Armenia plans to transition to electronic single customs account system

YEREVAN, October 2. /ARКА/. On Thursday, the National Assembly of Armenia passed a bill in its first reading that amends and supplements the Law "On Customs Regulation."

According to Hamlet Sahakyan, the Deputy Head of the State Revenue Committee, there are intentions to establish an electronic single customs account system for customs payments.

"The implementation of this system, as outlined in the bill, is essential for enhancing the efficiency of accounting processes and the fulfillment of customs payment obligations," he remarked.

The Deputy Head of the State Revenue Committee further indicated that the system will greatly streamline cash flow accounting, grant participants in foreign economic activities access to a personal account and automatic calculations, as well as enable automatic settlement of obligations based on the parameters set by the payer.-0-