Armenia`s State Revenue Committee  uncovered  over $10 million shadow  turnover  in construction materials sales

ArmInfo.  Armenian tax officials have uncovered a shadow turnover of $10 million from a major taxpayer in the construction materials market, as reported by the  SRC press service.

According to operational data received by the SRC industry  department, the said enterprise consistently conducts retail and  wholesale sales of construction materials, often without providing the relevant tax payment documents. This practice has allowed them to significantly understate sales turnover.  To clarify the data and determine the actual sales volumes, simultaneous activities were  carried out at the company's trading points  in different administrative districts of Yerevan. Important factual information of operational interest was obtained on site,  serving as the basis for a preliminary financial analysis.  According to the State Revenue Committee, the company's undeclared turnover was  approximately 4  billion drams, resulting in significant losses for the state  - about 1.1 billion drams. A criminal case was initiated  by the General Department for Investigation of  Economic Crimes and Smuggling of the RA Investigative Committee. As part of the investigative and procedural measures, searches were conducted at the company's legal and operational premises. Documents, electronic media and other materials relevant to the preliminary investigation were seized.