New VAT and excise tax procedure for imports to be introduced after Armenia’s accession to Customs Union

New VAT and excise tax procedure for imports to be introduced after Armenia’s accession to Customs Union

YEREVAN, February 25. /ARKA/. A new value added tax and excise tax procedure will be introduced for goods imported from Customs Union countries after Armenia joins the CU, Armenia’s deputy minister of finance Suren Karayan said.

There will be no customs clearance in the CU, Karayan said adding that, according to Armenian law, both VAT and excise tax on imports is paid at the border. The CU legislation says these indirect taxes should be mentioned in the customs declaration and paid before the 20th of the next month after goods are imported, Karayan told a press conference Monday.

The deputy minister admitted there are certain risks, but the new procedure will be introduced step by step.

Karayan also said indirect tax collection for goods imported from the third countries will remain unchanged.
 
The working group dealing with customs and tax issues has thoroughly studied the Customs Union legislation, he said.

There is almost no difference between the customs codes of Armenia and the CU. The small difference relates mainly to customs brokers, duty-free shops and companies engaged in customs transit, Karayan said. –0--

11:32 25.02.2014

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