Time in Yerevan: 11:07:36,   28 January

Armenia considers wealth tax

Armenia considers wealth tax

HANKAVAN, DECEMBER 7, ARMENPRESS. The Ministry of Finance is currently working in the direction of reforming the property tax system, and after international discussions are completed public discussions will be held over the matter, Finance Minister Atom Janjughazyan told a news conference today.

“We have spoken about wealth tax and we have made steps in this direction,” he said. “The parliament already passed the new approach for zoning recommended by the Cadastre Committee. We are now discussing how to reflect it in the taxation system. The same approach which is in use today cannot be applied,” he said, adding that they will take “balances and reasonable” steps without abrupt actions.

Janjughazyan said he expects that the ministry will have the chance to address the approaches on how to tax wealth by 2021.

He said the property tax reforms are planned to be launched from 2021.

During the discussions of the tax code amendments it was noted by reducing the burden of direct taxes the government must shift the burden on wealth by taxing property. It was mentioned that the reforms have a goal to define more taxes for high-value property, visible wealth and luxurious property.

Edited and translated by Stepan Kocharyan




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