Shadow turnover of 8.6 billion drams discovered in Armenian sports club

YEREVAN, August 27. /ARКА/. Armenia's State Revenue Committee (SRC) has revealed a shadow turnover amounting to 8.6 billion drams in undeclared funds associated with a sports club.

As stated by the department's press service, a recent alert indicated that registered employees of one sports club receive a substantial portion of their salaries in cash, which is not documented in the reports submitted to the tax authority.

The company also hides its actual sales turnover as part of tax evasion. The investigation validated this information. Following the evidence gathered, a crime was reported to the Investigative Committee for tax evasion on a particularly large scale, leading to the initiation of a criminal case.

Employees from the State Revenue Committee and the Investigative Committee conducted searches at several locations associated with the sports complex. Items and documents essential for the investigation were confiscated.

It was also discovered that over the last five years, the company provided sports services to various clients without issuing cash receipts or relevant payment documents, thereby concealing around 8.6 billion drams in sales turnover and failing to pay approximately 2.3 billion drams in taxes to the state budget.

A public criminal prosecution was initiated against one member of the criminal group, and charges were filed. Subsequently, damages to the state were compensated in the amount of 348.6 million drams.

The investigation is ongoing, with efforts being made to clarify all circumstances, identify all individuals involved in the criminal group, apply criminal law measures against them, and fully restore the damages incurred. ($1 - 382.51 drams).-0-