"Ukraine will offer to reimburse value-added tax to exporters by issuing them with promissory notes and sees “big demand” for the instruments, Revenue and Fees Minister Oleksandr Klymenko said.
Lawmakers may vote on a bill to introduce the notes in its second reading this week, Klymenko said yesterday in an interview in Brussels, where he presented his ministry’s tax policy to local businessmen. More than 14,000 companies operating in Ukraine have investors from the European Union, according to the head of the newly created ministry that combines the tax and customs services.
While Ukraine exited a six-month recession in the first quarter, it remains in talks with the International Monetary Fund over a third bailout in four years and posted a budget deficit of 5.1 percent of gross domestic product in the year through April, Dragon Capital (VIETENI) said June 3. The government owes exporters 5 billion hryvnia ($610 million) in VAT reimbursements, while another 10 billion hryvnia is being disputed in court, according to Klymenko."
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