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ARMENIAN GOVERNMENT TO ASK PARLIAMENT TO ADOPT A PACKAGE OF AMENDMENTS TO TAX LEGISLATION IN ACCELERATED MANNER
/ARKA/
November 10, 2011
YEREVAN
YEREVAN, 10 November. /ARKA/. Armenian Finance Minister Vache
Gabrielian told a Cabinet session today that the government will
submit a package of amendments to tax legislation to the National
Assembly and ask it to consider and pass them in an accelerated
manner. The amendments, approved by the government two weeks ago,
have been primarily designed to secure a substantial rise in tax
revenue (some 101 billion drams) next year.
Mr. Gabrielian said the government will ask the parliament to adopt
the proposed changes in December. He said the adoption of the proposed
changes would secure a normal procedure for approving the state budget
of Armenia for 2012.
The new tax legislation calls, in particular, for shifting to
progressive taxation scale with respect to individuals with annual
income of 2 million drams and more. These citizens will have to pay
25% of their income as taxes.
Besides, the government plans to increase taxes on elite beverages
by 50% and raise customs due for import of expensive cars costing
$90,000 and more by 20 percent. The proposed changes apply to to long
string of laws on various taxes, obligatory social security payments,
environment, banks and banking activity, protection of the domestic
market, bankruptcy, customs service, criminal code, labor code,
administrative code and some others. ($1 - 383.91 AMD).
/ARKA/
November 10, 2011
YEREVAN
YEREVAN, 10 November. /ARKA/. Armenian Finance Minister Vache
Gabrielian told a Cabinet session today that the government will
submit a package of amendments to tax legislation to the National
Assembly and ask it to consider and pass them in an accelerated
manner. The amendments, approved by the government two weeks ago,
have been primarily designed to secure a substantial rise in tax
revenue (some 101 billion drams) next year.
Mr. Gabrielian said the government will ask the parliament to adopt
the proposed changes in December. He said the adoption of the proposed
changes would secure a normal procedure for approving the state budget
of Armenia for 2012.
The new tax legislation calls, in particular, for shifting to
progressive taxation scale with respect to individuals with annual
income of 2 million drams and more. These citizens will have to pay
25% of their income as taxes.
Besides, the government plans to increase taxes on elite beverages
by 50% and raise customs due for import of expensive cars costing
$90,000 and more by 20 percent. The proposed changes apply to to long
string of laws on various taxes, obligatory social security payments,
environment, banks and banking activity, protection of the domestic
market, bankruptcy, customs service, criminal code, labor code,
administrative code and some others. ($1 - 383.91 AMD).