OREANDA-NEWS. September 14, 2010. To date, 3 billion UAH are paid bonds on 16.7 billion UAH are released to repay debts on VAT, the Prime Minister of Ukraine Mykola Azarov said.

At the same time, he noted, that "in the country business scheme based on VAT was in operation".

"It must be broken and we have begun to do that" - the Prime Minister said.

"Those who received the bonds - he said – are not in a hurry to get money. This means that they have money. A bond, that can at any time be monetized, brings more revenue.

Mykola Azarov noted that the new draft Tax Code provides penalties for the State in case of delay in VAT refunds.

The Head of the Government also recalled that his Cabinet approved a VAT refund arrears of 32 billion UAH.