The Cabinet of Ministers of Ukraine has approved a procedure for electronic administration of value added tax (VAT) and determined that accounts of payers in the new system will be opened in the State Treasury Service of Ukraine.

The decision is stipulated in cabinet resolution No. 569 of October 16, 2014 published on Monday.

The Cabinet of Ministers has obliged the State Fiscal Service and State Treasury Service to provide for the implementation of measures required for electronic VAT administration system to take effect on January 1, 2015.

"… provide for opening of accounts of VAT payers registered as VAT payers under the register of VAT payers updated on December 15, 2014 in the above-mentioned system by the State Treasury Service by December 25, 2014," reads the document.