You're reading: Rada profile committee recommends adopting bill to abolish introduction of VAT accounts

The Verkhovna Rada committee on taxation and customs policy has decided to recommend that the parliament adopt a bill abolishing the introduction of electronic VAT administration from Jan. 1, 2015.

According to an Interfax-Ukraine correspondent, the decision was made at a meeting of the committee in Kyiv on Dec. 17.

“The committee made the decision to recommend the parliament to adopt the bill as a basis and as a whole. It remains to vote and that’s all,” head of the committee Roman Nasyrov told reporters.

As reported, the law on electronic administration of VAT was passed in late July 2014 and will take effect on Jan. 1, 2015. The new system will require the urgent sending of VAT to VAT accounts which are to be opened by each company with the State Treasury Service, while the current VAT administration system foresees the accruing of taxes at the end of a reporting period.