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Now SFS will have only 5 days to provide decision to block or register suspended TI

The Ministry of Finance of Ukraine has developed a draft law “On Amendments to article 201 of the Tax Code of Ukraine regarding the registration of the tax invoices / adjustment calculations in the Unified Register of the tax invoices”. The proposed amendments, designed to simplify the procedure for the registration of TI, will be considered soon by the Cabinet. We remind that this summer the Ukrainian business was stirred up by the innovation in the tax legislation concerning the launch of the system of automatic registration suspension of the risk invoices (clause 201.16 of article 201 of section V of the Tax Code of Ukraine). Starting from July 1, daily registration of approximately 0,4% of the tax invoices is suspended, including not only fictitious ones, but also those ones that are submitted by the enterprises of the real sector of the economy. According to the law, the SFS Commission must send a decision to the taxpayer to register or refuse to register the TI within 5 working days after receiving its explanations and documents. However, the current legislation does not provide any consequences in the event if this term is not observed. The concept of the bill developed by the Ministry of Finance is to introduce a clear deadline (5 days) to provide the decision of the SFS regarding the registration of the TI or its refusal. In case of delay, the invoice will be registered automatically. Such an order of procedure will stimulate the supervisory authority to make quick decisions and protect taxpayers from losses because of its inadequate efficiency. In order to increase the efficiency of the SFS Commission, additional specialists will be involved into it who will promptly consider the suspended invoices. The Ministry of Finance insisted on the introduction of this important rule in the Law No. 1797 yet at the stage of its development, that is, in December 2016, however, as a result of the discussion in the Parliament, this clause was excluded. Analyzing the current state of the system, the Ministry proposes an amendment to improve the procedure for the registration of the TI.