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Schedule Of Repayment Of Overdue Taxes In Armenia Must Be Ready Befo

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  • Schedule Of Repayment Of Overdue Taxes In Armenia Must Be Ready Befo

    SCHEDULE OF REPAYMENT OF OVERDUE TAXES IN ARMENIA MUST BE READY BEFORE AUGUST 31

    /ARKA/
    August 2, 2011
    YEREVAN

    Deadline for applications for conclusion of the schedule for redemption
    of tax liabilities in Armenia is set on August 20, and before August
    31 tax inspectors must compose and conclude these schedules, Armenian
    State Revenue Committee said on Tuesday.

    Under the law on preferences for organizations and individual
    entrepreneurs on taxes and other duties, all those taxpayers who had
    accumulated tax liabilities as of December 31, 2009 can apply to their
    tax agencies and conclude contracts on schedule for repayment of their
    tax liabilities. Such economic entities will be exempted from fines.

    The law took force on July 4.

    According to the committee's report, special officers have been
    assigned in all territorial tax agencies for running this process.

    Inventory is already completed, and now economic entities are being
    notified.

    After receiving a taxpayer's application, tax agency, together with
    the applicant, sets schedule within 10 days in accordance with the law.

    Economic entities can pay their overdue taxes in parts.

    Those economic entities whose tax liabilities amount to less than
    AMD 50 million can pay them gradually within 10 months, and those
    who owe over AMD 50 million to the government budget can pay their
    debt within 24 months.

    Tax liabilities in Armenia totaled about AMD 200 billion as of January
    1, 2010. Of this amount, AMD liabilities totaled 104 billion, and
    fines AMD 96 billion. ($1= AMD 363.52).



    From: Emil Lazarian | Ararat NewsPress
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