Friday, November 16 2018 16:58
Naira Badalian

Reduction of tax rates in Armenia will be reimbursed due to excise  taxes on cigarettes, drinks and taxes on gambling and expensive cars

Reduction of tax rates in Armenia will be reimbursed due to excise  taxes on cigarettes, drinks and taxes on gambling and expensive cars

ArmInfo. Armenia intends to expand the list of excisable goods, also raising the excise rates on  cigarettes and alcohol-containing products, as well as revise the  taxation of gambling and emissions of pollutants into the atmosphere.  The Ministry of Finance of Armenia on the single portal of legal acts  e-draft.am submits the draft amendments ''On Amendments and Additions  to the Tax Code of the Republic of Armenia''.

In order to compensate tax losses of the budget as a result of  lowering the income tax and income tax, the Ministry of Finance  proposes to increase the rates of excise tax on tobacco products and  alcohol from July 1, 2019. It is also planned to increase the minimum  price for vodka and ethyl alcohol - from the current 2500 drams per 1  liter of 100% alcohol to 6 thousand drams.

From July 1, 2019, the project proposes to expand the list of  excisable goods, including drinks with a sugar content of 5g or more  per 100 g of product, increase the excise rate on beer, and from  January 1, 2020, review the environmental tax rate for emissions of  pollutants into the car's atmosphere with an engine power of 301  horsepower and more - instead of the current 50 drams for 1l.s, set  150 drams. From January 1, 2020, Armenia plans to completely abandon  the patent tax system with the transition to a system of general  taxation.

From January 1, 2020, it is also proposed to revise the taxation of  the organization and conduct of gambling (including games on the  Internet), sweepstakes (Internet sweepstakes. In particular, it is  envisaged to tax the gambling business more equitable tax - in the  general tax field. The government also plans to revise principles of  taxation of gains in the framework of this activity, establishing  that personal incomes are subject to income tax, and the obligation  to calculate and calculate income tax bears the organization gambling  as a tax agent.

To note, earlier the Ministry of Finance of Armenia stated that as a  result of various tax breaks, the annual tax cuts of the state  treasury are estimated at 442 billion drams, and the expected losses  of the budget as a result of reducing income tax are estimated at  45-48 billion drams. 

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