ArmInfo. The Armenian government notes the special role of small and medium-sized businesses and plans steps to eliminate barriers to the development of the sector. This is stated in the program of activities of the Armenian Cabinet.
According to the document, steps will be taken to develop a business culture, create a favourable legislative and institutional field and develop the capacities of SMEs.
The government promises to assist citizens who want to start a business "from scratch" in developing their potential and implementing programs, providing them with a "business corridor" to implement new business initiatives. For this purpose, the authorities intend to cooperate with public structures representing the interests of the SME community, in particular, through the formation and development of regional business centers.
The authors of the program consider important the decision to exempt microbusiness from taxation with an annual turnover of up to 24 million drams. By freeing this segment from income tax and turnover tax, the government, according to the document, not only solves social issues, but also gives them the opportunity to "transform" their ideas into larger-scale projects. At the same time, the executive branch notes the importance of developing other systems encouraging the consolidation of SMEs and the implementation of programs aimed at increasing the availability of finance for the segment. According to the latest data of the National Center for SME Development (SME DNC) for several years, the share of SMEs in the structure of Armenia's GDP remains unchanged, at about 28%. As of the beginning of July 2018, according to the National Center, out of 75 thousand SME business entities operating in Armenia 60% are private entrepreneurs and only 40% are organizations.