Major changes to be made to Armenian tax code before the end of the year
10.09.2018,
14:56
The head of Armenia’s State Revenue Committee David Ananyan presented today a package of major changes to be made to the Tax Code of the country before the end of this year.
YEREVAN, September 10. /ARKA/. The head of Armenia’s State Revenue Committee David Ananyan presented today a package of major changes to be made to the Tax Code of the country before the end of this year.
Speaking at a news conference he said the proposed changes include reduction of income (payroll) and profit taxes, as promised last week by Prime Minister Pashinyan, as well as reduction in the number of alternative taxation systems, which are now five (self-employed, family entrepreneurship, businesses entitled to preferential tax, entities paying turnover tax, and those who are taxed under the general tax system). Ananyan said instead of the 5 taxation systems there will be 3.
Ananyan said also a change in the ideology of the turnover tax will be made. He explained that the companies operating under the current system will have to pay at least the same amount of taxes as those entities that are taxed under the general taxation system.
He said another planned change in the tax code is removing items and provisions that may have different interpretations. According to Ananyan, the proposed changes are endorsed by the Ministry of Finance.
Prime Minister of Armenia Nikol Pashinyan earlier this month announced changes in the Tax Code of the country and presented two possible options for reforming income taxation system, also promising that the tax rates will be declining annually. -0-
Speaking at a news conference he said the proposed changes include reduction of income (payroll) and profit taxes, as promised last week by Prime Minister Pashinyan, as well as reduction in the number of alternative taxation systems, which are now five (self-employed, family entrepreneurship, businesses entitled to preferential tax, entities paying turnover tax, and those who are taxed under the general tax system). Ananyan said instead of the 5 taxation systems there will be 3.
Ananyan said also a change in the ideology of the turnover tax will be made. He explained that the companies operating under the current system will have to pay at least the same amount of taxes as those entities that are taxed under the general taxation system.
He said another planned change in the tax code is removing items and provisions that may have different interpretations. According to Ananyan, the proposed changes are endorsed by the Ministry of Finance.
Prime Minister of Armenia Nikol Pashinyan earlier this month announced changes in the Tax Code of the country and presented two possible options for reforming income taxation system, also promising that the tax rates will be declining annually. -0-
