Pashinyan announces ‘significant’ changes in budgetary and tax policies
13.11.2018,
17:07
Armenia’s acting Prime Minister Nikol Pashinyan announced today ‘significant’ changes in the budgetary policy of the government, saying his government’s budgetary and economic policies will be to encourage labor activity.
YEREVAN, November 13. /ARKA/. Armenia’s acting Prime Minister Nikol Pashinyan announced today ‘significant’ changes in the budgetary policy of the government, saying his government’s budgetary and economic policies will be to encourage labor activity. Pashinyan made the statement during a parliamentary discussion on next year’s draft budget.
Pashinyan said the structure of economic growth will change to become based on the labor efforts of every citizen. ‘Our political task is to create all conditions, both political and economic, for the citizens to realize their economic and labor activity," he said.
He said part of this task has already been solved at the political level, as all monopolies have been eliminated and now there are no restrictions on economic activity and commodity circulation.
“Accordingly, our immediate task will be to ensure economic conditions for any business to become available both de jure and for many people - de facto,” said Pashinyan.
According to Pashinyan, microbusiness should be fully exempted from taxes. This means that a business with the annual turnover not more than 20-24 million drams is to exempted from all taxes. He said depending on the industries and localization of activities, there will be a system of restrictions and incentives.
“We will pursue this policy to try to stimulate economic activity in the regions,” he stressed. Pashinyan said the planned income tax cut and its unification are supposed to bring additionally more than 50 billion drams to the economy, which is to result in a significant increase in wages.
He said this amount could be attracted by the banking system and contribute to lowering interest rates on loans, which in turn will give a new breath to the business environment.
Pashinyan said also in order to avoid deepening of social inequality, the government intends to establish ‘a fair’ taxation system. He said the government will reimburse the income tax cuts by revising the property tax and introducing special tax for the so-called" elite "neighborhoods and mansions located there..–0-
Pashinyan said the structure of economic growth will change to become based on the labor efforts of every citizen. ‘Our political task is to create all conditions, both political and economic, for the citizens to realize their economic and labor activity," he said.
He said part of this task has already been solved at the political level, as all monopolies have been eliminated and now there are no restrictions on economic activity and commodity circulation.
“Accordingly, our immediate task will be to ensure economic conditions for any business to become available both de jure and for many people - de facto,” said Pashinyan.
According to Pashinyan, microbusiness should be fully exempted from taxes. This means that a business with the annual turnover not more than 20-24 million drams is to exempted from all taxes. He said depending on the industries and localization of activities, there will be a system of restrictions and incentives.
“We will pursue this policy to try to stimulate economic activity in the regions,” he stressed. Pashinyan said the planned income tax cut and its unification are supposed to bring additionally more than 50 billion drams to the economy, which is to result in a significant increase in wages.
He said this amount could be attracted by the banking system and contribute to lowering interest rates on loans, which in turn will give a new breath to the business environment.
Pashinyan said also in order to avoid deepening of social inequality, the government intends to establish ‘a fair’ taxation system. He said the government will reimburse the income tax cuts by revising the property tax and introducing special tax for the so-called" elite "neighborhoods and mansions located there..–0-
