IT IS PROPOSED DEFERRING TERM OF VAT COLLECTION FOR UP TO 3 YEARS IN CASE OF SOME GOODS’ IMPORT
Noyan Tapan
F eb 23, 2009
YEREVAN, FEBRUARY 23, NOYAN TAPAN. The National Assembly on February
23 discussed in first reading the government-submitted draft law
envisaging amendments and additions to the RA Law on Value Added
Tax. By the draft, it is proposed deferring the term of collection of
VAT calculated by customs bodies for up to 3 years, if the customs
value of the imported commodity or the investment package amounts
to or exceeds 300 million drams (about a million dollars) – in case
of import of some goods (in particular equipment and conveyers) by
companies selected in the order established by the Armenian government.
The main speaker, minister of economy Nerses Yeritsian said that
the draft whose value makes about 5 billion drams by preliminary
calculations is considered to be an anticrisis measure. It is aimed
at ensuring technological transformation of Armenia, updating its
economy and increasing capital investments. It is envisaged that
the proposed privilege will be in effect until 2011. "I think these
expenses will bring much more benefit in the medium and long term,"
the minister noted.
Under the current law, in case of import of goods on certain codes,
if the customs value is less than 70 million drams, the period of
payment of VAT calculated by customs bodies is deferred for one year,
if the customs value is 70 million drams or over, the payment is
deferred for 2 years.
The objections voiced by a number of National Assembly deputies,
including the chairman of the Standing Committee on Economic Issues
Vardan Aivazian, were conditioned by the necessity to rule out the
possible subjective approach in the selection of companies. Some
of them were in favor of establishing definite criteria, while the
others proposed creating an equal field for all economic entities
making investments for the development of production.
From: Emil Lazarian | Ararat NewsPress
