The Government established the criteria to use with regard to those taxpayers subject to refund for zero-rate VAT transactions, as well as a simplified procedure and the deadlines for crediting to the consolidated account the recoverable amounts of VAT paid for zero-rate taxable transactions based on applications of up to 20 million dram recoverable amounts.

In particular, the new arrangement provides that the zero-rate recoverable amounts of VAT up to 20 million drams shall be credited to the consolidated account and refunded during 2017 without inspections carried out by the tax authority within 4 working days instead of the prescribed 90 days.

The meeting next approved a set of amendments submitted by the State Revenue Committee on the Tax Code of the Republic of Armenia and on endorsing the list of those imported goods and commodities exempt of excise duty, which should be free of value added tax.
The bills seek to improve the investment environment for businesses. The bill suggests that value added tax should not be levied on all types of machinery, equipment and raw material imports.