YEREVAN, February 10, /ARKA/. The government of Armenia has approved today a revised procedure for registration and payment of penalties for delayed refund of various taxes, finance minister Vache Gabrielian said today.

Speaking at a government session he said if the refund is delayed more than 90 days of the stipulated by the law deadline the government will pay a fine for each delayed day. In his words, the revised procedure will benefit taxpayers.

Prime minister Tigran Sarkisian described it as a key decision ‘because the government imposes tough penalties on itself.’ He also said the decision will benefit economic entities creating tough conditions for the government not to delay refund of taxes. The premier said there was not a single case of not refunding taxes over the last two years. -0-