YEREVAN, NOVEMBER 6, ARMENPRESS. The State Revenue Committee (SRC) has returned more than 8.5 billion drams of value added tax to 47 economic entities in October, Arman Mirzoyan – head of the division of taxes and returns control of the SRC department of organization and monitoring of inspections, told reporters, Armenpress reports. He said this is an unprecedented figure both in terms of the number of economic entities and the amount of money. “In the same month of 2016 5.1 billion drams has been returned to 19 taxpayers. It means that in October of 2016 the VAT refund has increased by 66%, and the number of economic entities by 147%”, Arman Mirzoyan said.

According to the official, the average waiting time for receiving VAT funds has significantly decreased. Compared to the same period of 2017, it has been decreased by more than a month. Arman Mirzoyan said the main factors affecting this are the simplified procedure of refunds up to 20 million drams. “Now the return is being done in a shorter period, and the economic entities are inclined to submit more applications. We have cases when we present the applications of the previous years”, he said, adding that the trust of economic entities towards the procedure has increased.

The official noted that the quick return of the VAT enables the business to save time, have circulating resources spending them for implementation of new projects and expanding the business. “The refunds again enter the economy, the taxpayers again are able to manage their circulating resources both in the short and long-term, and this contributes to boosting the economy”, he said.

As for the distribution of refunds according to spheres, Arman Mirzoyan said most of the money is returned as a result of the export of mining products, reprocessing products, such as beverages, canned food.