The tax committee announced the refund of value-added tax amounting to 22.8 trillion sums in 2024.
The volume of refunds for the year increased by 15.9%. In comparison, the growth in 2023 (19.66 trillion sums) was only 1.8%.
Over the past year, the agency received 10.7 thousand applications for VAT refunds from 5,262 companies. More than half of the reviewed applications were submitted by exporting companies (a total of 1,965), which received 5.5 trillion sums in payouts.
Nearly two-thirds of the VAT refunds, or 15.04 trillion sums, were attributed to industrial enterprises. Following them were the service sector with 3.26 trillion sums (14.3%) and the trade sector with 1.22 trillion sums (5.4%).
In the construction sector, 876.8 billion sums paid as VAT were refunded, while the transport industry received 549.6 billion sums. Companies in the telecommunications and IT sectors received 14.8 billion sums.
Starting February 2024, an expedited VAT refund procedure will be in effect for enterprises with the highest sustainability rating (AAA) — within one day and without checks. They will also be exempt from all tax audits not related to criminal cases.
Additionally, in November, the Cabinet of Ministers approved the procedure for refunding part of the VAT to businesses in the hospitality and catering sectors. Hotels and tour operators will receive 20% of the tax amount, while restaurants will receive between 20% and 40% depending on the share of cashless payments.
Earlier, Spot reported on plans to exempt certain transport and forwarding services, including those related to international transportation, from VAT.