Federal Tax For Casinos Quite Low: Vardan Ayvazyan

FEDERAL TAX FOR CASINOS QUITE LOW: VARDAN AYVAZYAN

Tert.am
15:44 ~U 03.02.10

The federal tax casinos and gambling halls defined by the "Law about
Regulations on Casino Functioning" are required to pay in Armenia is
quite low, the head of the National Assembly Commission on Economic
Issues, Vardan Ayvazyan, said today at a press conference.

While gambling halls are required to pay 50 million AMD in taxes each
year, casinos pay 400 million AMD annually. But, according to Ayvazyan,
this amount is too low; after all, gambling is a profitable business,
and the state should raise the tax for casinos to 1 billion AMD.

A new bill in parliament proposes a special approach be adopted
towards casinos in the districts of Yerevan and in the regions.

"Those who want to have casinos in the districts of Yerevan must make
greater investments," Ayvazyan said, adding that the list of casinos
to be moved to the regions will be formed by a parliamentary vote.

RA Deputy Finance Minister Vardan Aramyan, in turn, mentioned that
from 2013, international practice will be used in Armenia, and casinos
and gambling halls will be relocated to the provinces. In his words,
casinos, however, will continue operating in the districts of Yerevan
because according to an international agreement Yerevan is recognized
as an economic free zone where casino businesses can operate.

Aramyan said that the state does not want to set higher federal
taxes for casino businesses as it can be "devastating for the
business." In his words, the government’s initiative is aimed at a
balanced development process of the country.

Karine Hakobyan, an analyst, however, is of a different opinion. "This
bill proves once again that we don’t have a plan in the secure
development of our country’s small towns," said Hakobyan, adding she
was absolutely opposed to the initiative of relocating casinos from
Yerevan to towns of Jermuk, Sevan and Tsaghkadzor.

From: Emil Lazarian | Ararat NewsPress

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Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS