Friday, December 23 2016 13:14
Alexandr Avanesov

Tax burden on sectors with high profitability to increase in Armenia

Tax burden on sectors with high profitability to increase in Armenia

ArmInfo. The tax burden on  the sectors with high profitability will increase. The relevant  amendments to the Law "On State Duties" were adopted at the National  Assembly's sitting in the second and final reading on December 23.      

Deputy Finance Minister of Armenia Karen Tamazyan said that the  amendments aim to bring the provisions of the Armenian Law "On State  Duties" in compliance with the Tax Code provisions. First of all, the  matter concerns gambling games. In particular, the amendments suggest  increasing the annual state duty from the current 100 mln AMD to 500  mln AMD. The deputy minister stressed that 4 companies engaged in  gambling industry paid to the state budget 800 mln AMD per annum. Now  they will have to pay 4 bln AMD. In 2014, these companies' turnover  amounted to 33 bln AMD, in 2015 - 38 bln AMD. As regards online  gambling, in 2014 the turnover amounted to 44 bln AMD, in 2015 - 77  bln AMD, and in Jan-Sept 2016 - 106 bln AMD. The companies'  profitability ranges from 5% to 20%. 

Karen Tamazyan noted that over the past 10 years the mechanism of  taxation in this sector underwent no changes. The Armenian  Government's policy in this field is aimed at forming more justified  tax burden for the sectors with high profitability. At the same time,  the deputy minister thinks no companies engaged in gambling industry  will be closed.

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