PROFIT TAXES FROM COMPENSATION SUMS GIVEN TO FORMER RESIDENTS OF AREAS DEVELOPED IN YEREVAN TO BE PAID BACK

Noyan Tapan
Aug 14 2006

YEREVAN, AUGUST 14, NOYAN TAPAN. It is likely that in November 2006 the
Armenian government will make a decision to pay back the 10% profit
taxes charged from the compensations given to the former residents
of the areas developed in Yerevan. It is envisaged to return these
sums within two-three months after the governmental decision. The
Armenian President Robert Kocharian stated this at the August 11 press
conference. He said that about a months ago, during a consultation
with the participation of all sides concerned, a decision was made
to pay back the 10% profit taxes from the compensation sums of the
residents of Yerevan's Northern Avenue and Main Avenue. According to
him, at the moment of paying these compensations, the legislation was
imperfect from the viewpoint of their taxation, thus giving cause for
various indefinite comments. According to preliminary estimates, the
sum to be paid back totals about 1.3 bln drams (about 3.17 mln USD).