VAT will be compensated in the automatic mode is March 1

Tax Service of Ukraine from March 1 will be ready to implement the reimbursement of value added tax (VAT) in automatic mode. The Prime Minister Mykola Azarov at a meeting with German businessmen. He emphasized that companies wishing to receive a VAT refund in such form, there will be no problems. "For those companies who are willing to operate in open and as transparent as possible, tax authorities are ready to literally from March 1 to automatically recover the VAT", - said Mykola Azarov. Recall, the Tax Code provides for penalties against tax authorities for late refund of VAT. According to Vice Prime Minister of Ukraine Serhiy Tyhypko, "introduces the automatic recovery of VAT. On the 23rd day after the declaration you must repay the VAT. No - to include penalties on tax administration - 120% rate of the National Bank of Ukraine."