Time in Yerevan: 11:07:36,   23 January

New tax code saves nearly 90 billion drams in working capital for businesses – SRC

YEREVAN, FEBRUARY 20, ARMENPRESS. Under the new tax code, the government saves nearly 80-90 billion drams for businesses, vice president of the state revenue committee Mr. Vakhtang Mirumyan told a press briefing.

“This is an emphasized and long-term strategy with the purpose of leaving circulation resources [working capital] to businesses, which they can invest and expand economic activities, or, for example, pay greater income for hired employees”, he said.

Mirumyan says for the first time in the tax history of Armenia they use the VAT return mechanism for both exporters and businesses operating in Armenia.

“Within 20 days the SRC has already received 14 bids worth 1,4 billion drams, which, if justified, will be returned to the businesses – forming working capital for them”, he said.

He reminded that since the beginning of the year industrial machines, equipment and raw materials are imported to Armenia without paying VAT at the customs border.

Another provision of the tax code is aimed at promoting exports to other countries through Armenia – under government-approved programs, If a company is importing products to Armenia and exporting to other countries, then VAT is not taxed at the customs border.

Mirumyan also commented on the fundamental changes and facilitations in the tax administration, namely the fact that businesses are enabled to submit adjusted calculations during inspections, without being subjected to liability.

English –translator/editor: Stepan Kocharyan

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