611.6 billion soums were directed from the state budget to the accounts of business entities
Tashkent, Uzbekistan (UzDaily.com) - During the quarantine period, 611.6 billion soums were directed from the state budget to the accounts of business entities. This is the amount of the refund of value-added tax for enterprises using a zero VAT rate when exporting goods. This was reported by the press service of the State Tax Committee.
VAT refund is one of the important norms of the current Tax Code. This right helps the development of entrepreneurship by creating a comfortable business environment.
In the anti-crisis conditions, the State Tax Committee has greatly simplified the procedure for recovering the excess amount for VAT resulting from the application of a zero rate for the export of goods. For a refund, it is necessary to submit an application to the STC in electronic form through the personal account of the taxpayer. Documents are considered by the working group of the STC in an accelerated mode.
As of 1 June, 804 applications were considered in the STC: 194 from Tashkent, 102 from the Tashkent region, 86 from the Andijan region, 81 from the Namangan region, 73 from the Bukhara region, 34 from Karakalpakstan. 336 applications worth 611.6 billion soums were sent to the Ministry of Finance. In 147 applications, an unreasonable decrease in the VAT refund was revealed. An additional 468 documents were returned to the applicants due to discrepancies.
Consideration of applications from exporters on the issue of VAT refunds is one of the priorities in the STC. We remind you that business entities in whose reports discrepancies are found have the right to correct errors and apply for a VAT refund again.
From 1 July 2020, the tax authorities will refund to taxpayers the amount of VAT generated as a result of the excess of the amount of tax included in the offset over the amount of tax assessed. That is, the tax authorities will return VAT not only to exporters, but also to other VAT payers.