Armenian SRC reveals 1.5 billion dram tax evasion cases

YEREVAN, February 16. /ARKA/. Armenia’s State Revenue Committee (SRC) said criminal investigation has been launched into what it described as ‘malicious tax evasion’ cases by several companies to the tune of 1.5 bln drams (about $3 million).

According to the SRC's press service, it was found out that a group of people established companies for imports of large batches of clothes, shoes and phone accessories from Russia, a member of the Eurasian Economic Union, but the imported goods in fact were purchased by other business entities.

One of these companies , called Respect Right Ltd., imported by air in October-December 2021 clothes worth about 700 million drams, but did not register the sales, hiding the real recipients of the imported clothes.

At the same time the company knowingly avoided paying 122 million drams of VAT by entering deliberately misleading data in the tax declarations. The SRC said investigative measures are underway, the details of which are not subject to disclosure ($1 - 479.29 AMD). -0-