Electric Vehicles Under 5 Years of Production Will Be Exempt from VAT for One More Year

Electric vehicles, which are no more than 5 years old, will be exempt from VAT for an additional year. The Permanent Commission on Economic Issues of the National Assembly approved the proposal presented by the Ministry of Economy of Armenia. The exemption from VAT for electric vehicles was set to expire on January 1, 2024.

“Now we have set an additional limitation that the VAT exemption will apply to electric vehicles that are not older than 5 years,” emphasized Armenia's Minister of Economy Vahan Kerobyan.

The minister reminded that the EAEU had set a quota for the importation of electric vehicles to Armenia: 7,000 for 2022 and 8,000 for 2023. In 2022, Armenia imported 3,455 electric vehicles, while in 2023, it imported 4,195, which is a 20 percent increase compared to the previous year, according to Kerobyan.