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VAT bond applications cover just UAH 5.2 bln of UAH 19.5 bln debt

VAT bond applications cover just UAH 5.2 bln of UAH 19.5 bln debt

22 June 2010

The State Tax Administration announced yesterday it received applications for VAT bonds amounting to UAH 5.2 bln so far, according to Interfax. The deadline for applications for VAT bonds is June 25, while the government announced earlier that it planned to issue up to UAH 19.5 bln in VAT bonds in order to cover its VAT reimbursement arrears. The bonds will be issued at 5.5% s.a. and a sinkability provision, with 10% of principal repaid every half year. The 2010 state budget provides for the reimbursement of VAT debts as of May 1, 2010 via the issuance of VAT bonds.

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