Friday, September 20 2019 11:59
Alexandr Avanesov

The state will return AMD 56 billion to economic entities of Armenia

The state will return AMD 56 billion to economic entities of Armenia

ArmInfo.At an extraordinary meeting on September 20, the National  Assembly of Armenia began discussing amendments to the Tax Code of the country.

According to the chairman of the State Revenue Committee of the Republic of Armenia David Ananyan, who introduced the legislative initiative in the first reading, the document provides for the application of a number of adjustments. "We all know that there are debit balances or so-called" overpayments "in the area  of value added tax (VAT).

After the new Tax Code entered into force, the difference between the old and the new debit balance was established. New - after July 1, 2018 returned to business entities on the basis of their own statement in quarterly terms, and the old ones are sent exclusively to pay off upcoming VAT liabilities.With this decision, we eliminate the distinction between old and new receivables, which will be named since January 1, 2020, "he explained. The head of the SRC emphasized that the debit balance under the VAT line of 56 billion drams will be returned to business entities.

Moreover, as the head of the State Duma pointed out, the very next day, after the approval of the bill, taxpayers can apply for superpayments formed at that time according to the following scheme: for business entities with debts of less than 5 million drams, VAT debit will be returned only on the basis of applications, without desk audits, for debts of 5 to 40 million drams, VAT funds will be returned in a  simplified manner - based on the application of the economic entity and information available to the tax authority, and in case of excess Nia threshold of 40 million drams - will be refunded at the end of the documentary study and validate.

According to the head of the tax and customs committee, it is about 9 thousand business entities, 3 thousand of which are old debits - the state owed 56 billion 443 million drams. So, according to him, after making the decision, persons with a debt of up to 5 million drams will automatically receive their funds. 

"By the end of the year, we will return 50 billion drams from the indicated 56 billion drams," Ananyan said.

The head of the SRC reminded that as of January 2018, the tax owed 275 billion drams to business entities. 

Having resolved the situation with 50 billion drams, as the chief tax specialist pointed out, 72-75 billion drams remain for current obligations, which are formed and repaid. "I think by January 1, 2020 we will be able to declare that within two years we have reduced our debts to business entities by 220 billion drams, which is inherent in a strong state," he said, adding that economic entities will be able to use the saved funds to implement their investment programs.

Recall that earlier, on September 7, Armenian Prime Minister Nikol Pashinyan announced that an unprecedented economic proposal was being discussed in the government. "Thousands of organizations have VAT debit balances that were formed before July 1, 2017. If you don't go into details, these are the amounts that the state owes to business entities under the VAT>," he wrote on his Facebook page.  According to the prime minister, the proposal's revolution is that the government is discussing the possibility of returning to the business entities a debit balance of about 56 billion drams. "The meaning of the proposal is that business entities that have long lost hope of getting these amounts back, will invest  them in the economy.

This, in essence, is a state infusion of more than $ 100 million into the economy,  which has no precedent in the history of our country, "Nikol Pashinyan explained then.

Note that the bill submitted by the government of the country will be considered by the country's parliament in two readings in the 24th mode, which means that it will be adopted in the second and final reading on September 23rd.

POST A COMMENT
Input digits     


News
iDram
btn

Exchange rates
18.09.2020
RUB6.460.00
USD485.260.86
EUR574.983.39
GBP629.671.21
CAD368.541.65
JPY46.510.26
CNY71.790.21
CHF534.252.00



Search by date

Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000