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Messenger Treasury Bills and VAT
By Resolution No. 683 dated 21.08.2013, the Government of Ukraine approved the procedure for accounting, issuance, payment and circulation of treasury bills as an electronic document.
The new procedure for VAT reimbursement using bills was approved by the Cabinet
By Resolution No. 683 dated 21.08.2013, the Government of Ukraine approved the procedure for accounting, issuance, payment and circulation of treasury bills as an electronic document.
This procedure for treasury bills is intended for:
1 . the restructuring of the budget’s existing actual debt as of the beginning of 2013, taking into account the state of its repayment in respect of:
- Budget arrears to creditors for centralized wastewater disposal and water supply services arising due to discrepancies in tariffs approved or agreed by local self-government bodies; arrears for thermal energy that was produced and delivered to the population; as well as services for centralized water supply and wastewater disposal;
- Budgetary obligations to recipients of funds from the budget;
2 . amounts subject to reimbursement from the budget, confirmed by inspection results, claimed for reimbursement by obtaining treasury bills, and VAT amounts not reimbursed as of the aforementioned date.
The circulation of a bill begins from the moment it is issued in electronic form through the financial bills circulation system.
Ownership rights to a bill may transfer after being certified by an endorsement, which in turn must be non-transferable. The endorsement is made by the bill holder through the operator according to the procedure of the electronic financial bills circulation system by placing the inscription “non-transferable to me” on the electronic document before their signature. Service of operations related to treasury bills is carried out by the administrator by entering records into the system.
Ownership rights to a bill are confirmed by the operator based on the data provided by the administrator of the electronic financial bills circulation system. Monetary settlements and their control must be ensured by the settlement center. Payment on bills is made by transferring funds to the operator bank by the Settlement Center, which receives money from the treasury authorities. Funds for fulfilling the obligations must be provided for in the state budget, and the payment amount must correspond to the bills.
Income on treasury bills is paid on the day they are paid. A treasury bill is put forward for payment after the bill holder’s order is sent to the operator with a demand for payment in accordance with the rules. After the payment due date, for a bill presented for payment the nominal amount of the bill and the accrued income must be transferred no later than the day of payment.
The Cabinet of Ministers’ resolution obliges the State Treasury Service to issue five-year bills with an annual yield of 5% to all managers of budgetary funds and VAT payers who were included in the register before the beginning of 2014, in order to repay the incurred debt. The deadline for completing the task is 10 days after the authorities receive the documents necessary for issuing the bill.