SCHEDULE OF REPAYMENT OF OVERDUE TAXES IN ARMENIA MUST BE READY BEFORE AUGUST 31

/ARKA/
August 2, 2011
YEREVAN

Deadline for applications for conclusion of the schedule for redemption
of tax liabilities in Armenia is set on August 20, and before August
31 tax inspectors must compose and conclude these schedules, Armenian
State Revenue Committee said on Tuesday.

Under the law on preferences for organizations and individual
entrepreneurs on taxes and other duties, all those taxpayers who had
accumulated tax liabilities as of December 31, 2009 can apply to their
tax agencies and conclude contracts on schedule for repayment of their
tax liabilities. Such economic entities will be exempted from fines.

The law took force on July 4.

According to the committee’s report, special officers have been
assigned in all territorial tax agencies for running this process.

Inventory is already completed, and now economic entities are being
notified.

After receiving a taxpayer’s application, tax agency, together with
the applicant, sets schedule within 10 days in accordance with the law.

Economic entities can pay their overdue taxes in parts.

Those economic entities whose tax liabilities amount to less than
AMD 50 million can pay them gradually within 10 months, and those
who owe over AMD 50 million to the government budget can pay their
debt within 24 months.

Tax liabilities in Armenia totaled about AMD 200 billion as of January
1, 2010. Of this amount, AMD liabilities totaled 104 billion, and
fines AMD 96 billion. ($1= AMD 363.52).

From: Emil Lazarian | Ararat NewsPress