Government proposes to separate property and vehicle taxes

Government proposes to separate property and vehicle taxes

YEREVAN, March 6. / ARKA /. The Armenian government on Thursday approved amendments to the laws on property tax in respect of vehicles and on taxes to separate property taxes from taxes on vehicles.

Finance minister David Sargsyan said currently property tax is levied both on cars and real estate and  besides land tax is levied also on real estate and this in mind the government proposes to combine real estate taxes in one and levy taxes on cars separately.

The proposed changes set the following rates of taxes for vehicles with less than 10 seats - AMD 200 per each horsepower for cars with 120 hp, 300 drams for cars with 121-250 hp and 500 drams for cars with 251 hp and above, including additional AMD 1000 for each horsepower if the car’s hp is above 150.

For cars with more than 10 seats and cargo- passenger cars the tax rate is the following - 100 drams for cars with 200 hp and 200 drams for cars over 200 hp.

Beginning with the fourth year, the annual tax is reduced by 10 % within 5 years. Passenger-cargo cars, particularly vans over 20 years are not taxed.  ( $ 1-414,16 drama) . -0-

15:56 06.03.2014

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