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Time in Yerevan: 11:07,   28 March 2024

Armenia PM instructs ministers to hold discussions over draft Tax Code

Armenia PM instructs ministers to hold discussions over draft Tax Code

YEREVAN, OCTOBER 8, ARMENPRESS. Draft Tax Code of the Republic of Armenia was discussed at the Government sitting. It is expected to enter into force on January 1, 2018. “Armenpress” informs that the draft was introduced by First Deputy Finance Minister of Armenia Pavel Safaryan at the sitting of the Executive body.

According to him, they have been working on the text for a long period as the laws regulating the tax field have undergone changes since their adoption in 1993-1994.

“There are certain discrepancies in the laws, which give rise to different interpretations and one of the important issues of the Tax Code is to make laws unambiguously explainable both for tax authorities and taxpayers,” Pavel Safaryan said.

Pavel Safaryan informed that according to the new draft there would be reduction of tax privileges and that they could be replaced by subsidies at the expense of the Government.

PM Abrahamyan said that additional justifications were required to prove that reduction of tax privileges would promote targeted subsidies.

He outlined the importance of business entities’ awareness about the Tax Code. For that reason he instructed several ministers to hold discussions in the spheres they were in charge of. PM provided the ministers with a week to present the timetable of their discussions and noted that Finance Ministry must be provided with the approaches of the Government till the end of the year. The Tax Code will be presented at the National Assembly in 2016. 








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