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Debunking myths about cryptocurrencies: myth that cryptocurrencies are used for tax evasion
... evade taxes. That said, Binance shared its view of the situation with the editorial team, noting that tax compliance is key to the mass acceptance and legitimization of the entire cryptocurrency and Web3 ecosystem. Myth: cryptocurrency is used for tax evasion The decentralized nature of cryptocurrencies implies that these assets are not controlled by a centralized entity such as the government or a bank. And while decentralization has its pluses like increased security, it has created the misconception ...
05/19/2023Ustyugova: risks to economic resilience and growth could stem from slower implementation of structural reform agenda in Armenia
... direction of reducing income tax? Ustrugova: The authorities intend to move towards a flat taxation system with a PIT rate at 23 percent. A lower flat PIT rate, in the authorities’ view, will have positive effects on economic growth and reduce the tax evasion and shadow economy. The Fund supports the objective of fighting tax evasion and reducing the shadow economy. But it also believes that these problems are too deep-seated to be solved by tax cuts alone. To be effective the reform should be ...
12/13/2018Ex-president Kocharyan’s son charged with money laundering and tax evasion
Armenia’s National Security Service (NSS) has charged today Sedrak Kocharyan, the son of ex-president Robert Kocharyan, with the legalization of proceeds received from crime activity and tax evasion in especially large amounts. YEREVAN, February 19. /ARKA/. Armenia’s National Security Service (NSS) has charged today Sedrak Kocharyan, the son of ex-president Robert Kocharyan, with the legalization of proceeds received from crime ...
02/19/2019Armenian parliament passes controversial tax code in first reading
... cut from 24.4 percent to 23 percent. The new Tax Code is expected to be enforced gradually within 3-5 years ‘to ensure smooth transition.’ According to opposition lawmakers, the new tax reforms would seriously hurt many businesses and encourage tax evasion. The new tax legislation is also opposed by the coalition member, the Armenian Revolutionary Federation (Dashnaktsutyun). Armen Rustamyan, parliamentary head of Dashnaktsutyun, said the faction is working on a package of related documents ...
06/16/2016Armenian SRC initiated 622 criminal cases in 2020, which caused 21 billion dram worth damage
... Revenue Committee (SRC) initiated 622 criminal cases, which caused about 21 billion dram worth damage, Vahan Charkhifalakyan, head of SRC operative search and investigation department, said at a press conference on Friday. In his words, 244 cases involved tax evasion, 62 cases - deliberate insolvency, 23 - illegal business activities, and 265 criminal cases involved drug and psychotropic drug smuggling. “In 2020, as a result of investigations, 7 billion drams were recovered for the state budget, up from 6.1 billion in 2019,” Charkhifalakyan said. He said also that in 2020 the number of initiated criminal cases grew by 255 from the previous ...
01/29/2021Armenian lawmakers decriminalize smuggling
... Vakhtang Mirumyan, deputy chairman of the Armenian State Revenue Committee, the amendment of the laws have been prompted by Armenia’s membership in the Eurasian Economic Union and the commitments it assumed as joined the union. The decriminalization of smuggling means that economic entities no longer will bear criminal responsibility for importing commodities with breaching customs norms. He said that now they can choose between being prosecuted for fraudulent tax evasion and paying taxes, duties and fines. If they compensate the damage inflicted to the budget, the matter will be considered settled. «It means economic entities were criminally responsible for retarded formalization of customs papers as smugglers ...
05/16/2016Armenia to decriminalize smuggling
... subject to criminal liability for smuggling. In return they will be asked to calculate unreported taxes, fees, fines, and compensate the caused damage. If they do so the question will be settled, and if not – an article of the Criminal Code on willful tax evasion will be applied. At the same time, he noted that decriminalization will not affect the smuggling of prohibited goods such as drugs, weapons, arms and cash. He said illegal use of property worth up to 500,000 drams which is under arrest will also be decriminalized. He added that the draft law replaces it by a penalty in the amount of 100 ...
