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Eximbank of Russia provides an export company with the first VAT refund guarantee of over 1 billion rubles

Eximbank of Russia (part of the Russian Export Center) issued the first VAT refund guarantee in the total amount of 1.05 billion rubles to the benefit of the tax agencies. The guarantee was granted to the export company JSC Tekhsnabexport (part of Rosatom State Corporation).

Eximbank of Russia started providing services on issuing of VAT refund guarantees in their name to the companies that export services and non-resource-based products in March 2017. This bank product is advantageous in that the company can refund VAT even prior to completion of the in-house tax audits that normally take 3 months. Therefore, an export company is given an opportunity not to withdraw the VAT funds from their stream of commerce, thus retaining their business activity in the market.

According to Natalya Podsobliayeva, Director for Guarantee Transactions, “the service on issuing of guarantees to the benefit of the tax agencies has been launched quite recently. But we already have our first transaction in quite a significant amount. This means that our product is in high demand by the market, and we believe that new customers will have a chance to enjoy it in the near future.”

JSC Tekhsnabexport (TENEX trademark) is one of the major global suppliers of the nuclear fuel cycle products. It satisfies a significant part of demand of foreign-design reactors in terms of uranium enrichment services. The company, 100% of shares of which are held by JSC Atomenergoprom, is a part of the control network of the development and international business block at Rosatom State Corporation.