Time in Yerevan: 11:07:36,   24 April

Newly appointed Armenian Premier vows fighting shadow economy

YEREVAN, SEPTEMBER 14, ARMENPRESS. It’s impossible to restore the Armenian economy without fighting the shadow economy, Prime Minister of Armenia Karen Karapetyan announced during Government - National Assembly question and answer session.

“The Armenian economy has no chances to be restored without fight against shadow economy. Time will show how effectively we will be able to do that. We will try to do that and are determined to do that since there is no alternative to that. We cannot develop our economy by making changes in the taxation procedure every time”, “Armnenpress” reports the PM saying.

Referring to the question about monopolies, the Prime Minister of Armenia stated that it is not always bad to have monopolies. “It depends on the nature of the monopoly, whether it is a natural monopoly or not. Our market is small and one of the actors in that market can acquire a monopolistic position in case of working effectively. But this is when one does this in a natural and competitive way, but not with the help of administrative levers”, Karen Karapetyan clarified.

The Armenia PM also referred to the remark that the new tax code limits business opportunities. Karapetyan mentioned that he has already studies the tax code and has no solution to it yet. “I have studies it and it is a very complicated issue. I have no solution to it at the moment. We will refer to it later”, the PM concluded.


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