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Saturday, February 29, 2020

Armenia's Abrahamyan: Unified tax code "impetus" for increased investment

Armenian Prime Minister Hovik Abrahamyan attended an international conference on the development of a unified tax code for Armenia earlier this week.

The event was co-hosted by the Ministry of Finance and the U.S. Agency for International Development Tax Reform Program, which is designed to reduce the tax burden in Armenia and boost its competitiveness.

"Some three weeks ago the National Assembly approved the program of the new government, which seeks to continuously improve our country's business and investment climate, including the tax environment," Abrahamyan said. "In this regard, the development and enforcement of the tax code in line with the best international practices will be a strong impetus for further improvement of Armenia's business environment and increased investment attractiveness."

Abrahamyan said he was hopeful the tax code will improve Armenia's image as a reliable partner among its foreign partners and promote export-oriented, knowledge-based and non-raw material industries. He also said the new tax code should help to combat the black market.

"We look forward to having a stronger tax base, increased revenue, especially through more accurate and stricter taxation of major businesses that will enable the government to implement more ambitious, comprehensive and consistent programs in the social, healthcare, environmental, urban development and other areas," Abrahamyan said.

The conference was attended by government officials, foreign ambassadors accredited in Armenia, representatives from international organizations, members of the business community and civil society, as well as tax experts.