ArmInfo. The Armenian authorities are imposing new high tax duties that are strangling small and medium businesses (SMEs). This statement was made by a group of SME representatives protesting at the Armenian government building on Republic Square against the new Tax Code that took effect on January 1 of this year.
The protesters have been demanding a review of these innovations for the past two weeks. In a conversation with journalists, SME representatives expressed their dissatisfaction with the increase in turnover tax from 5% to 10%.
According to them, this initiative of the Armenian government could result in the extinction of small and medium businesses in the country. They are calling for a reduction in the tax rate to 1% and a reduction in excessive paperwork. The protesters also highlighted the issue of double taxation, as they will now have to pay a turnover tax in addition to the duty on imported raw materials. They believe, this will further threaten the survival of SMEs in Armenia.
