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ARMENIAN PARLIAMENT AMENDS TURNOVER TAX LAW AT FIRST READING
YEREVAN, February 4. /ARKA/. Armenia's National Assembly passed
Wednesday the government-proposed amendments to the turnover tax law
at the first reading.
The law on turnover tax was revised last year lowering the turnover
tax for vendors with annual sales of up to 58 million drams ($125,000)
from 3.5 percent to 1 percent, but small business owners were to
provide tax authorities with documentary evidence of their wholesale
purchase deals with larger firms or face heavy fines.
The government argued the change was meant to crack down on tax
evasion by big business, but vendors say they cannot comply with this
requirement because their suppliers usually refuse to provide them
with receipts and invoices.
The revised law was to come into force in 2014 October but after a
series of demonstrations staged by vendors in September and October
the government was forced to postpone its enforcement until February 1.
After fresh protests this year Prime Minister Hovik Abrahamyan met
with protesters and reportedly agreed to postpone the enforcement of
the law until July 1.
Nongovernment parliament factions Prosperous Armenia, Heritage, Orinats
Yerkir and Armenian National Congress said they would abstain from
voting, since they are disagreed to the postponement until July 1,
but would not vote against it since this is still better than current
rules. Armen Rustamyan, head of Armenian Revolutionary Federation/
Dashnaktsutiun faction, said that its MPs will vote in favor of the
bill, since they are against the current rules.
The bill was passed by 75 votes for, one against it and 40
abstained. ---0-----
http://arka.am/en/news/business/armenian_parliament_amends_turnover_tax_law_at_fir st_reading/#sthash.eQQaRaYE.dpuf
YEREVAN, February 4. /ARKA/. Armenia's National Assembly passed
Wednesday the government-proposed amendments to the turnover tax law
at the first reading.
The law on turnover tax was revised last year lowering the turnover
tax for vendors with annual sales of up to 58 million drams ($125,000)
from 3.5 percent to 1 percent, but small business owners were to
provide tax authorities with documentary evidence of their wholesale
purchase deals with larger firms or face heavy fines.
The government argued the change was meant to crack down on tax
evasion by big business, but vendors say they cannot comply with this
requirement because their suppliers usually refuse to provide them
with receipts and invoices.
The revised law was to come into force in 2014 October but after a
series of demonstrations staged by vendors in September and October
the government was forced to postpone its enforcement until February 1.
After fresh protests this year Prime Minister Hovik Abrahamyan met
with protesters and reportedly agreed to postpone the enforcement of
the law until July 1.
Nongovernment parliament factions Prosperous Armenia, Heritage, Orinats
Yerkir and Armenian National Congress said they would abstain from
voting, since they are disagreed to the postponement until July 1,
but would not vote against it since this is still better than current
rules. Armen Rustamyan, head of Armenian Revolutionary Federation/
Dashnaktsutiun faction, said that its MPs will vote in favor of the
bill, since they are against the current rules.
The bill was passed by 75 votes for, one against it and 40
abstained. ---0-----
http://arka.am/en/news/business/armenian_parliament_amends_turnover_tax_law_at_fir st_reading/#sthash.eQQaRaYE.dpuf