The state has reimbursed VAT to businesses in the amount of nearly 1.055 billion levs in the last two months of 2013. This shows a report of the National Revenue Agency. In December a total of 6,918 companies received their VAT reimbursement sums worth nearly 542 million levs. The amount is by 300 million more than the VAT refunded in December 2012 when it was just over 239 million levs. At the end of 2013 the entire sum of VAT due to companies was repaid without these amounts, for which there are current tax revisions. So for the first time in several years, the state paid in full all due VAT payments to companies.
In November 2013, a total of 7,176 firms received their VAT reimbursements amounting to 512.9 million levs, with 6,692 companies, or 93% of them, receiving amounts of up to 100,000 levs each. The same was the trend in December 2013, when 6,456 companies, or again 93% of their total number, received VAT repayments of up to 100,000 levs.
VAT refunds for the last quarter of 2013 came to over 1,587 billion levs.
In early July 2013 the Ministry of Finance took urgent measures to improve the efficiency of the VAT recovery process. These included strict compliance with the statutory time limits for refund, and the introduction of the VAT refund scheme complying with the chronological order of submitted declarations for VAT recovery. The treasury undertook an analysis of the structure of non-recovered VAT and the reasons for its non-recovery and launched a monthly publication of information on the recovered VAT sums during the month.
The BANKER
