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Government to return 56 billion in VAT debt to businesses in monumental move

armenpress.am15 hours ago
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Government to return 56 billion in VAT debt to businesses in monumental move

The Government of Armenia has approved amendments to the tax code which is aimed at returning 56 billion drams of VAT obligations back to businesses.

State Revenue Committee President Davit Ananyan said at the Cabinet meeting that debit balances or “over-payments” exist in terms of VAT which have appeared from the VAT paid to suppliers in tax estimates presented to tax bodies or VAT charged by customs bodies and the obligation’s negative difference.

“Now we have old and new debit amounts. New debit amounts are returned every three-months, while old debit amounts are directed only for the payment of upcoming VAT obligations. With this decision we are eliminating the differentiation of the old and new debits”, he said.

Ananyan said businesses having up to 5 million drams debt will be given back the VAT amounts without applying to the tax bodies, while a simplified procedure will be in place for businesses having 5-40 million drams of debt (businesses will submit an application and the amounts will be returned without studies). Businesses having more than 40 million drams debt will be granted the VAT return upon validating the paperwork and on principles of substantiation.

“The state owes 56 billion 443 million drams to those having old debits”, he said, adding that there are nearly 9000...

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