State Revenue Committee returns more than 66 billion drams VAT refund
Armenia’s State Revenue (SRC) has returned more than 66 billion drams of VAT refund, Arman Mirzoyan, head of a SRC department, told a news conference today.
According to him, the SRC had received 560 applications for VAT refund to the tune of 52.9 billion drams, and had approved 49.8 billion drams worth refund for transactions with zero-rate VAT.
He also said that the SRC had received 201 refund applications through the simplified procedure (for transactions with less than 20 million drams), approving 131 of them to the tune of 623 million drams. He said in the second option the refund amount is sent to the taxpayer’s account within a few days, which is a significant assistance and encouragement of export-oriented companies.
He stressed that the VAT refund rate for exporters increased by 52% when compared to the same period in 2017, resulting from the export growth and the emergence of new export-oriented companies.
He also said that SRC had refunded another 9.2 billion drams in VAT based on other applications for VAT refund. He also said now it takes a month for SRC to transfer approved VAT refund to business entities, while in the past it took two months. ($ 1 - 483.62 drams). --0--