Armenia Extends Tax Benefits for Importing and Exporting Electric Vehicles for Another Year

The tax benefits established for the import and export of electric vehicles in Armenia will remain in effect for another year, extending the exemption period until January 1, 2025. Deputy Minister of Economy Narek Teryan presented the draft law on amendments to the Armenian Tax Code during an extraordinary session of the National Assembly.

"The adoption of the draft is necessitated by the need to extend the current legislative norm that exempts electric vehicle imports and exports from value-added tax for another year. Currently, electric vehicles are exempt from VAT until January 1, 2024. The draft proposes to extend this exemption until January 1, 2025," the deputy minister explained.

The exemption from value-added tax and customs duties has led to an increase in the volume of electric vehicle imports into Armenia. In 2022, a total of 2,681 electric vehicles were imported, representing a 42.3% increase compared to 2021. Furthermore, from January to November 2023, imports from third countries totaled approximately 4,496 units, which is a two-fold increase compared to the same period in 2022.