Finance Ministry returns 255m euros worth of VAT in one month

Big news for companies: fiscal authorities have decided to pay back around 255m euros this month, representing VAT-related accumulated arrears due to be refunded, announced Finance minister Gheorghe Pogea. Scheduled payments are related to 2,810 VAT refunds and will be operated in three tranches, on August 6, 24 and 29, to companies that hold already approved applications for VAT refunds. Pogea says this is one of the biggest sums the state is paying back to companies during this crisis period in a bid to revive the economy. The slow payment of state debts to companies in the first half of the year added to the financial crunch. To reduce its arrears, the Finance Ministry is borrowing heavily. In the last month alone it has raised 2.9bn euros from the EU and from banks. At the same time, the Finance Ministry also offers companies the possibility of checking online the date when they are due to receive the requested VAT sum. However, VAT reimbursement procedures have not been simplified even for major taxpayers.