05/12/2016New tax code to be unveiled by summer in Armenia
.... /ARKA/. Armenia’s new tax code will be unveiled before the beginning of this year’s summer, Naren Chanmugam, head of USAID Economic Office in Armenia, told journalists on Wednesday. There are separate tax laws in Armenia now, which makes tax evasion possible, he said. Pointing out that some large companies pay less taxes than they ought to do, the expert stressed the necessity of formation of a tax system that will live no room for maneuvering. In his opinion, if tax law is clearer ...
03/11/2015Some 21 percent of Armenian entrepreneurs see positive taxation changes
... survey shows also that 63 % of households consider the tax burden rather heavy, while entrepreneurs single out as a heavy burden the high level of income tax. "The survey shows that 49% of households and 45% of entrepreneurs disapprove strongly tax evasion, saying that many taxpayers try to take advantage of it, “ said Zakaryan. She said the main reasons behind tax evasion are high taxes, desperate financial situation and unfair approach to different types of business. The respondents ...
05/07/2014AMD 1.6 billion Returned to Armenian State Budget Amid Tax Evasion Investigation
The Investigative Committee is currently investigating a case of significant tax evasion involving two natural gas station owners and several associates. YEREVAN, May 5. /ARKA/. The Investigative Committee is currently investigating a case of significant tax evasion involving two natural gas station owners and several associates....
05/05/2025Private university in Armenia accused of $235,000 tax evasion
Armenia's National Security Service (NSS) said today that the Armenian-Russian Mkhitar Gosh private university is suspected of a huge tax evasion. YEREVAN, June 20. /ARKA/. Armenia's National Security Service (NSS) said today that the Armenian-Russian Mkhitar Gosh private university is suspected of a huge tax evasion. According to a NSS statement, the authorized personnel of the ...
06/20/2022Armenian Nairi Insurance accused of huge tax evasion
Armenia’s State Revenue Committee said together with the Police it has revealed a gross tax evasion by Nairi Insurance company that has inflicted a damage totaling 200 million drams ($412,300). YEREVAN, January 21. /ARKA/. Armenia’s State Revenue Committee said together with the Police it has revealed a gross tax evasion by Nairi ...
01/21/2019Vape importer suspected of tax evasion worth $370,000 in Armenia (video)
Armenian State Revenue Committee (SRC) has uncovered a tax evasion case by a company engaged in the import and sale of electronic cigarettes in Armenia, amounting to more than 142 million drams (almost $370,000). YEREVAN, June 23. /ARKA/. Armenian State Revenue Committee (SRC) has uncovered a tax evasion ...
06/23/2025Armenian State Revenue Committee reveals another large tax evasion case
Armenia's State Revenue Committee (SRC) said its officers have revealed another large-scale tax evasion case in the amount of 500 million drams. YEREVAN, November 21. /ARKA/. Armenia's State Revenue Committee (SRC) said its officers have revealed another large-scale tax evasion case in the amount of 500 million drams. It said acting on a ...
11/21/2023Owner of Artmoda and Artshoes stores accused of failing to pay taxes worth 100 million drams
The owner of a company in Yerevan that sold shoes through Artmoda and Artshoes stores, identified by his initials V.D., has pleaded guilty to 100 million dram tax evasion, the Armenian Investigative Committee said. YEREVAN, November 10. /ARKA/. The owner of a company in Yerevan that sold shoes through Artmoda and Artshoes stores, identified by his initials V.D., has pleaded guilty to 100 million dram tax ...
11/10/2023Owner of Armenian toy store chain accused of tax evasion to the tune of almost $2 mln
Armenia's Investigative Committee said today it has completed investigation of a criminal case that involved tax evasion to the tune of 785 million drams (almost $2 million). YEREVAN, November 9. /ARKA/. Armenia's Investigative Committee said today it has completed investigation of a criminal case that involved tax evasion to the tune of 785 million drams ...
