GOVERNMENT OKS AMENDMENTS TO TURNOVER TAX LAW IN ARMENIA
YEREVAN, October 9. /ARKA/. Armenia’s government approved, at its
Thursday’s meeting, the amendments to the turnover tax law proposed
by the ministry of finance.
Turnover tax rate for economic entities is planned to be lowered
from 3.5% to 1% on October 1, 2014, but particular paperwork will be
made obligatory for small and mid-scale businesses. Along with that,
the inspections of compliance with the demand will be facilitated.
According to the amendment, the paperwork requirement for small and
midsized businesses will come in force on February 1, 2015 (not on
October 1 as per the current law).
The draft amendments have been defined as “urgent” and sent to the
parliament.
Small and midsized enterprises are not happy about the mandatory
paperwork provision and hold protests outside the buildings of the
government and the parliament. -0–
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