Time in Yerevan: 11:07:36,   14 October

VAT debit return bill passes first hearing in parliament

VAT debit return bill passes first hearing in parliament

YEREVAN, SEPTEMBER 20, ARMENPRESS. The Armenian parliament approved at first hearing the bill on returning more than 56 billion drams in VAT debit balances to businesses.

The bill was adopted with 92 votes in favor.

The bill envisages applying the VAT return norm on all VAT debit amounts without differentiating old and new ones. The old debit amounts which are subject to return total 56 billion drams and the state has such obligation to nearly 2835 businesses. 2571 of these are active businesses and the return amount totals 50 billion 748 million drams. The VAT debit amounts will be returned to the businesses by 2020.

 Edited and translated by Stepan Kocharyan




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