Government turns down legislative initiative designed to cut turnover tax from 3.5% to 1.5%

Government turns down legislative initiative designed to cut turnover tax from 3.5% to 1.5%

YEREVAN, March 13. / ARKA /. The Armenian government has turned down today a legislative initiative motioned by three deputies from Orinats Yerkir (Country of Law) party, the junior coalition partner of the governing Republican Party of Armenia, to cut the current turnover tax on commercial and industrial activity from 3.5% to 1.5%.

Finance minister David Sargsyan told a Cabinet session that the government is against the proposed changes in the form presented by the lawmakers. 

"We offer that the MPs abstain from voting on the changes in this form and join instead discussions with representatives of small business to forge out a final version that will suit all,” the minister added.

Prime minister Tigran Sargsyan said the government received also proposals from the Republican Party of Armenia and from the minority lawmakers on how to improve SME taxation. 

He said opposition MPs should also be involved in the discussions so that the final option chosen be acceptable first of all  to small and medium-sized enterprises as well as opposition parties.

On January 1, 2013 the government enforced turnover tax for small and medium-sized enterprises with annual turnover of up to 58.35 million drams which previously paid income or profit tax. -0- 

18:07 13.03.2014

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