Friday, June 17 2016 08:47

The business associations of Armenia, particularly, American Chamber of Commerce in Armenia, Union of Banks of Armenia, Union of IT Enterprises, Union of Employers of Information and Communication Technologies, Taxpayers Rights Protection NGO, European Business Association Armenia, are concerned over the fact that the Armenian Government approved and the Armenian Parliament adopted the draft Tax Code in the first reading. In a letter addressed to the President and the Heads of the Government and the Parliament, they say that the draft code levels the main idea of the tax legislation, i.e. the idea of improving the investment environment in Armenia. 

The business associations of the country stress the need to hold public hearings involving all concerned parties to revise the draft code and bring it in compliance with the main ideas of the tax legislation. 

The authors also point out that when the conceptual provisions of the future tax code were being elaborated, the members of the associations came out with proposals which were reflected in the Tax Code Concept.  But having studied the draft code approved by the Government, the business associations found out that the code includes provisions that do not only meet the Concept but also run counter to the provisions of the draft, which was initially discussed and approved by the Public Council.      

The business associations of Armenia insist on retaining the conceptual provisions approved in the Tax Code Concept, which are meant to attract direct foreign investments, reequip and modernize the national economy, promote export, enhance the competitiveness of national economy in the region and in the EEU, as well as to ensure long-term and sustainable economic growth. 

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.