The President of Ukraine Petro Poroshenko has signed the Law of Ukraine On Amendments to the Tax Code of Ukraine concerning improvement of the VAT administration system, the Presidential press-office reports.

"Law No.643-VIII adopted by the Verkhovna Rada on July 16, on the recommendation of the Cabinet of Ministers of Ukraine, in particular, is aimed at improving the system of electronic administration of value added tax, working in a test mode from February 1 this year but changed in a normal mode on 1 July," the statement says.

Thus, a list of details to be stated in the tax bill has been reduced, because they lost their relevance due to the implementation of the VAT e-administration; consolidated tax invoices can be filed once a month (the last day of the month) in case of progressive or periodic supply of goods (services (for payers and non-payers of VAT).

In addition, a taxpayer can be issued, upon request, an account statement, sent by e-mail, showing the flow of money through accounts in the system of VAT electronic administration.

It has been established that the Law of Ukraine On Enforcement Proceedings cannot be applicable to the accounts registered in the electronic system of VAT administration, in particular, the money kept on such accounts cannot be seized, cannot be in foreclosure.

The law comes into force on the day of publication, except for the twenty-seventh - eleventh paragraphs, subparagraph 3, section 11, chapter i (covering application of penalties for overstating tax amounts that gives the taxpayer the right to register tax invoices/payments/adjustments to the tax bill in the Unified Register of Tax Bills), which enter into force on the first day of the month following the month this law entries into force.