Armenia exempts import of cars from EEU territory from 20 VAT
17.03.2016,
15:31
The Armenian parliament has passed today in the second and final reading a set of amendments to the law On VAT, which exempt the import of cars by individuals from Russia and other members of the Eurasian Economic Union from 20 percent VAT.
YEREVAN, March 17. /ARKA/. The Armenian parliament has passed today in the second and final reading a set of amendments to the law On VAT, which exempt the import of cars by individuals from Russia and other members of the Eurasian Economic Union from 20 percent VAT.
Vardan Ayvazyan, the chairman of a parliamentary committee on economic affairs, said the changes allow a preferential import of only one car, and the import of the second car will be considered a commercial activity and will subject to appropriate taxes.
The law will come into force within 10 days after being signed into law by the president. According to Ayvazyan, it is likely to become effective from April 1.
He said the law will not have retroactive force and will not cover those Armenian citizens, who imported cars from EEU territory after January 2, 2015, when Armenia officially became a member of the Russia-led trade bloc.
According to experts, about 90% of cars imported to Armenia cost less than $10,000 and about 60% of these cars cost less than $5,000. According to official data, the number of imported cars surged from 5,800 in 2001 to 46,000 in 2014.
The number of cars imported form Russia surged 11 times to 6,000 in 2015 following Armenia’s accession to the Eurasian Economic Union. The import of cars in 2014 generated 44 billion drams of budget revenue. ($1 – 486.98 drams). --0--
Vardan Ayvazyan, the chairman of a parliamentary committee on economic affairs, said the changes allow a preferential import of only one car, and the import of the second car will be considered a commercial activity and will subject to appropriate taxes.
The law will come into force within 10 days after being signed into law by the president. According to Ayvazyan, it is likely to become effective from April 1.
He said the law will not have retroactive force and will not cover those Armenian citizens, who imported cars from EEU territory after January 2, 2015, when Armenia officially became a member of the Russia-led trade bloc.
According to experts, about 90% of cars imported to Armenia cost less than $10,000 and about 60% of these cars cost less than $5,000. According to official data, the number of imported cars surged from 5,800 in 2001 to 46,000 in 2014.
The number of cars imported form Russia surged 11 times to 6,000 in 2015 following Armenia’s accession to the Eurasian Economic Union. The import of cars in 2014 generated 44 billion drams of budget revenue. ($1 – 486.98 drams). --0--