11/09/2023State Revenue Committee detects tax evasion in especially large amount
Armenia's State Revenue Committee (SRC) has revealed a tax evasion case with the amount of unpaid tax being 'especially large.' YEREVAN, February 2. /ARKA/. Armenia's State Revenue Committee (SRC) has revealed a tax evasion case with the amount of unpaid tax being 'especially large.' It said three citizens ...
02/02/2021Spayka company head denies tax evasion charges
The head of Spayka LLC David Ghazaryan, accused by Armenia’s State Revenue Committee (SRC) of large-scale tax evasion, told a press conference today that the accusations are ungrounded and the alleged amount of unpaid taxes - 7 billion drams or more than $14 million are artificially bloated by SRC ‘to win over the public opinion." YEREVAN,...
04/05/2019Armenia’s largest forwarder accused of tax evasion
Armenia’s State Revenue Committee (SRC) said on Friday that the country’s biggest forwarding company Spayka is accused of tax evasion to the tune of more than 2 billion drams. YEREVAN, July 16. /ARKA/. Armenia’s State Revenue Committee (SRC) said on Friday that the country’s biggest forwarding company Spayka is accused of tax evasion to the tune of more than 2 billion ...
07/16/2018Armenian law-enforcers detain top managers of Nor Zovk company on tax evasion charges
Armenian law-enforcement authorities have detained the owner of Nor Zovk LLC, identified as A.A., the director of Nor Zovk chain of supermarkets, identified as R.A. and the chief accountant identified as S.S. on charges of tax evasion. YEREVAN, March 1. /ARKA/. Armenian law-enforcement authorities have detained the owner of Nor Zovk LLC, identified as A.A., the director of Nor Zovk chain of supermarkets, identified as R.A. and the chief accountant identified as S.S. ...
03/01/2023Armenian State Revenue Committee urges citizens to stay away from criminal tax evasion schemes
The Armenian State Revenue Committee's investigation and intelligence division has disclosed a number of criminal tax evasion schemes. According to the press service of the department, it has become known from periodically received operational data that various individuals, as well as real or actual beneficiaries of some organizations, in order to evade taxes or ...
04/30/2020Armenian National Security Service discloses gross tax evasion by Alex Holding
Armenia’s National Security Service detected a tax evasion scheme that long years had been used by the owner of Alex Holding. YEREVAN, May 31. /ARKA/. Armenia’s National Security Service detected a tax evasion scheme that long years had been used by the owner of Alex Holding. The press office ...
05/31/2018Head of company selling fruits in Armenia detained on charges of tax evasion
Armenian law-enforcement authorities have launched an investigation into a large tax evasion case that involves a company founded by an Iranian citizen that imported tons of fruits and vegetables from Iran and sold them in Armenia without settlement documents or issued documents that did not correspond to reality. YEREVAN, October ...
10/30/2023Armenian SRC reveals 1.5 billion dram tax evasion cases
Armenia’s State Revenue Committee (SRC) said criminal investigation has been launched into what it described as ‘malicious tax evasion’ cases by several companies to the tune of 1.5 bln drams (about $3 million). YEREVAN, February 16. /ARKA/. Armenia’s State Revenue Committee (SRC) said criminal investigation has been launched into what it described as ‘malicious tax ...
02/16/2022Armenian businessman Samvel Mayrapetyan is accused of $12 million tax evasion
Armenia's Special Investigative Service )SIS) said today investigators have expanded charges against businessman Samvel Mayrapetyan, who is now charged with tax evasion complicity in the amount of almost 5.7 billion drams (about $11.83 million). YEREVAN, June 25. /ARKA/. Armenia's Special Investigative Service )SIS) said today investigators have expanded charges against businessman Samvel Mayrapetyan,...
06/25/2020Economist says small businesses should be allowed to choose between options for paying turnover tax
... from 3.5 percent to 1 percent, but small business owners were to provide tax authorities with documentary evidence of their wholesale purchase deals with larger firms or face heavy fines. The government argues the change is meant to crack down on tax evasion by big business, but vendors say they cannot comply with this requirement because their suppliers usually refuse to provide them with receipts and invoices. The revised law was to come into force in 2014 October but after a series of demonstrations ...
