AMD 3 Million Threshold to be Abolished for Foreign Citizens in Case of Cash Payment

Vakhtang Mirumyan, RA Deputy Minister of Finance, submitted the draft bill on “Amendment to RA Law on Cash Transactions.” According to him, purpose of the draft bill is revision of limitations on cash payments by foreign citizens in the territory of the Republic of Armenia.

Under current legislation, payment for single transaction by physical persons, who are not individual employers, shouldn’t exceed AMD 3 million threshold. V.Mirumyan stated, that this limit obstacles foreign citizens to do purchases in cash throughout Armenia, and a proposal is made to eliminate restrictions on paying in cash in all cases, when payment is done by a foreigner and  economic entities write off a VAT refund account defined by the legislation.

V.Mirumyan stated that currently the issue of creating a possibility of VAT refund just in big trade centers is being discussed.

By Gayane Khachatryan