Thursday, December 22 2016 18:22
Naira Badalian

Armenia reduces threshold to 50 thsd drams under Tax Free system

 Armenia reduces threshold to 50 thsd drams under Tax Free system

ArmInfo. Armenia reduces the  threshold of purchases under Tax Free VAT refund system for  foreigners; the government took the relevant decision at today's  session. 

Head of Stet Revenue Committee of Armenia Vardan Harutyunyan stated  that according to the current system VAT is returned in case  purchases made by foreigners amount to 100 thousand drams and more.  It is proposed to reduce the threshold two-fold. According to  Harutyunyan the amendment is aimed at boosting purchases made by  foreigners and tourists in Armenia. 

According to the data of Armenia's State Revenue Committee in the  period between 2014 and October 2016 more than 1 bln drams were  returned to foreign tourists within Tax Free system. 7000 foreigners  received VAT. 

To note, Tax Free system was introduced in Armenia on March 1 2014  and was valid for purchases exceeding 100,000 drams. Thus, Armenia  has become the second country in CIS to have such a system.  Some  shops have Tax Free labels and booklets containing necessary  information are available for all the guests of Armenia both in  customs houses and in service points. VAT refund opportunity is valid  within 90 days after the purchase.  Tax Free does not relate to  purchase of cigarettes, medicine, cultural values and costs on  transport means.

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