Land and property to become subject to universal tax on property in 2010

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Economy

29.12.2007, 02:43

Land and property will become subject to universal tax on property in 2010, Armenian State Real state Cadastre Chairman Manuk Vardanyan said Friday at a press conference.

YEREVAN, December 28. /ARKA/. Land and property will become subject to universal tax on property in 2010, Armenian State Real state Cadastre Chairman Manuk Vardanyan said Friday at a press conference.

“In 2010 property tax and land tax will be replaced by the universal tax on real estate. It means land and real estate on it will be considered as unified property complex”, he said.

Vardanyan thinks that such unification solves many problems of citizens and specialists.
He also pointed out that land cost has certain quota in property tax.

“The universal tax introduction in the country won’t take major professional expenses. Property tax introduction concept has already worked out and sent to government for approval”, he said.
Vardanyan said that universal base for land and property taxes have been worked out in 2007 and intended for 2008/2010.

He said this move is very important for financing community budgets, whose 90% are formed from land and property taxes.

AMD 12.2 billion was paid to state budget in 2007 as land and property taxes. ($1 = AMD 304.22). M.V. --0--

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