Armenia's tax legislation stalls company growth - Kerobyan
YEREVAN, Oct. 6. /ARKA/. In Europe, one in every 40 companies develops into a big one, while in Armenia it is one of 500, Economy Minister Vahan Kerobayn told a Cabinet session today, saying it is Armenia's tax legislation that stalls the growth of companies.
"Our current system of different tax regimes is a big brake on the growth of companies. We see from statistics that unlike in Europe, where every fortieth company becomes big, in Armenia every five hundredth," said Kerobyan.
He said work is now underway to create a single tax regime that will smoothly increase taxes in parallel with the growth of companies and will not be a big obstacle.
"Right now, few companies are moving from one tax regime to another because the transition is expensive. Their turnover always remains slightly below the top bar of the tax regime. We are working in that direction and will present a solution soon," Kerobyan said. -0-
