Armenia’s ministry of finance not to replenish budget on SME - minister

Armenia’s ministry of finance not to replenish budget on SME - minister

YEREVAN, May 21. /ARKA/. Armenia’s ministry of finance will not be replenishing the budget at small and medium-sized enterprises’ cost, the newly appointed minister of finance Gagik Khahactryan told reporters Tuesday.

“Small and medium businesses are not a source of budget receipts to us. We will create free and competitive framework within which these enterprises will operate’, Khacatryan said.

The minister also said the system of electric invoices had already covered some 75-90% of transactions, and new-generation cash registers were being introduced in retail trade.

All these measures help increase efficiency of combating the ‘shadow’ economy, he said.

“But the important thing is we want to gain results rather through conscious and volunteer declaration of income than through administrative measures’, Khachatryan said.
 
The minister pointed Armenia’s budget grew from 505 billion drams in 2006 to over 1 trillion drams in 2013; taxes to GDP relation rose from 16.2% to 23.4% respectively. –0—

11:23 21.05.2014

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