YEREVAN, 26 FEBRUARY, ARMENPRESS. Minister of Economy of the Republic of Armenia Karen Tchshmarityan submitted the new draft of amendments to the Law of the Republic of Armenia “On Turnover Tax” during a discussion in parliament. The minister informed that the government suggests raising the threshold for being considered a turnover taxpayer considerably, making it AMD 113.4 million. “By the new amendments, the government suggests raising the threshold for being considered a turnover taxpayer from the current AMD 58.35 million to AMD 113.4 million. This decision comes after discussions with all the interested parties,” the minister mentioned, as “Armenpress” reports.

 He also informed that the new draft suggests setting the turnover tax rate at 5 percent and lifting the demand for documentation of trade turnover, making it voluntary. “Entrepreneurs who wish to document and show their annual turnover will pay 1 percent, and those who refuse to document turnovers will pay 5 percent,” Tchshmarityan declared.