Viktor Yushchenko is clearly trying to expand the circle of his supporters at the expense of entrepreneurs. Recently, he actively blocks all government decisions, increasing the fiscal pressure on business. In order not to lose potential electorate, the team of Yulia Tymoshenko has to go back down. So, last week the Cabinet was forced to cancel the previously adopted regulations tightening the administration of value added tax. With a stock agreement with the IMF, the government can now afford it.

false alarm

Over the past two weeks, the President suspended the three government regulations, causing a flurry of negative emotions in the business environment. First, obstruction underwent a resolution of the Cabinet № 895 On the resolution of certain matters of administration of income tax, which prevents companies from the three quarters of this year to reduce taxable profits in exchange losses of previous years, formed from the revaluation of outstanding debt in foreign currency (for loans, financial leasing, etc.).

reaching this decision, the government would be reinsured by the further reduction of tax revenues, triggered by a sharp collapse of the hryvnia. Estimated tax, in the fourth quarter of 2008 on the exchange losses the company wrote off 39.5 billion UAH. Of these losses on transactions of purchase and sale of foreign currency for repayment of loans have been allocated about 25 billion UAH.

The main objective of introducing new rules of calculation of income tax is to prevent the collapse of budget assignments for this payment for the current year, - explained the need for the document head Serhiy Buriak STAU. According to tax specialists, as a result of the company were to further show the 6 billion UAH. net profit, and Treasury, respectively, to receive 1.5 billion UAH. taxes.

Ordinance requires the tax authorities to monitor the implementation of new rules of income tax and to conduct outreach to taxpayers, which in practice would be reduced to ensure that enterprises simply do not take the declaration to the losses, as happened in the first quarter of 2009, - says the legal director of the Kyiv office of DLA Piper Svetlana Musienko.

guided by the interests of the Treasury in the Cabinet and approved by a decree № 757-p Some questions of the administration of taxes, duties (obligatory payments) and the number 838-p On the settlement of certain matters of administration of value added tax. These documents are actually prevents companies from using the overdue tax bills.

From this innovation most could suffer major exporters and firms with long production cycles, which tax bills are not closed on the day of performance. In addition, fiscals recently and asked not to show themselves a tax credit that does not qualify a VAT refund. Set taboo on overdue tax bills, the company generally prevented from obtaining redress , - said the Managing Partner of law firm Vasko and Nazarchuk Vadim Vasko.

Having heeded the requests of entrepreneurs, Viktor Yushchenko has suspended these orders, while turning to the Constitutional Court to check for compliance with the Basic Law of the contents of these documents. The verdict of the judges with Zhilyanskaya difficult to predict. Changing the tax rules applicable to the exclusive competence of Parliament and calls for appropriate legislative changes. Therefore,any attempt to change the administration of taxes to government decisions are illegitimate.

Without waiting for the verdict of the COP, the Cabinet, and he decided to disown their own decisions. At a government meeting on September 9 orders, tightening the administration of VAT, were canceled. Instead, they adopted a new document, which allowed taxpayers to use overhead received in previous reporting periods. In this case the company must indicate in the declaration of all information on this bill (the date of its receipt, the cancellation of funds in payment for goods and so on). Otherwise (if the tax will reveal the fact of non-payment data on such invoices), the company may lose its VAT registration certificate.

New rules for the administration of value added tax aimed at combating tax holes. Until now, rogues are often used the following scheme: the concerned company is making changes to the data on the tax credit on the basis of alleged contractor filed the tax bill for the previous operations, which indicated a significant amount of the tax credit. Thus, it is claiming for fictitious VAT. Now, with tax officials, because that brings more data overhead in the declaration, it is possible to more quickly identify the counterparties, schemers, or those same firms one-day who are discharged Consignment retroactively, so that others received a dummy VAT. On the other hand, the public prosecutors have appeared and new reasons for unscheduled inspections, which always have complications businesses , - told Mr. Vasko.

