YEREVAN, May 26. /ARKA/. Armenia’s State Revenue Committee (SRC) said it has reduced the VAT refund term as part of a program of measures designed to improve tax and customs discipline prompted by the coronavirus crisis.
The SRC added that the initiative is aimed at compensating the risks associated with current liquidity.
It said that in January-April 2020, in comparison with the same period in 2019, the time between receiving a VAT refund application and transferring the amount to the company’s account was reduced by 9 calendar days.
“The amount of VAT refunds is increasing annually, which is also confirmed by figures. Thus, in January-April 2020, their amount grew to 41.8 billion drams from 36.1 billion drams in January-April 2019,’ the SRC said. ($1 – 483 drams).