Time in Yerevan: 11:07:36,   17 March

State revenue committee justifies tax code, cites 80-90 billion drams savings for businesses

YEREVAN, FEBRUARY 16, ARMENPRESS. The tax code which is in force since January 1 of this year has saved nearly 80-90 billion drams for businesses, vice president of the state revenue committee Vakhtang Mirumyan said during the February 16 parliamentary hearings, presenting the positive impact of the new tax code on businesses.

“This is more than a justification that we aren’t dealing with simply fiscal tool appliance or simply a fiscal policy, we are dealing with also nominating rational elements of economic policy with tax tools. The fact that we are leaving 80-90 billion drams in the pockets of businesses is a bright example of this”, he said.

The opposition’s bill on amending the tax code failed to gain necessary votes for passing.

Before the voting began, Speaker Ara Babloyan notified that the bill can be passed with the majority of votes of the total number of MPs. Babloyan cited the Constitution, as in accordance to the government’s conclusion, the bill reduced state budget revenues – which is the reason why it can be passed by majority of votes of the overall number of MPs.

Afterward, the bill was put up for voting, with 35 lawmakers voting in favor, while 38 voted against, thus failing to be adopted.

The bill was introduced by the opposition Yelk faction, suggesting returning the previous rates of excise taxes for petrol, pressurized natural gas, remove the sale of diesel fuel from the VAT taxation area, and reduce the income tax to some extent.

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