by Erik Abrahamyan
Converse Bank is the first and, so far, the only bank in Armenia to refund cash VAT to foreigners that made Tax Free purchases in Armenia. According to the bank, starting 17 May 2014, foreign citizens that have made purchases at the stores connected to the Tax Free system and paid VAT, can get cash VAT refund at Converse Bank. The cash VAT is returned to foreigners within 90 days after the purchase at the bank's subsidiaries "Zvartnots" and "Shirak" located at the airports in Yerevan and Gyumri.
A foreign citizen is required to fill a special document bearing a stamp "Subject to Refund" (signed by the Customs Committee) at the store. Afterwards, the foreigner is to submit the document with his passport, purchase check and the boarding-card to the one of the above subsidiaries of Converse Bank.
"Converse Bank assigns special importance to promoting shopping in Armenia by foreign citizens. The Tax Free system operates in many countries and Converse Bank boasts of being the first and so far the only bank to refund cash VAT to foreign citizens," says Tigran Davtyan, Executive Office at Converse Bank CJSC.
Tax Free system was introduced in Armenia on 1 March 2014 in conformity with the Government's decision No.1403 dated 12 Dec 2013.