KIEV, Sept. 26 - Value added tax worth a total of UAH 12 billion could be refunded with promissory notes in 2013, according to the Tax and Income Ministry.

The ministry said that such amount was calculated on the basis of VAT sums declared for refunding and the calculation of forecast sums of tax returns that will be submitted by November 1, 2013.

The ministry has passed to the Finance Ministry its calculations for establishing the ceiling for the issue of promissory notes for VAT refunds from the budget.