ArmInfo.The State Revenue Committee (SRC) of Armenia reports on the reduction of the rate of income tax and profit tax. In particular, according to the press service of the SRC, by submitting a report on profit tax for 2020 by April 20, taxpayers will apply a new, lower rate for the first time.
It is reported that instead of the previously existing 20% profit tax, a rate of 18% is already applied, which will provide an opportunity for business, having free finances, to dispose of them based on the company's priorities.
At the same time, in 2021, taxpayers of almost all tax systems will have a 22% rate instead of 23% of income tax.
In this context, it was noted that until 2023 the income tax will be annually by 1 percentage point will decline. "This is a step towards business, the results of which will be visible in the near future," the message says.
Moreover, the source noted that the SRC initiated a bill that involves reducing the time for VAT refunds to economic entities - instead of quarterly switching to a monthly regime. "Currently, the amount of VAT paid for goods imported and purchased in the territory of the Republic of Armenia is received by economic entities once a quarter, and in the project we propose to return them every month. We believe that this will have a positive effect on business," Chairman of the State Revenue Committee Eduard Hovhannisyan said.
