Armenian parliament adopts bulk of changes designed to increase budget revenue by 101 billion drams in 2012
16.11.2011,
01:44
The Armenian National Assembly on Tuesday adopted in the first reading the bulk of a package of legislative changes designed by the government to increase revenues by 101 billion drams in 2012.
YEREVAN, 15 November. / ARKA /. The Armenian National Assembly on Tuesday adopted in the first reading the bulk of a package of legislative changes designed by the government to increase revenues by 101 billion drams in 2012.
In particular, amendments to the Law "On income tax" call for making changes to income tax. If passed in the final reading and signed into law, persons whose annual income is 2 million and more drams will pay 25% as income tax, according to deputy finance minister Suren Karayan.
Karayan also introduced amendments to the Law "On obligatory social insurance payments," according to which if a person’s annual income is below 2 million drams he/she will pay 3% of it as social payment, if it is higher the social payment rate is set at 8%.
He said the proposed changes also increase the amount of penalty for hiring a person without written registration from 60,000 to 300,000 drams, if the number of unreported workers is more than five people.
The parliament also passed in the first reading amendments to the Law "On banks and banking." The changes remove an article according to which "the banks themselves own, use and manage their fixed assets, including conduction of revaluation of assets."
Karayan said this will create a level playing field for banks and other businesses. According to changes to the Law "On State Duty," stamp duty on the export of ore will be charged at the rate of 3% of the estimated cost of the average world market price of metals contained in a given volume of ore. -0-
In particular, amendments to the Law "On income tax" call for making changes to income tax. If passed in the final reading and signed into law, persons whose annual income is 2 million and more drams will pay 25% as income tax, according to deputy finance minister Suren Karayan.
Karayan also introduced amendments to the Law "On obligatory social insurance payments," according to which if a person’s annual income is below 2 million drams he/she will pay 3% of it as social payment, if it is higher the social payment rate is set at 8%.
He said the proposed changes also increase the amount of penalty for hiring a person without written registration from 60,000 to 300,000 drams, if the number of unreported workers is more than five people.
The parliament also passed in the first reading amendments to the Law "On banks and banking." The changes remove an article according to which "the banks themselves own, use and manage their fixed assets, including conduction of revaluation of assets."
Karayan said this will create a level playing field for banks and other businesses. According to changes to the Law "On State Duty," stamp duty on the export of ore will be charged at the rate of 3% of the estimated cost of the average world market price of metals contained in a given volume of ore. -0-
