Friday, May 6 2011 13:02
Chairman of State Revenue Committee intends to considerably increase collection of direct taxes from processing enterprises
ArmInfo. Chairman of the Armenian State Revenue Committee Gagik Khachatryan has come out for replacement of the total tax inspections with tax analytics. Upon completion of a consultation with the heads of processing enterprises, he pointed out that there are two main problems connected with taxation of this sphere: the very low collection of direct taxes and the problem of document turnover.
According to him, the analytics shows that the sales of the enterprises processing agricultural products are much lower than the production output. The direct taxes make up only 1% of the production output. "We will increase the direct taxes in this sphere", he said. In the fiscal charges the direct taxes make up about 25% in other spheres, whereas in the sphere of agricultural processing they make up 13% of the total tax deduction. The head of the Committee expressed his discontent with the fact that though the turnover in this sphere has annually grown by 35% to 65 billion AMD, the level of tax deduction has actually remained the same and amounts to 4.2-5 billion AMD per year.
At the same time, Khachatryan stressed the necessity to regulate the document turnover of these enterprises. "This is not an easy issue, as the business of these enterprises is directly connected with the intractable agriculture", he stressed.
When speaking of the priority of development of agribusiness in Armenia, the head o the Committee recalled that the government has taken a number of important steps to stimulate it. Fertilizers, toxic chemicals, agricultural equipment have been exempted from the value-added tax on the border when being imported. Khachatryan expressed confidence that the situation in the sphere of agribusiness will shortly change for the better.
To recall, today Armenian President Serzh Sargsyan held a consultation with the heads of 20 companies of the agriculture processing sphere. The consultation covered issues related to tax changes and formation of the strategy of further development of the given sphere.
According to the Ranking of the largest processing enterprises of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), by the latest data for 2009, about half of all the companies operated at a loss. According to financial reports, such large companies completed the year at a loss as "Cigaronne", "Euroterm", "MMM", "Elite Shant", "Echmiadzin Cannery", "Coca-Cola", "VEDI-Alco", "Kotayk Brewery". High profit was demonstrated by "Yerevan Brandy Company", "International Masis Tabak", "Masis Tobacco", "Grand Candy", "Grand Tobacco".
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