Government awards tax benefits to Alex Textile
01.06.2018,
16:54
The Armenian government granted today a set of tax benefits to Alex Textiles LLC, owned by the family of MP Samvel Aleksanyan.
YEREVAN, June 1. /ARKA/. The Armenian government granted today a set of tax benefits to Alex Textiles LLC, owned by the family of MP Samvel Aleksanyan. The company is exempted from payment of customs duties on the import of equipment, parts and raw materials.
On May 30, Armenia’s National Security Service (NSS) said it exposed a tax scam used by Alex Holding, controlled by MP from the Republican Party of Armenia Samvel Alexanyan, accusing it of colluding with the former leadership of the State Revenue Committee (SRC) to run the scam in Yerevan City supermarkets.
In a statement NSS said Alex Holding set up 461 small firms, the bulk registered in the name of its employees and their family members, to sell agricultural products and many other items at Yerevan City supermarkets. It some of those employees were not even aware of that.
Under Armenian law, small firms with an annual turnover of up to 115 million drams ($237,000) are exempt from profit and value-added (VAT) taxes. Instead, they are required to pay “turnover tax” equivalent to 2 percent of their revenue. The VAT rate in Armenia is set at 20 percent. -0-
On May 30, Armenia’s National Security Service (NSS) said it exposed a tax scam used by Alex Holding, controlled by MP from the Republican Party of Armenia Samvel Alexanyan, accusing it of colluding with the former leadership of the State Revenue Committee (SRC) to run the scam in Yerevan City supermarkets.
In a statement NSS said Alex Holding set up 461 small firms, the bulk registered in the name of its employees and their family members, to sell agricultural products and many other items at Yerevan City supermarkets. It some of those employees were not even aware of that.
Under Armenian law, small firms with an annual turnover of up to 115 million drams ($237,000) are exempt from profit and value-added (VAT) taxes. Instead, they are required to pay “turnover tax” equivalent to 2 percent of their revenue. The VAT rate in Armenia is set at 20 percent. -0-
