The Tax and Customs Board calls on the economic operators intending to make greater investments than ordinary ones to inform the Board beforehand in order to ensure the fast refund of input VAT and thereby the stable cash flow.
Such cooperation where economic operators send the preliminary information about major transactions to the Tax and Customs Board beforehand and thus the VAT refund is customarily fast is giving an effect already, for example, with lots of developers of immovable property. A prior notification to the Tax and Customs Board would surely support the operation of those companies as well which sell to external markets, intend to make great investments or start their investment period, and where the immediate monthly refund of VAT shall ensure the stable cash flow.
“A delay in refunding of the VAT may noticeably influence the financial resources of the company and thus the whole economic run. That is why we encourage to notify about such first or exceptionally great charges already in advance so that we could handle these primarily and refund the VAT to the company”, Jaanus Värk, the head of the Audit Department of the Tax and Customs Board explained. You can contact the Board via e-mail: email@example.com.
The Tax and Customs Board receives on an average 35,000 claims for the refund of VAT per month and 98 per cent of these claims are fulfilled within four working days. Often the claim of the company for the refund may be controlled additionally just for the reason that an exceptionally large amount to be refunded is in question and in this case the refunding will take place at least two weeks.
Source: The Tax and Customs Board
Filed under: Finance & Taxes |