Get Ready for Tax Invoices Checkout System Launch

Thursday, 22 Jun 2017

Get Ready for Tax Invoices Checkout System Launch

Get Ready for Tax Invoices Checkout System Launch

On June 21, the Committees of Tax Policy of Community Councils affiliated with the State Fiscal Service and the Ministry of Finance of Ukraine held a joint meeting.

Nelia Privalova, the President of Tax Committee of the Ukrainian Oil&Gas Association, was invited to participate at this meeting.

The main subject of the discussion was the preparation for the launch of tax invoices checkout and blocking system. According to initiators, the introduction of this system will allow protecting conscientious entrepreneurs, giving the government the opportunity to concentrate on subcritical companies, which take advantage from so-called “regrading” of goods to minimise VAT payment. The possible risks after the system launch is a topic of sufficient interest for UOGA participants who are VAT payers.

The constructive suggestions made by the Association representative are directed to close the “problem areas” in the blocking procedure timely. For example, one of the significant factors, violation of which will suspend the tax invoice registration, is a correlation of the goods sales value with the value of acquisitions made from January 1, 2017. To ensure the correct calculation, Nelia Privalova suggested taking into account the cost of leftover stock as of the start of the year, while paying attention to quantitative indices. This will prevent blocking of tax invoices for retail companies with the trade margin exceeding 50% and the leftover stock is available as of 01/01/17.

She also pointed out the necessity to provide the detailed information from the State Fiscal Service and the Ministry of Finance of Ukraine on monitoring system operation peculiarities and the invoices unblocking procedure to make it possible for payers to be timely prepared for changes. At present, despite the zero hour is on a break in less than a week, conscientious business representatives still have questions requiring explanations.

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