30th September 2022, Skopje – Country refunded VAT to the business sector, amounting to Denar 30.7 billion, in just nine months, being at historic high so far. Just for comparison purposes, the amount refunded to companies during the first nine months of this year is higher by 48.9% than the VAT refund made throughout 2021, while compared to 2020 and 2019, that amount is higher by over 70%, i.e. 72.8% and 75.5%, respectively.
This speaks in favor of strengthened inspection supervision by the Public Revenue Office, as well as greater efficiency as regards tax revenue collection, thus providing for intensified VAT refund collection.
Data on the VAT refund per years, demonstrate that this amount is growing from year to year. Thus, Denar 17.5 billion was refunded throughout 2019, Denar 17.8 billion in 2020, Denar 20.6 billion in 2021, while in 2022, in just nine months, Denar 10.1 billion more was refunded when compared to 2021.
Refunded VAT in the first nine months of 2022, was by Denar 19.3 billion higher compared to the refund made in the first nine months of 2014. Thus, during the first nine month of 2014, Denar 11.4 billion was refunded, Denar 12.1 billion in 2015, Denar 11.6 billion in 2016, Denar 13.8 billion in 2017, Denar 17.5 billion in 2018, with Denar 18.2 billion each in 2019 and 2022, while Denar 30.7 billion was refunded in 2021.
VAT refund to the business sector implies support for the companies’ liquidity and competitiveness, whereby it is worth mentioning that it is made on ongoing basis and in a timely manner, thus bringing certain security to the companies. This is particularly significant in crisis situation, such as the case with COVID-19 pandemic over the last years, as well as the ongoing energy and price crises.
Such dynamics in the VAT refund process will continue in future as well, given that this process will be fully automated.