YEREVAN. - The Tax Service of Armenia will start reimbursing VAT to small exporters faster, within 4 days instead of 90.

The relevant decision was adopted at the Cabinet session Thursday.

According to Chairman of the State Revenue Committee (SRC), Vardan Harutyunyan, the applications of up to 20 million AMD (over $40,000) will be processed in an expedited procedure. The privilege will apply to transaction with 0 percent VAT (export and temporary import of raw materials for processing and ensuing export).

However, for this purpose business should have no hold-ups with payments and reports.  Besides, clean history of tax inspections is needed.

If the Tax Service finds out that the previous statements on VAT reimbursement are unsubstantiated by 5-15 percent, the facilitated reimbursement will be blocked for 6 months, whereas in case of over 15 percent, it will be blocked for a year.

Together with this, Harutyunyan noted that disciplined taxpayers will be able to get the VAT reimbursement faster. “This will help small and medium-sized business exporters. We get 60 percent of the statements on VAT (in case of transactions with 0 percent VAT) exactly from them,” the Chairman said.