YEREVAN. – Until July 1, 2017, the balance of VAT amounts up to AMD 5 million has amounted to AMD 1,564,663,941, which was fully repaid by the State Revenue Committee (SRC) of the Republic of Armenia (RA) on Monday to the joint account of 2006 business entities.

The respective statement issued by the SRC reads as follows:

The Law of the Republic of Armenia HO-172-N of September 23, 2019 on Amendments and Additions to the Tax Code of the Republic of Armenia has entered into force on October 10, 2019. Article 6 of the Law stipulates that up to AMD 5 million as of the 10th day following the day of official publication (i.e. as of October 20, 2019) up to AMD 5 million as provided by Article 457 of the Code, including the VAT, shall be deposited into a single taxpayer account having the state registration (registration) in accordance with the law, without filing an application by the taxpayer, and inspecting or examining the procedure established by the RA Tax Code.

Until July 1, 2017, the balance of VAT amounts up to AMD 5 million has amounted to AMD 1,564,663,941, which was fully repaid by the RA State Revenue Committee on October 21, to the joint account of 2006 business entities.