Time in Yerevan: 11:07:36,   24 April

Minister Khachatryan doesn’t rule out possible price increase as a result of tax reforms

YEREVAN, MARCH 25, ARMENPRESS. It is not ruled out that prices of certain products may increase in Armenia as a result of tax reforms, increase of taxes, but this will be in the permissible range, within 4%, Minister of economic development and investments Tigran Khachatryan told reporters in the Parliament, reports Armenpress.

“Price increase is not ruled out in 2019, but only within the law. When there is an improvement of tax administration, and this administration removes certain part of economic entities from shadow, it demands these entities to pay taxes for the goods and services sold by them, including the VAT. The latter is a price factor and certainly affects the prices”, the minister said.

He added that there a law on the State Budget which defines certain price increase range. Price increase is always manageable, both the Central Bank and the government are consistent in this matter. The minister said nothing extraordinary is expected. The price increase in 2019 will not exceed 4%.

However, the minister couldn’t say for sure the prices of which products will increase. This depends on the assessments of the demand for the goods. Khachatryan considered the price increase as one of the factors promoting the economic growth.

Edited and translated by Aneta Harutyunyan

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