ArmInfo. Small and medium enterprises in Armenia will receive tax breaks. The RA National Assembly at an extraordinary meeting on April 22 in the first reading discusses amendments to the country's Tax Code.
According to the author of the submitted document, MP of the Prosperous Armenia faction Mikael Melkumyan, the proposed bill is intended to solve two main problems for business entities in the context of the COVID-19 pandemic. This, in particular, is about a double reduction in interest for late tax payments. Thus, daily interest penalties for non-fulfillment of tax obligations are reduced from 0.075% to 0.04%. In addition, at present, for the failure to fulfill tax obligations in the amount of 500 thousand drams and more, the Judicial Acts Compulsory Enforcement Service has the right to seize property and accounts. The new document proposes to raise the minimum level from 500 thousand to 1.5 million drams. According to the MP, this amount is about 70% of the annual tax payments of the majority of SMEs. The bill, as Melkumyan noted, was the result of negotiations with the government and the State Revenue Committee.
In turn, the Chairman of the State Revenue Committee of the Republic of Armenia David Ananyan noted that the Government of Armenia does not object to the submitted document, but considers it necessary to make appropriate amendments in the field of social payments and funded pensions. The government has already initiated these amendments.
It is expected that the document will be adopted immediately in two readings, within the next 24 hours after the adoption of the bill in the first reading.
