The Ministry of Finance of Ukraine approved the Order* introducing a new template for the VAT return and the respective reporting procedure.
The key amendments are as follows:
• The new template of the VAT return contains separate lines for reporting supplies and purchases subject to 7% VAT (this is important for the pharmaceutical industry). However, the format of VAT invoices remains unchanged.
• The procedure to change VAT refund options is established (i.e. an adjusted VAT return should be submitted in this case).
The Order* was officially published on 4 November 2014 and enters into force on 1 December 2014. It therefore applies to (and from) the December 2014 VAT return.
*The Order of Ministry of Finance of Ukraine # 966 dated 23 September