Armenian government approved package of amendments to some laws

YEREVAN, August 26. /ARKA/. On Thursday, the Armenian government approved the package of amendments to laws on profit tax, VAT and excise tax.

The bill on patent pays was approved as well.

Finance Minister Tigran Davtyan said at a governmental briefing that the legislative package implies simplification of tax administration and institution of a unified procedure for data submission to tax agencies.

He said these amendments were aimed at improvement of business environment.

Under the amended laws, monthly declarations will be submitted to tax agencies until the 20th day of every next month.

Intervals between submissions of some types of tax reports will be changed as well.

For example, excise tax reports will be sent to tax agencies once in every quarter instead of the present monthly periodicity, and profit tax declarations once a year, while now they are submitted one in every six months.

Davtyan added that these rules would considerably simplify relations between taxpayers and tax agencies and entrepreneurship procedures.

Speaking about the expansion of areas of patent pays, the minister said this would simplify individuals’ relations with tax institutions.

Now, he said, those legal entities and individuals whose annual earnings are not higher than AMD 6 million and who have no wage labourers become eligible to participate in the patent pay system.

To be included in the system, individuals and legal entities have to submit applications and declarations.

Davtyan thinks that the amended laws will make the country more attractive to investors. ($1 = AMD 366.76). -0---