ArmInfo.The Government of Armenia has proposed a new mechanism to encourage conscientious taxpayers. At a meeting on April 3, the RA National Assembly Commission on Economic Issues issued a positive conclusion on the amendments to the Tax Code presented by the government of the country.
According to the Deputy Minister of Finance of the Republic of Armenia Arman Poghosyan, it is proposed, in particular, to establish a mechanism for the reimbursement of income taxes paid by individuals on dividends that were reinvested in the authorized capitals of companies. The Deputy Minister noted that if, for example, an individual was declared to pay 100 units of dividends, then from this amount he sends 5 units to the state budget, and the remaining 95 are transferred to the shareholder. Now the latter is offered to reinvest out of 95 units into the authorized capital of the company at least in the amount of the income tax paid, the amount of which will be returned to him by the state.
The proposed amendments are intended to encourage shareholders to reinvest. However, the innovation will be extended exclusively to those shareholders who are characterized by a high level of tax discipline. The bill sets out the basic rules that individuals must follow. We are talking, in particular, about double cases of failure to submit tax calculations and declarations to the tax authority, failure to use cash registers, registration of an unregistered employee, etc. In fact, violation of any of the requirements of Articles 408, 410, 412, 415 and 416 of the Tax Code, fixed by an administrative act, will lead to refusal to apply tax benefits.
The bill will come into force on July 1 of this year.
