YEREVAN, DECEMBER 1, ARMENPRESS. The Armenian government approved new support procedures for IT companies and private entrepreneurs working in the area.

The Minister of High-Tech Industry Robert Khachatryan said at the Cabinet meeting that the “multiple changes” in the world market of IT have had a chain reaction on the sector, and the dram valuation led to IT companies suffering damages.

The government had introduced another support mechanism earlier in March – a 50% income tax return.

The new support program will provide state assistance to IT companies and private entrepreneurs who haven’t cut their payroll above 20% from June to October 2022, as well as who have  a volume of exported services equaling at least 70% of turnover.

The purpose of the assistance is to enable the IT companies to transform their business models, adjust to the conditions and withstand the challenges. The preliminary amount of the total assistance program is 10 billion drams.