The Features of Functioning of VAT in Ukraine

Анотація

The article explores the essence and features of value-added tax (VAT), the leading indirect tax in Ukraine, a part of which is the highest revenue to the State budget among all tax payments. The main advantages and disadvantages of functioning of VAT in the current management conditions have been determined. The chronology of appearance, the features of existence of VAT in different stages, and the evolution of legal and regulatory support for administration of the tax were researched. The mechanism for the VAT calculation, the current tax rates, features of functioning of the Single tax invoice register, and the tax reporting periods for VAT were considered in detail. The procedure of electronic administration of the value-added tax has been disclosed. The efficiency of the system of e-administration of VAT has been defined in the context of introduction of tax payer’s personal account. It has been concluded that the domestic taxation system requires further reforming, but a significant number of the mechanisms introduced are a positive step in the sphere of VAT administration.

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