ArmInfo. Benefits for Armenian IT sector startups have been extended for another year, until the end of 2024. The decision was made at a Cabinet meeting on December 21.
As stated in the explanation to the document, according to the law, tax benefits are provided to newly established, start-up business entities in the field of information technology, in particular, by applying a zero rate of profit tax and a 10 percent rate of income tax.
Foreign companies registered in the Republic of Armenia can also become beneficiaries of this tool. Since 2015, the number of foreign companies that have applied to start operations in the republic has been 247.
From 2015 to November 8 of this year, 2,304 startups have already become beneficiaries of the program. The project proposes to extend the provision of state support in the form of tax benefits for another year, until December 31, 2024 inclusive, providing for only a 10% income tax.
"These steps are aimed at opening new business entities and new jobs in the IT sector, which will serve as an incentive to increase the productivity and competitiveness of the economy of the Republic of Armenia, develop a knowledge-based economy, form an information society, attract foreign investment, export products and services of local companies and a global increase in Armenia's market rating as a country with a developed high-tech sector," the document reads.
