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Family Businesses In Armenia May Get Tax Exemption Under Proposed Ch

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  • Family Businesses In Armenia May Get Tax Exemption Under Proposed Ch

    FAMILY BUSINESSES IN ARMENIA MAY GET TAX EXEMPTION UNDER PROPOSED CHANGES

    CISTran Finance
    June 23 2014

    June 23, 2014 8:00 AM
    By Lisa Barron

    The Armenian parliament began considering changes last week that would
    exempt "family businesses" with annual turnover of less than $29,000
    from taxes and reduce the rate of turnover tax paid by companies with
    annual sales of up to $140,000 from 3.5 percent to one percent.

    While several government officials have said the bill would give a
    major boost to family-owned businesses, preliminary estimates show tax
    revenues would drop by nearly $20 million. Armenian Prime Minister
    Hovik Abrahamyan, however, said earlier this month that the loss in
    tax revenue would be replaced by higher taxes on large businesses,
    ARKA reports.

    The previous government implemented a turnover tax last January,
    replacing profit and value-added taxes paid by small businesses
    engaged in retail or wholesale trade. If passed, the changes would
    take effect on Oct. 1.

    http://cistranfinance.com/news/family-businesses-in-armenia-may-get-tax-exemption-under-proposed-changes/3618/


    From: Baghdasarian
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