Companies with annual turnover of up to AMD 24 million to be exempted from tax burden
06.11.2018,
10:50
Tax reforms imply a full exemption from tax burden for companies with the turnover of up to AMD 24 million a year, David Ananyan, the head of the Armenian State Revenue Committee, said on Monday.
YEREVAN, November 6. /ARKA/. Tax reforms imply a full exemption from tax burden for companies with the turnover of up to AMD 24 million a year, David Ananyan, the head of the Armenian State Revenue Committee, said on Monday.
“This is realistic, and the expected budget losses are worth the results,” he said. “We will consider self-employed entrepreneurs and owners of family businesses with turnover up to AMD 24 million a year as micro businesses.”
Ananyan said that now the taxes paid by such businesses less than the cost of the administration services paid by the State Revenue Committee.
“In this case we agree to rid them of paying any tax, and we will keep out eye on observation of the set benchmark,” he said.
In his words, turnover and profit taxes are planned to be decreased as well, but the excise tax will be raised a little instead.
Ananyan also said that the committee is going to oblige all ID card holders aged from 18 to 65 to pay taxes. They all will have to submit income declarations.
”We will turn our ID cards into saving cards,” he said. “The name of the entity doing shopping in a single system will be fixed.”
Upon completion of the first year of the introduction of this system 1% of the spent sum will be returned to buyers, upon completion of the second year they will receive 2%, and 3 percent is implied for the third year. -0---
“This is realistic, and the expected budget losses are worth the results,” he said. “We will consider self-employed entrepreneurs and owners of family businesses with turnover up to AMD 24 million a year as micro businesses.”
Ananyan said that now the taxes paid by such businesses less than the cost of the administration services paid by the State Revenue Committee.
“In this case we agree to rid them of paying any tax, and we will keep out eye on observation of the set benchmark,” he said.
In his words, turnover and profit taxes are planned to be decreased as well, but the excise tax will be raised a little instead.
Ananyan also said that the committee is going to oblige all ID card holders aged from 18 to 65 to pay taxes. They all will have to submit income declarations.
”We will turn our ID cards into saving cards,” he said. “The name of the entity doing shopping in a single system will be fixed.”
Upon completion of the first year of the introduction of this system 1% of the spent sum will be returned to buyers, upon completion of the second year they will receive 2%, and 3 percent is implied for the third year. -0---
