Safarian says luxury tax must be extended to elite mansions and apartments
16.10.2012,
09:33
Vazgen Safarian, the chairman of the Union of Domestic Commodity Producers, called on the authorities to extend luxury tax to owners of luxurious mansions and apartments in elite blocks.
YEREVAN, October 16. / ARKA /. Vazgen Safarian, the chairman of the Union of Domestic Commodity Producers, called on the authorities to extend luxury tax to owners of luxurious mansions and apartments in elite blocks.
Mr. Safarian, who is in the presidential Public Council, said some 15,000 cars were brought to Armenia in the first six months of this year and only 15 percent were used ones.
The amendments to the law "On Excise Tax", adopted at the end of last year, introduced “luxury tax" that applies to cars costing more than $90,000. It is expected to generate one billion drams in additional revenue.
In order to collect 100 billion drams in additional revenue in 2012 the parliament passed a number of laws. Apart from luxury tax on cars with a market value of more than $90 thousand, the law also increased by 50% the tax on expensive alcohol drinks and raised also income tax to 25% for individuals with an income of 2 million drams or more, and also increased by 50 % fixed payments for casinos. ($ 1-407,66 drams). -0-
