Saturday, 31 January 2015
Turnover Tax Law-Stipulated Commodity Purchasing, Documentation Requirement Effectiveness Postponed until July 1
Chaired by Prime Minister Hovik Abrahamyan, the Government held today an extraordinary Cabinet sitting. The meeting discussed and approved the bill on amendments to the Turnover Tax Law.
Prime Minister Hovik Abrahamyan advised that following a consultation held with the President of the Republic of Armenia, it had been decided to postpone the application of the Turnover Tax Law-stipulated purchasing and documentation requirement until July 1, 2015.
“At the same time, we decided that in the meantime such regulations ought to be developed as would offer most favorable conditions to entities with up to AMD 58.350 million annual turnover,” the Prime Minister said.
The draft law provides that instead of February 1, 2015, the Turnover Tax Law-stipulated purchasing and documentation requirement should become effective on July 1, 2015. Deemed to be urgent, the bill was submitted to the National Assembly for approval.
