Armenia’s parliament to exempt companies in border regions from several taxes
21.10.2014,
15:19
Armenia’s National Assembly began on Tuesday debating a government-drafted package of changes to the tax laws, which call for exempting companies in the country’s border settlements from several taxes.
YEREVAN, October 21, / ARKA /. Armenia’s National Assembly began on Tuesday debating a government-drafted package of changes to the tax laws, which call for exempting companies in the country’s border settlements from several taxes.
"The purpose of these changes is to help increase economic activity in the border regions, improve the business environment and investment attractiveness,” said deputy finance minister Vakhtang Mirumyan.
According to him, the changes propose to exempt businesses in the border regions from VAT, income and profit taxes. He said as a result the entrepreneurs will be assisted in the amount of 2 billion drams.
The deputy minister stressed also that the adoption of these legislative changes will help reduce unemployment in the border regions.
The proposed changes include also mandatory introduction of electronic tax reporting, mitigation of penalties and the possibility of reducing mortgage rates at the expense of income tax.
The proposed changes are declared urgent. After first reading they must be voted in the second reading within 24 hours. If adopted the changes will come into force on January 1, 2015. ($1 -409.69 drams) -0--
