Government exempts imports of some goods from VAT

YEREVAN, February 4. /ARKA/. By a vote of 89 to 1 and 6 abstentions the parliament of Armenia has passed today a set of amendments and additions to the law “On approval of the list of goods not subject to excise tax, the import of which is exempt from value added tax” and to the Tax Code in the second and final reading.

Deputy Minister of Economy Avak Avanesyan said the changes propose that the value added taxes levied on a number of imported goods not be collected when the goods cross the border into Armenia.

He said the measure is aimed at stimulating investment programs. In his words, 70 billion drams worth goods imported in 2019 were offered three year VAT deferment.

Thus, the import of a number of goods that are not subject to excise tax, imported by organizations and individual entrepreneurs, will be exempt from value added tax. New items have been added to the previously approved list. Among the products included in the list are chemicals, fur, woolen and cotton fabrics, yarns, and more. -0-