VTB Bank Khabarovsk branch has granted a VAT refund guarantee for over RUB 214 million to Khabarovsk Fuel Company. The one-year guarantee was issued within the RUB 1 billion credit documentary limit set for the company.
The guarantee will help the company to get an early Q1 VAT refund from the budget, before the tax authorities conduct in-office audit of the tax return. Under the legislation, the term of such inspection is three months.
VTB Bank issues VAT refund guarantees within the Russian government support program of the real economy. VTB was one of the first institutions to issue guarantees for tax authorities under Article 176.1 “Declarative procedure of tax refund” of the Tax Code of the Russian Federation. The use of VAT refund guarantees is aimed at encouraging exports.
For reference:Khabarovsk Fuel Company LLC is a member of Transbunker Group. Transbunker Group is one of the leading private bunker companies in Ukraine and Russia. The group unites more than 20 companies which bunker, store, transship, process and sell oil products in the Russian market and abroad. Transbunker Group supplies fuel in major ports of the Far East, Black Sea region, the Baltic, the Danube and renders bunkering services in every port of the world.