Parliament of Armenia approved tax portfolio providing the increase of budget income by about 101 billion drams
08.12.2011,
22:29
National Assembly of Armenia on Wednesday in the second and final reading approved tax portfolio targeted at the provision of additional budget entries into the income part of the budget amounting about 101 billion drams.In particular, the tax base in the
YEREVAN, December 8. /ARKA/. National Assembly of Armenia on Wednesday in the second and final reading approved tax portfolio targeted at the provision of additional budget entries into the income part of the budget amounting about 101 billion drams.
In particular, the tax base in the sphere of expensive alcohol beverages is planned to increase by 50%.
Motor oils and cars up to two years of production with customs value of more than 30 million drams (about $90 thousand) are also due to taxation of excise tax amounting 20% of customs value.
Changes in the law “On fixed payments” envisage to increase the rates for casinos and organization of games with prizes, as well as Internet games by 50%.
Entrepreneurial activity in catering, hotel business, hairdressing, car service points, parking areas envisage to move to the system of licensed payments, thus facilitating for these types the processes of tax administration and reporting.
It is expected that the amount paid by the given system compared to the previous fixed payments will increase.
Entry of additional funds into the budget are also planned to provide due to the amendments in the Customs Code.
Amendments in the law “On income tax” envisage changes in the scale of income tax.
In the result of adoption of the draft law, it is envisaged to introduce more efficient system of taxation for individuals by defining higher rates of income tax for physical entities with high income.
Changes were made in the law “On mandatory social insurance payments”, according to which the rate for social insurance payments with income up to 2 million drams is defined in the amount of 3%, and for the part of income exceeding 2 million drams – 8%.
Amendments in the law “On the banks and banking activity” was also adopted. The article according to which “the banks independently possess, use and manage their fixed assets, including property revaluation is carried out” is eliminated.
According to the changes in the law “On state duties”, state duty on the export of ore will be charged at the rate of 3% of the estimated cost of average world market price of metals contained in the volume of ore. ($1 – 383.62 drams).—0—
In particular, the tax base in the sphere of expensive alcohol beverages is planned to increase by 50%.
Motor oils and cars up to two years of production with customs value of more than 30 million drams (about $90 thousand) are also due to taxation of excise tax amounting 20% of customs value.
Changes in the law “On fixed payments” envisage to increase the rates for casinos and organization of games with prizes, as well as Internet games by 50%.
Entrepreneurial activity in catering, hotel business, hairdressing, car service points, parking areas envisage to move to the system of licensed payments, thus facilitating for these types the processes of tax administration and reporting.
It is expected that the amount paid by the given system compared to the previous fixed payments will increase.
Entry of additional funds into the budget are also planned to provide due to the amendments in the Customs Code.
Amendments in the law “On income tax” envisage changes in the scale of income tax.
In the result of adoption of the draft law, it is envisaged to introduce more efficient system of taxation for individuals by defining higher rates of income tax for physical entities with high income.
Changes were made in the law “On mandatory social insurance payments”, according to which the rate for social insurance payments with income up to 2 million drams is defined in the amount of 3%, and for the part of income exceeding 2 million drams – 8%.
Amendments in the law “On the banks and banking activity” was also adopted. The article according to which “the banks independently possess, use and manage their fixed assets, including property revaluation is carried out” is eliminated.
According to the changes in the law “On state duties”, state duty on the export of ore will be charged at the rate of 3% of the estimated cost of average world market price of metals contained in the volume of ore. ($1 – 383.62 drams).—0—
