At Thursday's Cabinet meeting, the government approved the draft of amendments to the Tax Code of Armenia, which proposes to extend for another year the current regulation regarding the exemption from value added tax (VAT) on the import and alienation of electric-powered large, medium and small buses, passenger cars, motorcycles, and mopeds.

Currently, these vehicles are exempted from paying VAT until January 1, 2024. Now it is proposed to extend that period until January 1, 2025.

Deputy Minister of Economy Arman Khojoyan, presenting the matter, noted that by a decision of the Council of the Eurasian Economic Commission of March 17, 2022, Armenia was granted a tariff privilege for the import of electric vehicles without payment of customs duty, 7,000 units in 2022 and 8,000 units in 2023, respectively.

"Promoting the acquiring and use of electric vehicles is consistent with the goals of the green economy. A considerable reduction in carbon dioxide emissions and a decrease in the level of urban pollution are observed in cities," added the deputy minister of economy.