Tax exemption to be granted to borderzone companies in Armenia
26.09.2014,
10:42
Tax exemption will be granted to companies operating at border regions, Armenia’s deputy minister of finance Vakhtang Mirumyan said in presenting the respective government-approved bill at a cabinet meeting on Thursday.
YEREVAN, September 26. /ARKA/. Tax exemption will be granted to companies operating at border regions, Armenia’s deputy minister of finance Vakhtang Mirumyan said in presenting the respective government-approved bill at a cabinet meeting on Thursday.
The aim of the bill is to boost economic activity at border regions, improve the business environment and investment appeal there, Mirumyan said.
In particular, the bill suggests exempting borderzone businesses from VAT, profit tax and income tax.
This means entrepreneurs will receive 2 billion drams in support of their businesses, he said.
Amendments are proposed also to some other laws, the deputy minister said. VAT revisions will allow entrepreneurs maintaining additional operating assets for development of their businesses. These amendments will be enforced stage by stage for some 9,700 entities.
Among other amendments are mandatory electronic reporting, mitigation of penalties and an opportunity for lower mortgage rates.
The premier Hovik Abrahamyan said the new bills will allow ensuring employment opportunities and promoting investments in Armenia’s borderzones.
It is necessary that parliament passes the bills as soon as possible, by the end of the year, the premier said. –0--
The aim of the bill is to boost economic activity at border regions, improve the business environment and investment appeal there, Mirumyan said.
In particular, the bill suggests exempting borderzone businesses from VAT, profit tax and income tax.
This means entrepreneurs will receive 2 billion drams in support of their businesses, he said.
Amendments are proposed also to some other laws, the deputy minister said. VAT revisions will allow entrepreneurs maintaining additional operating assets for development of their businesses. These amendments will be enforced stage by stage for some 9,700 entities.
Among other amendments are mandatory electronic reporting, mitigation of penalties and an opportunity for lower mortgage rates.
The premier Hovik Abrahamyan said the new bills will allow ensuring employment opportunities and promoting investments in Armenia’s borderzones.
It is necessary that parliament passes the bills as soon as possible, by the end of the year, the premier said. –0--
