Armenia Will Simplify Business Taxation

Armenia Will Simplify Business Taxation

Armenia's National Assembly is considering a package of tax reforms for businesses, including introduction of the simplified filing rules, a new turnover tax instead of the profit tax, and measures against tax evasion.

According to the proposals, small and medium enterprises that do not pay VAT will have to file fewer documents to the tax authorities, and will be required to make submissions less frequently. Electronic accounting documents will replace the need for written records. A simple turnover tax will replace the current profit tax. The turnover tax rate will be 3.5% for trade, and 5% for other sectors.

The package also contains measures for restriction of loopholes, tax planning, and undeclared transactions. The special mechanisms will be introduced to detect undeclared sales.

The above proposals will be discussed with the business community.

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