The Cabinet of Ministers of Ukraine at a meeting on Thursday approved a procedure for keeping an open register of applications for refunding value added tax (VAT).

"We finish the process of creating a transparent VAT refunding system by passing the resolution," Finance Minister of Ukraine Natalie Jaresko said at the meeting.

She said that in December 2015 the parliament amended the Tax Code and two open registers of companies' applications for VAT refunding are to be created.

She said that one register will include applications of companies which exports share of annual turnover is at least 40%, non- current assets are three times more than the sum of the application or the companies have a financial guarantee from a bank for one year. The second register will include all the rest application in chronological order.

The finance minister said that it will take 65-70 days to check the applications.

Jaresko said that the adoption of the cabinet resolution would allow the State Fiscal Service of Ukraine to launch the registers from March 1, 2016.