As a result of adoption of the draft, it is expected to reduce the possible risks of under-declaration of sales turnover of circulation taxpayers by implementing effective tax administration. Presenting the draft law on Making Amendments and Addenda to the RA Tax Code, the Deputy Chairman of the State Revenue Committee (SRC) Karen Tamazyan said this.
The issue was debated in the first reading at the sitting of the RA NA Standing Committee on Economic Affairs on September 27.
“It is planned to clarify the provision of conducting an inventory within the scope of the measurement study for the selected products.
Moreover, the regulations of the draft clearly define that the tax authority has the right to carry out such an action on those taxpayers whose acquisition or sale threshold exceeds 24 million AMD during the year,” the key rapporteur detailed.
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The legislation specifies the responsibility for detecting undocumented goods. In particular, it is established that in case of non-detection of the requirement of documenting the transactions of purchase of goods, a fine of 20% of the purchase price of the goods will be charged to them through complex tax inspection.
According to Karen Tamazyan, responsibility will be established for those cases when, during operative investigative measures, such cases are discovered when the property is leased or the lease transaction has not received state registration, or a statement has not been submitted to the tax authority in advance regarding the existence of a lease transaction by a physical entity.
It is also established that insurance agents and insurance brokers will not operate in the system of special taxation, in particular, circulation system.
In response to the question of the Deputy Chair of the RA NA Standing Committee on Economic Affairs Babken Tunyan what the purpose of making amendments to the mandatory documentation requirement is, the Deputy Chairman of the SRC said: “The basis for making an amendment is to ensure equality.”
The draft was endorsed.
National Assembly of the Republic of Armenia
