Thursday, 22 November 2012
Business Environment Improves
The Cabinet approved today a package of bills referred to as “On amendments to a number of laws and legal acts,” which comprises 16 laws altogether and seeks to drastically improve the business environment, small and medium enterprise and the system of tax administration.
Minister of Finance Vache Gabrielyan and Deputy Minister of Finance Suren Karayan introduced the amendments during the press conference, which was held at the press center of the government.
”The changes are very broad in nature and are mainly aimed at improving the business environment and ensuring a better business environment for companies,” Vache Gabrielyan said, adding that proposed changes had been agreed with both economic entities and MPs.
According to the Minister, apart from streamlining the process of revenue collection, the amendment also features stricter measures. In particular, a turnover tax is being introduced exempting small and medium-size businesses from the settlement of income tax and value added tax. This will reduce by 12 the number of tax returns submitted by small and medium-size enterprises.
