• Українська
  • Русский
  • English
Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

Has Tax Legislation Overthrown the Budget?

13 November, 2012 - 00:00

State Tax Administration Chairman Mykola Azarov declared at a meeting with journalists that the introduction of new wording into the law on VAT has affected budget fulfillment.

According to him, this tax has brought Hr 1.1 billion as enterprises’ deductions to the state budget during the last four and a half months and Hr 1.8 billion was paid back in compensation to enterprises. The state still has to pay another Hr 2.6 billion compensation. Azarov said the money is being taken away from enterprises’ turnover funds. Intermediaries also play a role. According to him their share of VAT compensation constitutes 90% of total. Azarov said also that the new taxation legislation has turned the state budget upside down. Economists predicted this long ago.

 

Rubric: