The government approved the bill “On Making Amendments to the Tax Code”, according to which VAT will be refunded to the companies on a monthly basis.

Chairman of the State Revenue Committee Edward Hovhannisyan mentioned that the VAT refund period shall be stated for each reporting month instead of the quarter.

“Aiming to improve the general process of VAT refund, the amendment will allow companies not to wait until the end of the quarter, to get back the VAT, paid at the border or paid in the domestic market on a monthly basis. The mentioned regulation aims to give more opportunities to tax payers to manage the liquid assets more quickly, to inject it into the economy. At the same time, the simplified procedure for the VAT refund, which was limited to 40 million for each quarter, not will be 40 million for each month. Thus, that amount is tripled for the taxpayers” stated the chairman of the State Revenue Committee.

As of 2018, this privilege operated with a six-month lag. The next step was for a period of quarter, and now the lag is minimized till a month period.