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The TCB estimates as the annual effect of submitting the transaction information, the obligation of which came into force at the end of last year, to be at least 70 million euros instead of the initial forecast of 30 mln euros.

Starting July, all companies obliged to pay VAT submit the information about transactions amounting to at least 1,000 euros to the TCB. By following the requirement, businesses have helped reduce VAT fraud and to improve the conditions of competition.

"Reducing the proportion of fictitious bills gives a fair businesses the opportunity to sell their production more easily and thus pay more VAT," said TCB Deputy Director General Egon Veermäe. "Compared to the same period of the previous year, the added value of transactions in Estonia has increased by 8.3% and has not been at such a high level since 2007," added Veermäe.

The continuing decline of the proportion of fictitious invoices is also referred to by the fact that, although in the first half of this year, sales and acquisitions fell in Estonia by 62 million euros and 426 million euros respectively, the obligation to pay VAT actually increased by 76 million euros compared to the same period last year.

By July 20, also those companies had to submit the VAT declaration supplement that applied for an extension of the transition. A total of 394 persons had the extension.

The VAT declaration supplement is submitted by 44% of all persons liable to pay VAT, who have also submitted a basic form of VAT return. The data reflects nearly two-thirds of Estonian average monthly turnover, which has a monthly average of about 20.3 billion euros.