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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
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