Ukraine has passed a new measure to clarify the procedure for obtaining VAT refunds through VAT bonds (Law No 4575). The new law clarifies that VAT bonds will cover refunds claimed before 1 January 2014 but these bonds are only available in respect of refunds that have been confirmed by a VAT audit. Taxpayers must apply for the bonds and receive them before 31 December 2014. The bonds have a five year maturity period. The rate of interest on the bonds is still to be announced.
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