Government to grant tax amnesty
14.12.2016,
15:24
The Armenian government has submitted to parliament’s consideration a package of legislative changes, providing for a tax amnesty and tax relief.
YEREVAN, December 14. /ARKA/. The Armenian government has submitted to parliament’s consideration a package of legislative changes, providing for a tax amnesty and tax relief.
The deputy chairman of the State Revenue Committee Vakhtang Mirumyan said the proposed changes call for exempting from taxation self-employed people with annual turnover of up to 9 million drams. This amendment will apply to the 23 types of activity, including production and repair of clothing, manufacturing of wood products, language courses, guest houses and so on.
He said the proposed changes will effect about 1,570 persons who will be exempt from taxes, while the total amount of benefits to be granted under this type of tax, will be worth about 400 million drams. He said private entrepreneurs and notaries will be forgiven income tax and social payment debts for the period until the end of 2012, as well as fines on them.
Mirumyan specified further that the changes call for exempting individuals from penalties for late payment of VAT on transactions (selling more than one car, land or home during one year), concluded before 30 September 2016. But within 90 days after the law comes into force, they will have to pay the value added tax, and will be exempt from the payment of fines.
He also pointed out that taxpayers not engaged in actual activities, not having a property and income tax liabilities, will be given the opportunity to liquidate under the simplified procedure, and the tax authorities are ready to forgive them debts up to 10 thousand drams.
According to the deputy head of the Committee, the amendments also provide for the delay of the introduction of new generation of cash registers from January 1, 2017 to January 1, 2018.
"The previous tax amnesty was adopted in 2012, raising 8.8 billion drams of additional taxes, and we expect a similar effect this time," - Mirumyan said. ($ 1 - 484.31 drams). -0-
The deputy chairman of the State Revenue Committee Vakhtang Mirumyan said the proposed changes call for exempting from taxation self-employed people with annual turnover of up to 9 million drams. This amendment will apply to the 23 types of activity, including production and repair of clothing, manufacturing of wood products, language courses, guest houses and so on.
He said the proposed changes will effect about 1,570 persons who will be exempt from taxes, while the total amount of benefits to be granted under this type of tax, will be worth about 400 million drams. He said private entrepreneurs and notaries will be forgiven income tax and social payment debts for the period until the end of 2012, as well as fines on them.
Mirumyan specified further that the changes call for exempting individuals from penalties for late payment of VAT on transactions (selling more than one car, land or home during one year), concluded before 30 September 2016. But within 90 days after the law comes into force, they will have to pay the value added tax, and will be exempt from the payment of fines.
He also pointed out that taxpayers not engaged in actual activities, not having a property and income tax liabilities, will be given the opportunity to liquidate under the simplified procedure, and the tax authorities are ready to forgive them debts up to 10 thousand drams.
According to the deputy head of the Committee, the amendments also provide for the delay of the introduction of new generation of cash registers from January 1, 2017 to January 1, 2018.
"The previous tax amnesty was adopted in 2012, raising 8.8 billion drams of additional taxes, and we expect a similar effect this time," - Mirumyan said. ($ 1 - 484.31 drams). -0-