02/03/2015Armenia joins OECD convention on counteracting tax evasion
Armenia has joined the multilateral convention of the Organization for Economic Cooperation and Development (OECD) on counteracting the tax base erosion and profit shifting (BEPS), the Armenian ministry of finance said today in a press release. YEREVAN, June 8. /ARKA/. Armenia has joined the multilateral convention of the Organization for Economic Cooperation and Development (OECD) on counteracting the tax base erosion and profit shifting (BEPS), the Armenian ministry of finance said today in...
06/08/2017More than 1 billion in unpaid taxes: Alex Textile director, employees and IT company owner charged with tax evasion
The director of Alex Textile LLC has been charged with tax evasion to the tune of more than 1.1 billion drams, Armenia’s Investigative Committee reported today. YEREVAN, April 3. /ARKA/. The director of Alex Textile LLC has been charged with tax evasion to the tune of more than 1.1 billion drams, Armenia’s ...
04/03/2023Armenian mining company accused of large tax evasion
Armenian law-enforcement authorities have opened a criminal investigation against a mining company which is accused of a huge tax evasion amounting to 3.4 billion drams, the press service of the Armenian Police reported. YEREVAN, June 1. /ARKA/. Armenian law-enforcement authorities have opened a criminal investigation against a mining company which is accused of a huge tax ...
06/01/2021State revenue committee accuses two natural gas filling stations of tax evasion in the amount of 381 million drams
Armenia’s State Revenue Committee has launched today criminal cases against two natural (compressed) gas filling stations -Arpi Gaz and Gladzor MGG- accusing them of tax evasion in the amount of 381 million drams in 2015-2018. YEREVAN, November 15. /ARKA/. Armenia’s State Revenue Committee has launched today criminal cases against two natural (compressed) gas filling stations -Arpi Gaz and Gladzor MGG- accusing ...
11/15/2018Armenian tax authorities recover 1.6 billion drams of unpaid taxes
... that had been recovered in the same time span of 2019. He said also that in 7 months of 2020, some 285 criminal cases were initiated by the State Revenue Committee with the amount of damage estimated at 13.7 billion drams. He said 143 cases were about tax evasion, 36 cases were about forged or deliberately incorrect documentation of insolvency, 14 criminal cases were about illegal business activity and 93 criminal cases involved drug smuggling. "Despite the high number of violations, many taxpayers preferred to correct the turnover figures and paid the avoided taxes. Prompted by the coronavirus, the SRC has developed new mechanisms to identify cases of tax evasion or fake insolvency ...
08/07/2020Armenian government intends to down income tax rates
... and, on the other hand, will enable employers to engage more qualified personnel with the same salary.” At the same time, he said, the easing of the tax burden should be coupled with the use of improved tax administration tools in order to avoid tax evasion and ensure budget system stability. Karen Karapetyan instructed the Acting Minister of Economic Development and Investments, the Minister of Finance, and the State Revenue Committee Chairman to sum up the findings of preliminary studies within ...
04/13/2018Head of think-tank says the government set to cut tax evasion by 15 percent this year
Tatul Manaseryan, the head of a Yerevan-based think-tank called ‘Alternative’ says the Armenian government is determined to cut tax evasion by around 10-15 percent this year. YEREVAN, August 25 / ARKA /. Tatul Manaseryan, the head of a Yerevan-based think-tank called ‘Alternative’ says the Armenian government is determined to cut tax evasion by around 10-15 percent ...
08/25/2014Armenia ratifies agreements with Malta and Singapore on elimination of double taxation
The Armenian parliament has ratified today the agreement between Armenia and Malta on the elimination of double taxation and prevention of tax evasion. YEREVAN, October 28. /ARKA/. The Armenian parliament has ratified today the agreement between Armenia and Malta on the elimination of double taxation and prevention of tax evasion. The ratification was backed by 59 lawmakers, 2 opposed ...
