32nd Session of the SME Development Sub-Council Led by RA Minister of Economy Gevorg Papoyan

On April 4, under the leadership of RA Minister of Economy Gevorg Papoyan, the 32nd session of the SME Development Sub-Council took place.The agenda included a discussion on the draft law "On Amendments and Addenda to the RA Tax Code." In particular:

- Expanding the possibility of correcting a transaction/accounting document in case of returned goods

- Excluding penalties if a taxpayer under the VAT system fails to document acquisitions, provided the tax agent fulfills the obligation

- Clarifying and harmonizing tax accounting rules for foreign exchange purchase and sale transactions during import and export operations

- Addressing certain issues regarding the application of VAT and excise tax base offsets in cases of transactions made free of charge or at significantly undervalued compensation

As a result of joint discussions, it was decided that representatives of the RA State Revenue Committee will review the proposed legislative amendments and return with their suggestions. The Investment Council of Armenia team will soon meet with SRC representatives for a detailed discussion on the expected law changes.