Armenian Nairi Insurance accused of huge tax evasion
21.01.2019,
15:55
Armenia’s State Revenue Committee said together with the Police it has revealed a gross tax evasion by Nairi Insurance company that has inflicted a damage totaling 200 million drams ($412,300).
YEREVAN, January 21. /ARKA/. Armenia’s State Revenue Committee said together with the Police it has revealed a gross tax evasion by Nairi Insurance company that has inflicted a damage totaling 200 million drams ($412,300).
According to a statement by the State Revenue Committee, the company’s managers concluded insurance policy contracts with dummies who were company former employees, and issued insurance commissions for these services.
Private entrepreneurs acting as dummies did not carry out insurance mediation activities, but received large commissions from Nairi Insurance for the concluded insurance policy contracts.
The money paid as commissions was included in the company’s expenditures and submitted to the tax authorities for 2016-2017 and was deducted from taxable income, as a result, according to preliminary calculations, the damage amounted to 200 million drams (without fines and penalties).
The Police has opened a criminal case on charges of evasion of taxes, duties or other obligatory payments.
Nairi Insurance was founded in 1996 as NAIRI-96. The company began insurance activities in 1997. In 2008, it was renamed as NAIRI INSURANCE cjsc. The company offers "non-life insurance" services -0-
According to a statement by the State Revenue Committee, the company’s managers concluded insurance policy contracts with dummies who were company former employees, and issued insurance commissions for these services.
Private entrepreneurs acting as dummies did not carry out insurance mediation activities, but received large commissions from Nairi Insurance for the concluded insurance policy contracts.
The money paid as commissions was included in the company’s expenditures and submitted to the tax authorities for 2016-2017 and was deducted from taxable income, as a result, according to preliminary calculations, the damage amounted to 200 million drams (without fines and penalties).
The Police has opened a criminal case on charges of evasion of taxes, duties or other obligatory payments.
Nairi Insurance was founded in 1996 as NAIRI-96. The company began insurance activities in 1997. In 2008, it was renamed as NAIRI INSURANCE cjsc. The company offers "non-life insurance" services -0-
