Armenia to have new tax code in 2018
09.10.2015,
10:26
The Armenian government on Thursday approved a package of bills to amend the Tax Code.
YEREVAN, October 9 / ARKA /. The Armenian government on Thursday approved a package of bills to amend the Tax Code. Presenting the package, Deputy Minister of Finance Pavel Safaryan said the reforms will be implemented within a 3-5 year period to ensure a smooth transition to a new taxation system.
According to him, the changes are expected to enhance the growth of tax revenues and increase the investment attractiveness and competitiveness of the country. He also said that the proposed changes will cut the number of benefits, which will be replaced with subsidies.
The new Tax Code consists of four parts - general, special, tax administration and transitional provisions. It is expected to come into force on January 1, 2018.
Prime Minister Hovik Abrahamyan welcomed the proposed changes, but asked for proof that cutting the number of tax benefits will not worsen the social conditions of people. He said the proposed changes should be put to public discussions and all economic entities should be notified of the expected changes. The changes will be sent to parliament’s consideration in 2016.-0-
According to him, the changes are expected to enhance the growth of tax revenues and increase the investment attractiveness and competitiveness of the country. He also said that the proposed changes will cut the number of benefits, which will be replaced with subsidies.
The new Tax Code consists of four parts - general, special, tax administration and transitional provisions. It is expected to come into force on January 1, 2018.
Prime Minister Hovik Abrahamyan welcomed the proposed changes, but asked for proof that cutting the number of tax benefits will not worsen the social conditions of people. He said the proposed changes should be put to public discussions and all economic entities should be notified of the expected changes. The changes will be sent to parliament’s consideration in 2016.-0-
