Companies refunded EUR 196 million on the basis of VAT in the first half this year, 20% more compared to last year

13 July 2019, Skopje - More than Denar 12 billion or EUR 196 million was injected in the business sector in the first half this year by refunding VAT to the companies on regular basis and in a non-selective manner. According to the Ministry of Finance data, VAT refund to companies is higher by around 20%, or by almost Denar 2 billion, by June this year compared to the same period last year.

Compared to 2017, VAT refund in the first half of the year is higher by Denar 3.2 billion or by around 37%. Compared to 2016, VAT refund is higher by Denar 4.9 billion or 69%.

Deputy Minister of Finance, Shiret Elezi, said that refunding VAT on regular basis and in a non-selective manner improved the companies’ liquidity.

-Refunding VAT in a timely and non-selective manner is important for smooth operations of the companies, as well as for their investment activity. Therefore, Public Revenue Office prepared a module on automatic tax refund and offsetting towards all taxpayers. The main objective is to accurately and timely refund and offset taxes towards all taxpayers, Elezi said.

Deputy Minister of Finance underlined that positive tendencies in the economy were also visible through sound collection of tax revenues, including VAT. She also added that intensified activity of the companies was evident through high growth of gross investments by 9.9% in the third quarter in 2019.