Armenian government to ask parliament to adopt a package of amendments to tax legislation in accelerated manner

YEREVAN, 10 November. /ARKA/. Armenian Finance Minister Vache Gabrielian told a Cabinet session today that the government will submit a package of amendments to tax legislation to the National Assembly and ask it to consider and pass them in an accelerated manner. The amendments, approved by the government two weeks ago, have been primarily designed to secure a substantial rise in tax revenue (some 101 billion drams) next year.

Mr. Gabrielian said the government will ask the parliament to adopt the proposed changes in December. He said the adoption of the proposed changes would secure a normal procedure for approving the state budget of Armenia for 2012.

The new tax legislation calls, in particular, for shifting to progressive taxation scale with respect to individuals with annual income of 2 million drams and more. These citizens will have to pay 25% of their income as taxes.

Besides, the government plans to increase taxes on elite beverages by 50% and raise customs due for import of expensive cars costing $90,000 and more by 20 percent. The proposed changes apply to to long string of laws on various taxes, obligatory social security payments, environment, banks and banking activity, protection of the domestic market, bankruptcy, customs service, criminal code, labor code, administrative code and some others. ($1 - 383.91 AMD). -0-