Government expects to recover 24 billion drams from shadow economy
17.11.2016,
19:13
The government of Armenia expects to raise additional 20-24 billion drams in 2017 through the stepped up fight against the shadow economy, finance minister Vardan Aramyan said today at a parliamentary debate on next year’s draft budget.
YEREVAN, November 17. /ARKA/. The government of Armenia expects to raise additional 20-24 billion drams in 2017 through the stepped up fight against the shadow economy, finance minister Vardan Aramyan said today at a parliamentary debate on next year’s draft budget. He said the government plans to collect 1 trillion 135 billion drams in revenue (21% of GDP), which is 0.3% higher than in 2016.
"Overall, we expect tax revenues to increase by 60 billion drams next year due to the use of various instruments, including legislative changes,’ Aramyan said. In his words, Armenia’s shadow sector is estimated at nearly 40%.
‘I do not know a country that could bring that amount of black market to net quickly. Our steps must be proportionate if we are going to pursue an aggressive policy. That will have a positive effect on the economy, and our main objective is economic growth, secured by entrepreneurs ", - said Aramyan.
He said the recovered funds will be allocated for infrastructure projects that will provide additional growth.
The minister recalled that according to World Bank estimates, $500 million are needed only for improving Armenia’s irrigation system.
"We can not carry out such investments in a single year, not to mention the need to invest in other areas," - Aramyan said. ($ 1 - 479.03 drams). -0-
"Overall, we expect tax revenues to increase by 60 billion drams next year due to the use of various instruments, including legislative changes,’ Aramyan said. In his words, Armenia’s shadow sector is estimated at nearly 40%.
‘I do not know a country that could bring that amount of black market to net quickly. Our steps must be proportionate if we are going to pursue an aggressive policy. That will have a positive effect on the economy, and our main objective is economic growth, secured by entrepreneurs ", - said Aramyan.
He said the recovered funds will be allocated for infrastructure projects that will provide additional growth.
The minister recalled that according to World Bank estimates, $500 million are needed only for improving Armenia’s irrigation system.
"We can not carry out such investments in a single year, not to mention the need to invest in other areas," - Aramyan said. ($ 1 - 479.03 drams). -0-
