Tuesday, September 12 2017 10:50
Alexandr Avanesov

Since January 1, 2018, all imported equipment and raw materials that are of industrial importance through the customs borders of Armenia will be exempted from VAT payments

ArmInfo. From January 1, 2018, all equipment and raw materials that are imported through the customs borders of Armenia and of industrial importance will be exempted from VAT payments.

Corresponding amendments to the Tax Code were approved by the National Assembly of the Republic of Armenia in the first reading at a meeting on September 12.Presenting the package, Deputy Chairman of the Committee on State Revenues under the Government of Armenia Vakhtang Mirumyan said that the adoption of documents will allow economic entities to generate working capital in order to expand production. VAT will be applied only after the organization of production. At the same time, the state budget may be short of about 40 billion drams, but in the long term this initiative will play a positive role in economic activity.

The package has a retroactive effect, and will concern all those investment programs that are already being implemented. In this case, the law will be applied the next day after publication. Moreover, unlike previous decisions, in this case it is not a matter of postponement of payments, but of the introduction of an exemption from payments system. Business entities that have not fulfilled tax obligations but carry out investment programs will be exempt from payment of late fees. Privilege will be granted to any imported product, important for production, be it equipment or raw materials. Moreover, it does not matter, imported equipment and raw materials from the countries of the Eurasian Union or outside it.

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