Armenia's government has made temporary concessions to small and medium-sized business.
Today the RA Government has decided to do changes in Turnover tax law: the law won't be empowered until February 2015.
Deputy Minister of Finances Armen Alaverdyan submitted the draft decision and said that many problems have arisen and the templates, on which small and medium entrepreneurs must work, need to be simplified. "New version has been discussed but it can't be said that it is acceptable for everyone. But NGOs, which have worked with us since the first day, agree to changes,"- he said. He also added that SME did not manage to present reports to the tax bodies over 10 days fixed by the law. This could result in the mass tax fines.
Alaverdyan said that 55 thsd representatives of SME should use this law, more than half of them have been dealing with retail trade. He also added that starting 1 February 2015 the turnover tax will be reduced from the present 3,5% to 1% for the trade companies with the annual turnover up to 58,4 million AMD.
However, Alaverdyan said that not all the parties are satisfied with this option of changes.