Armenian Prime Minister Tigran Sargsyan held a meeting with a delegation of the Investment Climate Advisory Services Project, Central Asia and Europe, International Finance Corporation (IFC) headed by Lisa Kaestner.

The Armenian Premier expressed his appreciation for the IFC`s activities aimed to improve Armenia`s business and investment environment. He pointed out the importance of efficient cooperation between Armenia and the IFC.

The Armenian Government`s press office informed Armenian News-NEWS.am that the sides discussed the current status and the outlook of Armenia`s business reform and regulatory framework simplification program. In this context, they underscored the need for furthering joint efforts in the field of fiscal compliance, cross-border exchanges and administrative inspections, as well as the involvement of local and international experts.

Concerning the ongoing tax and customs reforms, a number of legislative improvements were said to have been implemented by the Government during 2010 leading to 30% reduction of time spent by economic entities on the preparation of tax returns. The Prime Minister noted that as of this January 1 Armenian taxpayers are allowed to submit their VAT statements online.

The sides appreciated the "One stop shop" program of the Ministry of Justice, aimed at ensuring simplified procedures for establishing new businesses in Armenia, due to which the process of registration will be implemented in three days. The new system enables the agencies concerned to exchange information in online mode.