VTB Bank has issued a bank guarantee according to which KuibyshevAzot is to repay RUB 590 million worth of the reimbursed VAT to the federal budget. The guarantee has been provided in favour of the tax agencies to ensure that the company repays excess VAT reimbursement paid to it in the third quarter of 2012, in accordance with the declarative principle under the refund scheme.
This kind of bank guarantee allows companies to receive reimbursement of the declared amount of VAT within days of filing the declaration and submitting the bank guarantee. In accordance with the standard procedure, VAT is reimbursed no sooner than three months after an onsite inspection by the tax service.«The guaranteed reimbursement of VAT actually allows corporate taxpayers to receive additional working capital at a lower price, compared to taking out a loan," said VTB Senior Vice President Vladimir Demidyuk, who is responsible for the bank’s chemical business. «VTB is interested in mutually beneficial
VTB and KuibyshevAzot have been developing their partnership since 2003. Apart from bank guarantees, VTB also provides cash and settlement services to the company and