Wednesday, December 14 2016 12:27

ArmInfo. The Armenian  Government suggests introducing tax amnesty in the country. On  December 14, the National Assembly adopted a draft law "On tax  privileges regarding revenues controlled by the taxation body" in the  first reading.       

Deputy Head of the State Revenue Committee Vakhtang Mirumyan said  that the draft law suggests exempting self-employed people of taxes.  This category includes private entrepreneurs, whose annual turnover  does not exceed 9 mln AMD and who have no hired employees. So, the  Government is trying to boost the private entrepreneurship. In  addition, the Government intends to exempt the private entrepreneurs  from the minimum income tax and minimum compulsory social payments,  as well as from fines and penalties. One more novelty concerns  individuals' sale transactions regarding two or more pieces of  property within a year, which are subject to VAT taxation. After the  relevant law is adopted, the specified persons will have 90 days to  repay the main part of the debt formed before 30 Sept 2016.  Afterwards they will be exempted from penalties and fines. Mirumyan  also suggested postponing introduction of the new generation cash  registers from 1 Jan 2017 till 1 Jan 2018, and launching e-provision  of excise stamps on 1 Jan 2017.