10/28/2021State Revenue Committee recovers 335 million drams of avoided taxes
... Criminal Code. It said also as a result of large-scale investigative and legal actions, the real costs of apartments sold by companies in 2015-2018 were clarified. Taking into account the evidence obtained, the heads of both companies were charged with tax evasion and arrested. The heads of the companies admitted to tax evasion charges and recovered so far 335 million drams. ($ 1 - 484.7 drams). --0--
12/18/2018European Union adds Russia to its tax haven blacklist
... Macedonia, Barbados, Jamaica and Uruguay. "We ask all listed countries to improve their legal framework and to work towards compliance with international standards in taxation," Sweden's finance minister Elisabeth Svantesson said. Countries on the tax evasion list are not eligible to seek help from certain EU funds, and EU member states are asked to apply special scrutiny to their tax-registered individuals and firms. EU members are also supposed to keep a foreign jurisdiction's tax-list status ...
02/14/2023Turnover tax rate should be lowered to 1 percent for SMEs and paperwork obligation lifted - expert
... from 3.5 percent to 1 percent, but small business owners were to provide tax authorities with documentary evidence of their wholesale purchase deals with larger firms or face heavy fines. The government argued the change was meant to crack down on tax evasion by big business, but vendors say they cannot comply with this requirement because their suppliers usually refuse to provide them with receipts and invoices. The revised law was to come into force in 2014 October but after a series of demonstrations ...
02/17/2015Armenia needs further improvement of tax administration despite crisis
... economic crisis. Varoudakis said that the additional funds must not be collected at the expense of small and medium-sized enterprises. The WB urges the Armenian Government to make every effort to expand the tax base to improve the struggle against tax evasion and shadow economy, Varoudakis said. In this context he pointed out a number of steps favorable for business, including risk-based tax inspections, enterprises’ tax history, to reduce taxpayers’ contacts with tax officers to a ...
02/26/2009Nor Zovk company restores 2 billion drams of avoided taxes
The owner of Nor Zovk LLC, identified by investigators as A.A., the director of Nor Zovk chain of supermarkets, identified as R.A. and the chief accountant identified as S.S., arrested earlier this year on charges of tax evasion, were released from custody after admitting to deliberately avoid payment of taxes on a particularly large scale and paying two billion drams of avoided taxes. YEREVAN, April 7, /ARKA/. The owner of Nor Zovk LLC, identified by investigators ...
04/07/2023Charges brought over tax evasion in North-South road construction - skim money amounts to AMD 2.7 billion
... the company's shares on August 8, 2016, putting the idea of Sinohydro Corporation into practice along with Suren Avagyan and Gurgen Sargsyan, was driving financial means from the company's accounts without providing any service, helping it in gross tax evasion. To carry out this fraudulent scheme, two contracts were signed between the mentioned companies for provision of consulting services. The reports contains a detailed description of the fraud committed by the offenders. The skim money amounts ...
09/19/2019Gazprom-Armenia calls Armenian State Revenue Committee’s accusations of tax evasion absurd
... YEREVAN, November 15. /ARKA/. Gazprom-Armenia issued a statement on Wednesday calling the Armenian State Revenue Committee’s accusation of tax dodging by the company absurd. The Armenian State Revenue Committee’s inspection has revealed gross tax evasion at Gazprom-Armenia CJSC, the press office of the committee reported on Wednesday. In particular, the inspectors have found out that the company submitted false data on value added tax, and as a result, it paid billions of drams less taxes....
11/15/2018Effective combat against shadow economy requires separating political powers from businesses, former CB head says
... percent to 1 percent. The law also obligates these businesses to provide tax authorities with documentary evidence of all of their transactions with suppliers. The failure to do so entails large fines. The government says the law is designed to combat tax evasion by importers of goods, but representatives of SME say complying with law is actually impossible because wholesale traders refuse to issue receipts to them. "The problems faced now by SMEs reflect the overall economic situation of the ...
