GOVERNMENT APPROVES BILL ON MAKING ADDITIONS IN LAW "ON TAXES"

ARMENPRESS
Aug 13, 2009
Yerevan

YEREVAN, AUGUST 13, ARMENPRESS: Government of Armenia approved at its
today’s session the bill on making additions in the Armenian law "on
Taxes". Reporter of the issue Armenian Finance Minister Tigran Davtyan
noted that by the suggested additions in case of delay of returning
the overpayments during the time established by the law – in 90 days
– for delay of each day a fine will be paid to the tax payer. "This
is a principle decision by which we establish a special procedure of
paying fines in case of delay of overpayments. By the adoption of this
decision we apply new culture and make the return of the overpayments
obligatory for the state which will promote the development of economy
and creation of more favorable conditions for export," Davtyan said.

The initial bill suggests entering the law into force in 2011 but
the finance minister suggested that it be applied from 2010.

"With the adoption of this bill we increase the responsibility of
the state toward business. If the state for some reasons fails to
return the overpayment of value added tax on time it must pay fine
to the private sector and in general it will improve the business
environment. This is really an important innovation," Prime Minister
Tigran Sargsyan said, assessing the bill.