Armenian parliament amends tax code in favor of entrepreneurs
16.06.2020,
19:34
Armenia's National Assembly has approved today in the second and final reading a draft amendment to the Tax Code, which is changing the tax prepayments process.
YEREVAN, June 16. /ARKA/. Armenia's National Assembly has approved today in the second and final reading a draft amendment to the Tax Code, which is changing the tax prepayments process.
Deputy Minister of Finance Arman Poghosyan explained that according to the current legislation, payment is calculated by two ways: either in the amount of 20% of taxes paid over the past year, or 2% of the turnover of the previous quarter.
He said the right to choose an alternative way of calculation was granted only until June 20 of this year, and studies show that only 10% of taxpayers obliged to pay an advance payment used the alternative method of calculation.
According to the amendment, now the advance payment will be determined as follows: separately, the calculations will be made by both methods and the method according to which the entrepreneur will have to pay less will be selected as an advance payment. -0-
Deputy Minister of Finance Arman Poghosyan explained that according to the current legislation, payment is calculated by two ways: either in the amount of 20% of taxes paid over the past year, or 2% of the turnover of the previous quarter.
He said the right to choose an alternative way of calculation was granted only until June 20 of this year, and studies show that only 10% of taxpayers obliged to pay an advance payment used the alternative method of calculation.
According to the amendment, now the advance payment will be determined as follows: separately, the calculations will be made by both methods and the method according to which the entrepreneur will have to pay less will be selected as an advance payment. -0-
