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Official News

Thursday, 9 October 2014

Favorable Conditions Available to Turnover Tax Payers

The Government held a regular meeting, chaired by Vice Prime Minister Armen Gevorgyan.

The government approved a bill on follow-up amendments to the amended law “On turnover tax” to extend the deadlines set for the application of transitional provisions.

A number of technical problems have emerged following discussions held with the representatives of non-governmental organizations representing SME interests regarding the clause on mandatory documentation, which are mainly due to the 10-day deadline set for the stock-taking of goods purchased before the effectiveness of the legislative requirement.
In particular, the affected taxpayers will face time constraints while taking sock of residual goods within the specified deadlines in order to provide information to tax authorities. The bill proposes to establish a longer term.

The government’s policy in this field seeks to ease the tax burden for turnover tax payers engaged in trading (buying and selling) activities and, in parallel, to tackle the problems arising from the requirement of proper documentation of economic transactions. The bill will be sent to the National Assembly in the prescribed manner.

The meeting amended one of his former decisions, under which the government has been subsidizing the imports of Belarusian tractors and farm equipment. During 2014, the National SME Development Center has received numerous applications from community heads and individual farmers regarding the purchase of Rostselmash-manufactured harvesters. The products of this company are appreciated in our country. Rostselmash has an official representative in Armenia, which facilitates the provision of warranty services.

In view of the above, Rostselmash was put on the list of exporters, which features a number of Belarusian entities, including Minsk Tractor Works, Bobruiskagromash and Lidselmash open joint stock companies.

The government approved a concept note and a roadmap for the formation and development of a volunteer rescue movement in Armenia. The decision will allow the Ministry of Emergency Situations to involve the population in its operations that will significantly increase the degree of civil protection, reduce the loss of life and save financial and material resources.

The government approved the fifth and sixth joint progress report on implementation by the Republic of Armenia of the UN Convention on Elimination of All Forms of Discrimination against Women. The report will be translated into English and provided to the Ministry for Foreign Affairs of the Republic of Armenia in the prescribed manner.

May 2020