LETTER OF THE STATE TAX SERVICE OF UKRAINE

of January 12, 2012 No. 608/6/15-3415-16

GNSU considered the letter of Ltd company concerning procedure for reflection in the tax declaration on the VAT of remaining balance of negative value of tax which after budget compensation is included the tax credit of the following tax period and from the date of which emergence passed 1095 days, and reports.

According to Art. 200 of the Tax code of Ukraine (further - the Code) the tax amount which is subject to payment (transfer) in the State budget of Ukraine or to budget compensation is determined as difference between the amount of the tax liability of the accounting (tax) period and the amount of the tax credit of such accounting (tax) period. In case of negative value of the amount calculated according to item 200.1 of Art. 200 of the Code, such amount is considered in reduction of the amount of tax debt on tax which arose for the previous accounting (tax) periods (including spread or delayed according to the Code), and in case of lack of tax debt is set off in structure of the tax credit of the next accounting (tax) period.

If in the following tax period the amount calculated according to item 200.1 of Art. 200 of the Code has negative value, then:

a) part of such negative value which equals to the tax amount which is actually paid by the receiver of goods (services) in the previous tax periods to suppliers of such goods (services) or in the State budget of Ukraine, and in case of obtaining from the nonresident of services on customs area of Ukraine - the amount of the tax liability included in the tax declaration for previous period for the services by the receiver of services received from the nonresident is subject to budget compensation;

b) the remaining balance of negative value of the previous tax periods after budget compensation is included the amounts which belong to the tax credit of the following tax period.

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