Yerevan/Mediamax/. Armenian government approved at today’s session the order of settlement of accounts and payment of fines for delay in returning VAT overpayments and other types of taxes to the taxpayers.

Mediamax reports that the settlement of accounts on fines, which occurred before January 1, 2011, will be made by May 1, 2011.

“If the payment is delayed for over 90 days from the day of the legislative term for repayment overpayments made to the state budget, the government will have to pay a fine for each day of the delay at the volume, estimated on the basis of the settlement rate of the banking percentage from the sum, subject to return”, Minister of Finance Vache Gabrielyan stated.

According to the Armenian Prime Minister Tigran Sargsian, by this decision, the government sets for itself strict sanctions for delay of payments, and the fact will contribute to ruling out such cases.