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ARMENIA PREDICTS GROWTH, RAISES TAX AMID CRISIS FEARS
Focus News
Dec 8 2011
Bulgaria
Yerevan. Lawmakers in Armenia approved a 2012 budget on Thursday that
forecasts modest growth but raises taxes to boost the small ex-Soviet
state's revenues amid pressures on its fragile economy, AFP reports.
"Serious challenges await us in 2012," Armenian Prime Minister Tigran
Sarkisian told parliament.
"We are obliged to take all possible preventative measures so that
the negative effects of the (global financial) crisis do not affect
the population's standard of living," he said.
The budget predicts that the country's gross domestic product will
grow by 4.2 percent next year.
Taxes will be increased to 25 percent for all citizens with an
income of two million Armenian drams ($5,200/3,900 euros) or more,
with further tax hikes on luxury cars and expensive alcoholic drinks.
Total budget revenues for 2012 are predicted at 912 billion drams
($2.4 billion/1.8 billion euros), with expenditure at 1044 billion
drams ($2.7 billion/two billion euros).
Inflation is projected to be approximately four percent.
Focus News
Dec 8 2011
Bulgaria
Yerevan. Lawmakers in Armenia approved a 2012 budget on Thursday that
forecasts modest growth but raises taxes to boost the small ex-Soviet
state's revenues amid pressures on its fragile economy, AFP reports.
"Serious challenges await us in 2012," Armenian Prime Minister Tigran
Sarkisian told parliament.
"We are obliged to take all possible preventative measures so that
the negative effects of the (global financial) crisis do not affect
the population's standard of living," he said.
The budget predicts that the country's gross domestic product will
grow by 4.2 percent next year.
Taxes will be increased to 25 percent for all citizens with an
income of two million Armenian drams ($5,200/3,900 euros) or more,
with further tax hikes on luxury cars and expensive alcoholic drinks.
Total budget revenues for 2012 are predicted at 912 billion drams
($2.4 billion/1.8 billion euros), with expenditure at 1044 billion
drams ($2.7 billion/two billion euros).
Inflation is projected to be approximately four percent.