Time in Yerevan: 11:07:36,   5 July

Property tax to increase mostly for lavish palaces, says PM

Property tax to increase mostly for lavish palaces, says PM

YEREVAN, MAY 27, ARMENPRESS. The state budget is the gross national pocket and it must be treated as one treats the family budget, PM Nikol Pashinyan said on the planned amendments in the property tax area.

“There are two attitudes towards the state budget – when the state system finds it to be its own, and the society finds every penny paid to the budget to be lost money. This is our gross national pocket and we must treat the state budget like we treat our family budget. Yes, property tax will increase, but it will mostly increase on the kind of property which we conditionally call palaces or castles. Today if we look how much property taxes these huge villas are paying, it’s basically symbolic taxes. There is a component of lavish tax also here.

Now people are building houses without taking into account any adjacent factor, the bigger, the higher, the more inconvenient for others the better. If so, then the owners of such properties must pay,” the PM said.

He said the property tax for nearly 500,000 beneficiaries will drop in the first year and then it will gradually increase. “Meaning 2021 will be in the logic of post-crisis, then the increases will take place according to the situation”.

Editing and Translating by Stepan Kocharyan




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