Parliament abolishes tax on expensive cars in Armenia

Parliament abolishes tax on expensive cars in Armenia

YEREVAN, April 30. /ARKA/. Armenia’s National Assembly passed in the first reading the bill envisaging abolition of tax on expensive cars at its session Wednesday.

The bill is authored by the ruling Republican Party of Armenia.

Non-coalition factions – Prosperous Armenia, Dashnaktsutiun, Armenian National Congress, Heritage and Orinats Yerkir – said they would not participate in the vote. The ruling party announced a 20-minute break and passed the law with 67 votes of its members afterwards. One abstained from voting.

The amendment relates to cars costing more than 25 million drams or cars not older than 2 years and with motor capacity of 4,500 cubic centimeters and above.

Yesterday, the head of parliament commission for economic issues Vardan Ayvazyan said budget receipts reduced by about 3 billion drams after the tax was introduced. It was expected receipts from excise tax would increase instead, he said.

“There is another reason expensive cars should be temporarily exempt from excise tax. We are joining the Eurasian Economic Area in 2015 and accept the unified tax on cars. They are already high, so let people who want to import expensive cars do that before then”, Ayvazyan said. ($1=413.10drams). –0--

13:36 30.04.2014

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