STRICTER PENALTIES INTRODUCED FOR ECONOMIC ENTITIES PRESENTING FALSE INFORMATION ABOUT EXCESS PAYMENTS OF VAT

NOYAN TAPAN
SEPTEMBER 23, 2009
YEREVAN

YEREVAN, SEPTEMBER 23, NOYAN TAPAN. At the September 23 sitting,
the Armenian government approved the bill on making an addition to
the RA Law on Value Added Tax. In the words of Prime Minister Tigran
Sargsyan, the cases when the State Revenue Committee reduces the amount
of the excess payment to be paid back are frequent. "Such cases do
not allow to make a recalculation quickly and to pay back the sums,"
he said, adding that the decision will help estalish order regarding
this problem.

Minister of Finance Tigran Davtian said that by taking this decision,
the government "envisages a fine for itself": in case of delaying the
refund of VAT excess payments to economic entities, the government will
have to pay a fine to them. According to him, stricter penalties have
also been introduced for those economic entities which will present
false information on the amount of the excess payment. Additional
checks will be conducted to check the trustworthiness of presented
information.