Armenian Finance Ministry ensures: Securing tax based revenue items of the budget in 2017 will not generate stricter conditions for business

ArmInfo. The tax based incomes  estimated in the Draft Budget 2017  at AMD 1 trln 135 bln are  justified with the expected 5 % GDP growth and will not generate any  stricter conditions for business, Vardan Aramyan, the Minister  of  Finance stated answering ArmInfo question. 

According to the Minister, about AMD 16 bln  is expected to receive  in respect to import based taxes. This year large volumes of import  has been expected from third countries, but actually the import flow  came from EEU countries, with less tax expectations accordingly. The  factor of  investment projects reated  VAT postpones could not be  denied as well, Aramyan mentioned. Particularly, in 2016 the  Government rendered a payment grace for  AMD 3 bln more than  expected. 

As Minister ensured, already next year any unjustified intervening   to business activities will be cancelled, as well as unjustified  taxation. And the tax load should be increased for those who wok "in  the shadow" and do not observe the law. In this context  the  expectations in respect to Draft Budget, which   are higher than  those for this year will not affect business conditions. 

To remind, the tax based  budget revenues for 2017 are estimated at  AMD 1 trln. 135 bln, or  21% GDP, which is  0,3%  higher than the  same indicator for 2016 ( AMD 1 trln 129 bln  in  2016-¬ and  AMD 1  trln 065 bln  in 2015 ). Armenia's budget revenues in 2017  will form  AMD  1 trlan  210 bln (about  $2,55 bln.).  Tax based revenues will  form  93,8% of all the budget incomes: benefit based revenues are  estimated at AMD 347,2 bln, profit based taxes - at AMD 134,2 bln,  custom fees - AMD 53,6 bln,  environment fees -at AMD 32,7 bln,  license fees and turnover tax - AMD 24,3 bln, by lump charges - amd  #<# BLN> In respect to direct social security fees AMD 14,3 bln  income is expected.