Former Prime Minister of Armenia, oppositionist MP Hrant Bagratyan is assured that the country's economy will actively develop only if representatives of small and medium enterprises hold 88% of the market share, he expressed this opinion at the press conference on June 17.
According to him economic forecasts and analysis for the upcoming 15 years should serve as basis for drafting new Tax Code. According to Bagratyan the new Tax Code does not strictly determine economic distribution on the market space of Armenia in the future. Bagratyan is assured that the new tax code does not correspond to the requirements of the world economic evolution.
"If people protest against it in the streets their demands will be fair. I will be on their side", Bagratyan stated. He also proposed to reduce the tax imposed on small and medium business and to develop a system to stimulate opening of new job places within SME.
To recall, on June 9, Deputy Head of the Armenian State Revenue Committee Vakhtang Mirumyan said in Parliament that the income tax in Armenia will become graduated. Currently, persons with a monthly salary of up to 120 thsd AMD pay 24.4%, those with a salary ranging from 120 thsd to 2 mln pay 26%, and those with a salary of over 2 mln pay 36%. Under the new Code, the citizens with a salary of up to 120 thsd AMD will pay 23%, those getting a salary ranging from 120 thsd AMD to 1 mln AMD - 28%, and those with a salary of 1 mln and more - 33%. Those getting 1.5 mln AMD per month will pay 23% for the first 120 thsd; 28 thsd - for the next 880 thsd; and 33% for the part exceeding 1 mln. He said that the income tax significantly grows for those getting a salary of more than 2 mln AMD. "Only 800 people receive such a salary in the country," he added.
On June 15, the National Assembly of Armenia adopted in the first reading the new Tax Code of Armenia with 68 pros, 21 cons and 18 abstentions. All the parties, except the ruling Republican Party of Armenia, object to the new Tax Code. The second reading is scheduled for autumn 2016.
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