ArmInfo. The National Assembly of Armenia refused to include in the big agenda the legislative initiative of the "Tsarukyan" faction, which envisages the introduction of amendments to the Tax Code.
According to Deputy Speaker of the Parliament Mikael Melkumyan, the initiative of the faction is aimed at granting a deferment from VAT payments, at least for 5 years for small and medium-sized businesses.
According to the Tax Code adopted in October 2016, starting from 2019, a business with an annual turnover of not more than 115 million drams, and 40 million drams a year, is subject to VAT payments. According to Melkumian, small business can not deal with the new requirements of document circulation, As noted by the representative of the Tsarukyan block, two years ago, these 115 million were introduced as a privilege (an increase from 58.35 million), so that small and medium-sized businesses (about 60,000) can easily book and show their current turnover. But these 2 years have shown that this in general did not happen. The truth is that trade is declining all over the country, but for small businesses this is not a consolation. "Therefore, we need to give them time at least 4 to 5 years," the law maker concluded.
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