Bagrat Asatryan: Armenian government should revise tax policy on small and mid-scale businesses
05.06.2013,
21:05
Armenian government should revise its tax policy on small and mid-scale businesses to make it in tune with the expected economic developments in the country, Bagrat Asatryan, a former head of the Central Bank of Armenia, told ARKA News Agency today.
YEREVAN, July 5. /ARKA/. Armenian government should revise its tax policy on small and mid-scale businesses to make it in tune with the expected economic developments in the country, Bagrat Asatryan, a former head of the Central Bank of Armenia, told ARKA News Agency today.
“It is necessary to change the tax policy, particularly to lessen tax burden on small and medium businesses and create favorable environment for their development,” he said.
Asatryan said that taxation of large and medium businesses in Armenia shouldn’t be the same.
On January1, 2013, a new law took force in Armenia that instituted turnover tax for small and medium companies with annual turnover amounting to up to AMD 58.35 million. Before that, these companies paid income and profit taxes.
Now trade companies ought to pay turnover tax equal to 3.5% of their annual income, notary offices’ turnover tax is set at 20%, for leasing, royalty, property and assets alienation it is set at 10% and for other types of activities 5%.
The share of the small and medium businesses in Armenia’s GDP was 43% in 2012. -0-
