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Armenia Able To Increase Tax Collection At Expense Of Large Business

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  • Armenia Able To Increase Tax Collection At Expense Of Large Business

    ARMENIA ABLE TO INCREASE TAX COLLECTION AT EXPENSE OF LARGE BUSINESSES - IMF

    YEREVAN, October 1. /ARKA/. Armenia can increase its tax receipts at
    the expense of large businesses, head of IMF mission in Armenia Mark
    Horton told reporters on Tuesday.

    Horton said the Armenian government gave a renewed impetus to measures
    against "black" economy, but they could not be considered "Draconian"
    as some entrepreneurs call them.

    The measures will not lead to increased profits as economy growth is
    slowing down, and no increase of tax rates is anticipated, Horton said.

    In this respect, increasing the share of tax collection from large
    businesses will be the best, he said.

    According to ArmStat, tax receipts amounted to 684.6 billion drams
    in January-August, a 4.2% increase compared to the same period of 2013.

    Armenia's premier Hovik Abrahamyan said soon after his appointment
    in April that the government will support domestic production, but
    will punish toughly on "black" turnover. July the 1st was set as a
    deadline for legalizing businesses. The deadline was then extended,
    but the taxation policy has been toughened, and marking of goods
    manufactured in Armenia became binding in particular.

    According to Armenian ombudsman's report, 'shadow' economy accounts
    for about 35-40%. -0--

    http://arka.am/en/news/economy/armenia_able_to_increase_tax_collection_at_expense _of_large_businesses_imf/#sthash.bjyFKZOn.dpuf

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