VAT bonds in the pipeline

VAT bonds in the pipeline



2 червня 2015 года
ICU

Ukraine's tax administration reported about UAH12.0bn in unpaid VAT refunds last week and proposed a new VAT bonds to resolve the problem. Three prior attempts by the MoF to use VAT bonds to use bonds for solving problems with this tax refund failed, and this looks no different. The three prior bonds were purchased by locals and non-residents at market yields with high discount rate. We anticipate a large discount due to high level of market interest rates and significant negative anticipation of local currency devaluation. However, while the IMF is usually rejects these issues, the Ukrainian government fought hard the IMF to receive its approval. However, under the EFF program the IMF will not approve a new issue of VAT bonds.

Источник: ICU

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