Taxes included in the failure

Cabinet's attempts to find new sources of filling the treasury, it is quite understandable. While the State Treasury on a regular basis to report to his tax plans were surpassed, the real picture is far from encouraging. According to the State Treasury in January-August, collected 120.987 billion UAH. taxes, or 102.9% of the plan. According to the State Tax Administration on the basis of eight months of the tax paid on treasury 101,9% of budgeted list (64.858 billion UAH., Of which 1.221 billion - over the plan). In August overfulfilment was 101,5% (11.193 billion UAH.). While still in the latter part of last month executives STAU feared that unfriendly taxes may reach 5 billion UAH.

Record the results of the public prosecutors were provided with the adjustment of tax plans retroactively. Thus, in comparison with the original version of the monthly painting plan in August for the tax was reduced by 6.6 billion UAH., Or 30,4%. In just eight months of income plan of the general fund decreased by 17.033 billion UAH., Or 14,8%. Under the first option of painting plan in January-August on the general fund amounted to 115.4 billion UAH., In August - 21.712 billion UAH.

It has been two-thirds of the year, and income plan of the general fund budget is made only at 53,6%, whereas previously this figure was shown for the past seven months. Given this trend, as a result, the deficit of the general fund of the state budget instead of the the law 9.2 billion UAH. could reach 35-40 billion UAH. - believe in the Presidential Secretariat.

no less sad predictions made in the Accounting Chamber. The overall financial performance of companies before tax for January-May compared to same period last year decreased by 44 billion UAH. Or more than five times. In the first half of GDP declined by 19,7%, while the budgets calculated Jette on the basis of growth in gross domestic product for the year at 0.4%. Given this, the tax shortfall to the Treasury could reach more than 20 billion UAH. - according to the report of auditors of the Accounting Chamber, released last week.

IMF would cover all

But all these horror stories Government is not afraid. Following a regular dialogue with representatives of the IMF mission team of Yulia Tymoshenko started to feel much more confident. Indeed, according to the revised terms of cooperation with the IMF, released last week, with its international creditors agreed to the budget deficit of 55 billion UAH. From which the Fund is ready to finance 37 billion UAH. Therefore, according to the State Treasury, the significant cuts in expenditures of the treasury until it goes. In January-June open provision excluding intergovernmental transfers and servicing of government debt executed on 99.6% of the plan. Under-funded in the main coal program (98,3%), the reserve fund (98.2%), research projects on the implementation of state programs (88.4%) and paper other expenses (95.1%) - total of $ 315 million UAH.

Moreover, so far the Cabinet even managed to save on servicing government debt. For this purpose, a list of budget for eight months required to spend 8.04 billion UAH., While at the beginning of last week was open only to appropriations 4.238 billion UAH. That makes 52,7% of the plan. Most likely, the plan included the repayment of interest and maintenance costs Government Bonds, which were issued to recapitalize the banks, because the budget for 2009 laid 10.1 billion UAH. Servicing domestic debt.

However, since the recapitalization significantly delayed and it has not spent 44 billion UAH. as planned, and about 10 billion, and repayment of domestic debt was less than planned - the economist supposes IR Dragon Capital Elena Belan. By the from the beginning, the average yield on Government Bonds, taking into account issued for the recapitalization of banks in August amounted to 9,67%, while from the beginning, this figure reached an average of 11,29% per annum.

little behind plan payments intergovernmental transfers. In the area of the state budget spent only 89,7% of the painting for nine months (35.031 billion UAH.). In particular, the equalization grant is transferred only 90,9% (21.423 billion UAH.) Subventions to finance social spending - on 87,9% (12.64 billion UAH.). Thus, according to the State Treasury, the Cabinet has saved about 4.443 billion UAH. But such limits are usually funded from the budget of the regions and in the best of times. Besides, the area calculated with the Treasury messy: the budget received from them, only 4.598 billion UAH., Or 72,8% murals in January-September. Distinguished Dnipropetrovsk Oblast and Kiev, list the least money - for 71% of their plans. Others fulfilled their obligations by an average of 85-90%.

However, while maintaining cooperation with the IMF, the government is quite able to afford tax breaks for business, and excellent funding of regions, and improve social standards that the Yulia Tymoshenko will be a great PR move in the campaign.

 

Alex Nabozhnyak

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