Government allows importers and local producers of tobacco products to revise highest retail price
19.02.2015,
16:43
The Armenian government on Thursday made a decision allowing importers and local producers of tobacco products to revise upward the highest retail price in case of significant fluctuations of foreign currencies’ exchange rates.
YEREVAN, February 19. / ARKA /. The Armenian government on Thursday made a decision allowing importers and local producers of tobacco products to revise upward the highest retail price in case of significant fluctuations of foreign currencies’ exchange rates.
Deputy finance minister Vakhtang Mirumyan said under a 2013 law VAT is calculated based on the highest retail price, which is indicated on the packaging of tobacco products.
According to him, as a result both importers and local manufacturers and retailers can not sell tobacco products at a price higher than that stated on the packaging.
He said the latest currency fluctuations placed importers before a problem, because currency exchange rates may fluctuate significantly during a period of time from the labeling of products and their final sale.
According to him, the proposed changes are designed to ensure flexible application of the law. They will allow importers and producers to ask customs authorities to allow them to raise their prices in case currency fluctuations are higher than 5%. He said new prices will be used in calculating the amount of taxes to be paid.-0-
