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ARMENIA'S PARLIAMENT TO EXEMPT COMPANIES IN BORDER REGIONS FROM SEVERAL TAXES
YEREVAN, October 21, / ARKA /. Armenia's National Assembly began on
Tuesday debating a government-drafted package of changes to the tax
laws, which call for exempting companies in the country's border
settlements from several taxes.
"The purpose of these changes is to help increase economic activity
in the border regions, improve the business environment and investment
attractiveness," said deputy finance minister Vakhtang Mirumyan.
According to him, the changes propose to exempt businesses in the
border regions from VAT, income and profit taxes. He said as a result
the entrepreneurs will be assisted in the amount of 2 billion drams.
The deputy minister stressed also that the adoption of these
legislative changes will help reduce unemployment in the border
regions.
The proposed changes include also mandatory introduction of electronic
tax reporting, mitigation of penalties and the possibility of reducing
mortgage rates at the expense of income tax.
The proposed changes are declared urgent. After first reading they must
be voted in the second reading within 24 hours. If adopted the changes
will come into force on January 1, 2015. ($1 -409.69 drams) -0--
http://arka.am/en/news/business/armenia_s_parliament_to_exempt_companies_in_border _regions_from_several_taxes/#sthash.2LcLRDyQ.dpuf
YEREVAN, October 21, / ARKA /. Armenia's National Assembly began on
Tuesday debating a government-drafted package of changes to the tax
laws, which call for exempting companies in the country's border
settlements from several taxes.
"The purpose of these changes is to help increase economic activity
in the border regions, improve the business environment and investment
attractiveness," said deputy finance minister Vakhtang Mirumyan.
According to him, the changes propose to exempt businesses in the
border regions from VAT, income and profit taxes. He said as a result
the entrepreneurs will be assisted in the amount of 2 billion drams.
The deputy minister stressed also that the adoption of these
legislative changes will help reduce unemployment in the border
regions.
The proposed changes include also mandatory introduction of electronic
tax reporting, mitigation of penalties and the possibility of reducing
mortgage rates at the expense of income tax.
The proposed changes are declared urgent. After first reading they must
be voted in the second reading within 24 hours. If adopted the changes
will come into force on January 1, 2015. ($1 -409.69 drams) -0--
http://arka.am/en/news/business/armenia_s_parliament_to_exempt_companies_in_border _regions_from_several_taxes/#sthash.2LcLRDyQ.dpuf