Monday, May 17 2021 21:25

ArmInfo.The Ministry of Economy of Armenia is taking steps to change the tax policy for  agro-processors. Minister of Economy Vahan Kerobyan said this during  a meeting with representatives of companies engaged in the processing  of agricultural products yesterday.

In this context, the latter stressed the need to revise the VAT rate  for the implementation of agricultural production, noting that such  changes will increase the efficiency of the organization of work.

According to the information provided to ArmInfo by the RA Ministry  of Economy, the revision of the tax policy for processing enterprises  provides for the establishment of a differentiated VAT rate, with a  downward trend. <Discussions on this topic are still ongoing>,  noted in the department.

We will remind that earlier the question of the introduction of  preferential VAT on food was raised by Minister in charge of Industry  and Agriculture of the Eurasian Economic Commission (EEC) Artak  Kamalyan, who previously held the position of Deputy Minister of  Economy of the Republic of Armenia, responsible for agriculture. In  particular, the minister drew attention to the fact that Armenia is  practically the only country - a member of the EAEU, where food  products are subject to 20% VAT, while other states have preferential  rates of value added tax. "Therefore, in this regard, it makes sense  to think also about institutional and legislative changes in terms of  taxation of food," Kamalyan said.