Sellers of Yerevan Gold Market protest against tax changes

YEREVAN, 13 January. /ARKA/. Sellers of Yerevan's Gold Market protested today in front of the Armenian government building against the increase of the turnover tax rate from 5% to 10%.
Under the changes that came into force on 1 January 2025, SMEs with annual turnover of less than AMD 115 million pay 10% turnover tax if their goods (services) are not documented, and if documented - the tax rate is reduced from 1.5% to 1% of the turnover.
‘Now the authorities are saying that these 1.5 per cent will be reduced to 1 per cent. But how many people will actually be able to ensure the documented turnover? There are functions in the gold market that cannot be documented. For example, a person comes in, brings a 10-gram chain and wants to exchange it for a 15-gram chain. How will I document this?’ - said one of the protesters.
According to him, the sellers agree to make an inventory and provide data on the volume of products, but they fear inconsistencies in tax calculations.
The protesters demand the cancellation of these amendments. ‘We want to work legally, but the amendments will significantly complicate our activities,’ assured the protester.
It is expected that as a result of the amendments about 13 billion drams will be additionally transferred to the budget.
Representatives of the expert community and businesses came to a clear conclusion: these changes will only lead to an increase in the cost of services of accountants, lawyers and some other categories up to 40%, and this burden will fall directly on the shoulders of citizens. -0-