The law "On Value Added Tax"

The bill was passed at the session of the National Assembly of the Parliament of the Republic of Abkhazia in the second and final reading.

Sukhum. November 25. Apsnypress. Elena Poluyan. In this case, the chairman of the Committee on Budget, credit institutions, Taxes and Finance George Agrba recalled that the preliminary document was discussed at the enlarged meeting of the Parliamentary Committee with the participation of representatives of all interested ministries and departments.

Presenting the bill, Deputy Prime Minister of Abkhazia Dmitry Serikov said: "The law addresses two very important tasks. The first of them - is the fiscal component of the filling of the budget and the growth of their own revenues, and second, no less important - the introduction of VAT would allow a more harmonious building of a system of taxation and to withdraw most of the economy out of the shadows".

However, it was noted that with the introduction of VAT, rates for certain groups of products could rise by an average of 9%. But, as assured Serikov, "on the basic essential goods price hike will not happen", as it will be approved by a special list of tax-exempt items.

The bill was passed with the deferred question. At the suggestion of the President's representative in the Parliament Dmitry Shamba, additional work requires an amendment of the tax exemption of petroleum products. "We need to continue to study the issue, to give time to executive power to work out it, to make the necessary calculations and to provide full information to the deputies", - Shamba said.

And, as noted Aslan Kobakhia, "Abkhazia is experiencing very serious events", so the situation requires a separate study with the Turkish oil products market.

 As related to the Law "On Value Added Tax" at the session of the Parliament in the first reading have also been adopted the draft laws "On Currency Regulation and Currency Control", and "On amendments to some legislative acts of the Republic of Abkhazia." In particular, the project changes must relate to the RA Criminal Code in terms of currency regulation and criminal liability for violations in this area.