Time in Yerevan: 11:07:36,   23 October

Armenia to have tax-free Micro-Business sector of economy

Armenia to have tax-free Micro-Business sector of economy

YEREVAN, JANUARY 24, ARMENPRESS. The government has released the draft amendments to the tax code.

According to the bill published on the e-draft.am governmental online platform, the amendments envisage the creation of a new sector of economy – micro-business. Enterprises or businessmen not exceeding 24 million drams in revenue in the previous tax year can be considered micro-businesses.

Micro-businesses will be exempt from all kinds of taxes, according to the draft. But the businesses will pay 5000 drams monthly for every registered employee in final liabilities in terms of revenue tax.

Banks, crediting organizations, insurance companies, investment companies, currency market traders, pawnshops, currency exchange offices, gambling venue operators, and other similar businesses cannot be considered micro-businesses.

Edited and translated by Stepan Kocharyan


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