Armenia’s new tax code would make tax system fairer and increase also fiscal spending- IMF resident representative
11.05.2016,
16:58
Armenia’s new Tax Code, which is still under discussion, would make the country’s taxation system fairer and increase also fiscal spending, according to IMF Resident Representative Teresa Daban Sanchez.
YEREVAN, May 11. /ARKA/. Armenia’s new Tax Code, which is still under discussion, would make the country’s taxation system fairer and increase also fiscal spending, according to IMF Resident Representative Teresa Daban Sanchez.
Speaking at a discussion organized today by a group of journalists covering economic issues, Ms. Sanchez said the new Tax Code is part of a complex reform. According to her, the importance of the new Tax Code hinges on a number of reasons, including the fact that it will be a single code.
She said after Armenia gained independence, various government agencies passed numerous legal and legislative acts with the assistance of donors and international organizations and as a result a string of inconsistencies have emerged, creating difficulties for businesses and being a fertile ground for corruption practices.
She said the current reform is pursuing a number of goals, such as increasing revenue collection, ensuring transparency of the system, bringing it into line with international standards and simplifying procedures.
According to Ms. Sanchez, Armenia’s taxation system should be made more predictable, which is very important for the business community and although over time it will be modified but will remain unchanged in the medium term.
Ms. Sanchez also stressed that the adoption of the new Tax Code would make the system fairer, ensure budget stability and increase fiscal spending. This, in turn, would gradually reduce the country’s public debt.
She said the reduction of public debt will benefit the country and allow it to safeguard the reputation of a good borrower and continue to receive assistance from international organizations.
Armenia's total public debt at the end of March 2016 stood at $5.196.1 billion, an increase of 1.5% from February, according to the National Statistical Service. Compared to the beginning of the year it was up by 2.3%. According to official data, Armenia’s external debt at the end of March 2016 amounted to $4.405.7 billion, an increase of 1.5% or $63.6 million from the previous month. -0-
Speaking at a discussion organized today by a group of journalists covering economic issues, Ms. Sanchez said the new Tax Code is part of a complex reform. According to her, the importance of the new Tax Code hinges on a number of reasons, including the fact that it will be a single code.
She said after Armenia gained independence, various government agencies passed numerous legal and legislative acts with the assistance of donors and international organizations and as a result a string of inconsistencies have emerged, creating difficulties for businesses and being a fertile ground for corruption practices.
She said the current reform is pursuing a number of goals, such as increasing revenue collection, ensuring transparency of the system, bringing it into line with international standards and simplifying procedures.
According to Ms. Sanchez, Armenia’s taxation system should be made more predictable, which is very important for the business community and although over time it will be modified but will remain unchanged in the medium term.
Ms. Sanchez also stressed that the adoption of the new Tax Code would make the system fairer, ensure budget stability and increase fiscal spending. This, in turn, would gradually reduce the country’s public debt.
She said the reduction of public debt will benefit the country and allow it to safeguard the reputation of a good borrower and continue to receive assistance from international organizations.
Armenia's total public debt at the end of March 2016 stood at $5.196.1 billion, an increase of 1.5% from February, according to the National Statistical Service. Compared to the beginning of the year it was up by 2.3%. According to official data, Armenia’s external debt at the end of March 2016 amounted to $4.405.7 billion, an increase of 1.5% or $63.6 million from the previous month. -0-
