Armenian parliament passes the amendment to turnover tax law
19.11.2014,
13:50
The National Assembly of Armenia passed on Wednesday the amendment to the turnover tax law proposed by the ministry of finance.
YEREVAN, November 19. /ARKA/. The National Assembly of Armenia passed on Wednesday the amendment to the turnover tax law proposed by the ministry of finance.
According to the amendment, turnover tax rates will be reduced from 3.5% to 1% for economic entities engaged in trading.
The turnover tax law came into effect on October 1, 2014, and set a document circulation requirement for small and midsized enterprises, yet simplifying the respective inspection procedure.
According to the amendment, the paperwork requirement for small and midsized businesses will come in force on February 1, 2015 (not on October 1 as per the current law) if goods are purchased within ten days after the paperwork requirement was enforced.
The draft amendments was defined as “urgent” and sent to the parliament. Eighty-nine MPs voted in favour, six opposed and four abstained.
Small and midsized enterprises have been unhappy about the mandatory paperwork provision and held protests outside the buildings of the government and the parliament demanding an alternative to pay the higher rate but without paperwork required. –0—
According to the amendment, turnover tax rates will be reduced from 3.5% to 1% for economic entities engaged in trading.
The turnover tax law came into effect on October 1, 2014, and set a document circulation requirement for small and midsized enterprises, yet simplifying the respective inspection procedure.
According to the amendment, the paperwork requirement for small and midsized businesses will come in force on February 1, 2015 (not on October 1 as per the current law) if goods are purchased within ten days after the paperwork requirement was enforced.
The draft amendments was defined as “urgent” and sent to the parliament. Eighty-nine MPs voted in favour, six opposed and four abstained.
Small and midsized enterprises have been unhappy about the mandatory paperwork provision and held protests outside the buildings of the government and the parliament demanding an alternative to pay the higher rate but without paperwork required. –0—
