Armenia to levy “turnover tax”
2012-11-22 12:58:43
The Government of Armenia launched sixteen bills on making amendments in the country’s tax laws. The Cabinet passed this legislative package on Thursday, and it will be submitted for approval by the National Assembly.
PM Tigran Sargsyan stated that the most important amendment is the introduction of the “turnover tax” for small and medium-size businesses, and this will replace the value added tax and the profit tax. The turnover tax will be 3.5 percent for the trade sector and 20 percent for notarial services.
As per Finance Minister Vache Gabrielyan, these amendments aim to improve Armenia’s business climate. He noted that owing to the turnover tax, the country’s businesses will submit les number of reports, but, at the same time, harsher fines will be issued for non-documented delivery of goods.
Amendments are envisioned for Armenia’s excise tax as well. Specifically, excise tax will be levied from lubricants.