The long-term tangible assets used in production, which are included in the company’s registered capital, will be again exempted from VAT from 2014. The condition is that these assets must not be sold or leased out during three calendar years, IPN reports.

According to the Ministry of Economy, the term for refunding the VAT on investments will be reduced from three fiscal periods or 90 days to 45 days of the day the refunding application is submitted. The notion of investments will be redefined by specifying the goal of investments.

Currently, the economic entities can benefit from VAT refunding on investments only when the long-term assets are put into operation. The modification of the refunding term and the redefining of the notion of investments will enable to refund the VAT also to economic enmities from the agricultural sector that make investments in planting vineyards and orchards, without waiting for the period when the trees start to yield fruit.

The Ministry of Economy said the tax and customs regime for economic entities that implement investment projects will become more favorable from 2014 as the term for paying VAT and customs duties was extended to 180 days of the importation of raw material, accessories, primary packing and articles used to make goods intended for export.

There will be offered an alternative in presenting guarantees to the customs bodies and a new method of constituting the guarantee.