayer giving the banking guarantee can get the value-added tax even before the verification of the documents submitted  to the tax authorities. If the verification shows that the taxpayer has no rights to total value-added tax refunding, the equivalent sum will be paid through banking guarantee mechanism.

Shatalov added that nowadays the mechanism is quite viable and it can be launched soon enough. Currently the decision on the refunding or non refunding of value-added tax is carried out by the taxmen after in- office audit of the provided taxpayer’s documents.

At the end of 2007 the head of the Federal Customs Service Andrey Belyaninov called the value-added tax “the most corruptional” tax. Partly this is determined by a tedious procedure of refunding of the value-added tax to the taxpayers. The latter wishing to avoid this are trying to bilk the discharge of taxes with the help of fly-by-night companies.

At the beginning of February the Federal Taxation Service of Russia reported that in January – February of the current year in comparison with the same period of the previous year the budget revenue of the country from the value-added tax increased by 80 percent. At the same time the total amount of tax payments in the budget decreased by 13,5 percent due to decrease in revenues of profit tax and mineral extraction tax.
 

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