Armenia’s National Assembly passes law exempting companies in border areas from some taxes
18.11.2014,
16:03
Armenia’s National Assembly has passed today in the second reading a government-submitted package of changes to tax laws, which exempt companies in communities close to the Azerbaijani border from some taxes.
YEREVAN, November 18. / ARKA /. Armenia’s National Assembly has passed today in the second reading a government-submitted package of changes to tax laws, which exempt companies in communities close to the Azerbaijani border from some taxes.
"The purpose of these legislative changes is to increase economic activity in border rural areas, improve the business environment and their investment attractiveness,” said deputy finance minister Vakhtang Mirumyan when presenting the bill.
According to him, the laws exempt entrepreneurs in rural border areas from VAT, income and profit taxes. Mirumyan said as a result these companies would save around 2 billion drams a year.
The deputy finance minister stressed also that the legislative changes will help create new jobs in border regions.
He also noted that the bill has safeguards against businesses which would like to re-register in border areas or split into several ones in order to evade taxes and receive benefits provided by the bill. The revised law will come into force from January 1, 2015. -0—
