Armenian company accused of evading 233.5 million drams in taxes

YEREVAN, July 25. /ARKA/. The head of a limited liability company that has a rent contract with Vernisage open-air market in Yerevan that sells Armenian folk art, unique jewelry and exclusive handmade masterpieces is accused of tax evasion to the tune of 233.5 million drams (about $568,000) in collusion with other individuals, Armenia's National Security Service (NSS) said today.

It said the head of the company and his accomplices did not register the amounts received for renting stands out and did not pay taxes.

According to the NSS, between 2019 and 2022, one meter of stands was rented out to individuals and legal entities for 1,000 drams (about $2) per day. Some were not given cash receipts at all.

In return for 1000 drams rental fee the head of the company and his accomplices provided receipts for 500 drams, thus hiding the real turnover of the company and entering false data in the reports submitted to the State Revenue Committee.

A criminal investigation has been launched into the case, the NSS said.-0-