35th Session of the SME Development Sub-Council Led by RA Minister of Economy Gevorg Papoyan

On June 6, the 35th session of the SME Development Sub-Council was held under the leadership of the Minister of Economy of the Republic of Armenia, Gevorg Papoyan.

The agenda included discussions on the draft law “On Making Amendments and Addenda to the Tax Code of the Republic of Armenia.” Specifically, the discussions addressed the following issues:

• Simplification of tax administration related to VAT calculation and payment for taxpayers conducting transactions with non-resident organizations that do not have a permanent establishment in Armenia;
• Allowing VAT payers to credit the VAT amounts reflected in cash register receipts (CRRs) as proof of acquisitions made using corporate bank cards;
• As well as expanding the cases under Article 293 of the RA Tax Code in which legal entities or individual entrepreneurs are registered as VAT payers by the tax authority.

Members of the SME Development Council expressed their positions on the issues. In particular, views were shared by Vladimir Shatverov, representative of the 2B Business Support Foundation; Suren Ghalumyan and Kamo Karapetyan, representatives of the American Chamber of Commerce in Armenia; Artur Hakobyan, representative of the Republican Union of Employers of Armenia; Aram Khachatryan, representative of the Enterprise Incubator Foundation; and Sergey Khachatryan, member of the Council’s Tax Working Group. Representatives from the RA State Revenue Committee and the RA Ministry of Finance also delivered remarks.

As a result of the productive discussions, it was decided that RA SRC representatives would soon circulate several draft proposals, which will include the aforementioned issues. If necessary, IC Armenia, together with the Council members, will revise the drafts in working format.