Time in Yerevan: 11:07:36,   25 March

New tax code includes profit tax regulations – SRC official

YEREVAN, FEBRUARY 20, ARMENPRESS. A number of regulations in terms of profit tax are planned under the tax code, which will greatly improve the activities of businessmen.

Vice president of the state revenue committee Mr. Vakhtang Mirumyan briefed reporters on the new amendments in the tax code which came into force this year.

First of the amendments is the opportunity to re-buy investments as profit tax within a year. According to Mirumyan, not only is the rate of profit tax important for taxpayers, but also in what time periods they can be re-purchased in case of potential investments.

“Under the tax code, in all cases relating to investment programs approved by the government, the amortization period of main resources at the discretion of taxpayers was selected as one year”, he said.

The other amendment related to profit tax regarding spending made abroad.

The previous legislation was limiting the competitive opportunities of Armenian production, whereas the new amendment eliminated the limitation.

Mirumyan says the other reform is that profit tax has been lifted from transactions of alienating bonds by non-residents.

“This will positively affect bond trading”, he said.

Full article is available in Armenian. 

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