ArmInfo. Deputy Head of the Parliamentary Committee on Economic Affairs Babken Tunyan proposes to establish exceptions from the application of the rules with respect to vehicles classified under the TN VED code 8703, acquired for rental and leasing.
The draft law was discussed in the first reading at the regular meeting of the NA committee of the same name on February 26. Tunyan recalled that at one time, amendments were made to the Tax Code that limited the legislative opportunity allowing persons engaged in the sale of cars to receive a VAT refund. However, the restrictions also affected those who were not directly engaged in the sale of cars. We are talking about leasing companies and those who rent out cars.
The issue was discussed with colleagues from the Ministry of Finance and the State Revenue Committee and the conclusion was reached that in their part, the restrictions should be abandoned. As a result of the adoption of the amendments proposed by the legislative initiative, the conditions for taxation of rent and lease of vehicles will be improved.
The project received a positive conclusion from the commission on economic issues. If adopted, the document will enter into force on the day following the day of its official publication.
Note that the EAEU TN VED code 8703 is passenger cars and other motor vehicles intended primarily for the transportation of people (except for motor vehicles of commodity position 8702), including cargo- passenger vans and racing cars.