10/06/2014Owner and director of Ar.Tobacco company arrested in Armenia for tax evasion
A court in Yerevan allowed Armenian law-enforcement authorities to arrest the owner and the director of Ar.Tobacco company on charges of tax evasion and attempted export of undeclared large batches of cigarettes. YEREVAN, June 26. /ARKA/. A court in Yerevan allowed Armenian law-enforcement authorities to arrest the owner and the director of Ar.Tobacco company on charges of tax evasion ...
06/26/2023Armenia imposes temporary restriction on export of copper and molybdenum concentrates
... order to ensure effective taxation of excess profits from the use of the country's subsoil. Armenian Prime Minister Nikol Pashinyan added that Mher Polozkov, now the former CEO of the Zangezur copper and molybdenum combine, charged earlier with huge tax evasion, paid 15 billion drams (about $30 million) in evaded taxes following a court ruling. The tax evasion was tracked down by the State Revenue Committee, which said earlier that the combine concluded in 2016-2017 streaming agreements with UAE-registered ...
03/03/2022Gyumri Garedjur brewery suspected of evading 360 million drams in taxes
Armenia’s State Revenue Committee (SRC) has accused today Gyumri Garedjur brewery in the second-largest town of Gyumri of a tax evasion in the amount of 360 million drams. YEREVAN, June 22. /ARKA/. Armenia’s State Revenue Committee (SRC) has accused today Gyumri Garedjur brewery in the second-largest town of Gyumri of a tax evasion in the amount of 360 million drams....
06/22/2018State revenue committee’s accusations threaten Gazprom Armenia’s planned agreement with Russian bank
CEO of Gazprom Armenia national gas distribution company Hrant Tadevosyan told a press conference today that the accusations of the State Revenue Committee of tax evasion have threatened the company’s planned signing of an important agreement with a Russian bank. YEREVAN, November 15. /ARKA/. CEO of Gazprom Armenia national gas distribution company Hrant Tadevosyan told a press conference today that the ...
11/15/2018Armenian authorities to make some legislative relieve for taxpayers
... ministers upheld appropriate amendments to the criminal code. The minister said the amendments apply to the provisions related to evasion of taxes, duties and other mandatory payments. The present version of the law contains such languages as ‘malicious tax evasion’ and ‘provision of data which is known to be distorted’, but there are no criteria identifying malicious intent and distortion, she said. In her words, the amendments propose to specify cases of evasion and point out particular actions ...
12/23/2016IMF official says Armenian government tax reform will entail revenue losses in the near term
... equity,’ he said. According to Mr. Hossein Samiei, IMF welcomes the Armenian authorities’ commitment to overhaul property taxation within 2019-20 to increase fairness, and urges further efforts to strengthen tax administration and combat deep-seated tax evasion. According to the proposed changes, Armenia will switch to a single flat payroll tax rate of 23% and will gradually decrease it to 20% by 2023. Mr. Hossein Samiei also said hat the IMF team and the Armenian authorities have reached staff-level ...
02/27/2019SMEs in Armenia determined to defend their interests threatened by amended turnover tax law
... from 3.5 percent to 1 percent, but small business owners were to provide tax authorities with documentary evidence of their wholesale purchase deals with larger firms or face heavy fines. The government argued the change was meant to crack down on tax evasion by big business, but vendors say they cannot comply with this requirement because their suppliers usually refuse to provide them with receipts and invoices. The revised law was to come into force in 2014 October but after a series of demonstrations ...
02/10/2015Small business owners demand to cancel revised law on sales tax
... from 3.5 percent to 1 percent, but small business owners will have to provide tax authorities with documentary evidence of their wholesale purchase deals with larger firms or face heavy fines. The government argues the change is meant to crack down on tax evasion by big business, but vendors say they cannot comply with this requirement because their suppliers usually refuse to provide them with receipts and invoices Yesterday small business owners marched from the government building to the presidential ...
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