The Ministry of Finance is Working on Wealth Taxation

The Republic of Armenia's Ministry of Finance is working on reforms to the property tax system, with public discussions set to take place after internal deliberations have concluded. Minister Atom Janjughazyan stated this during his annual summary press conference in response to a question from Armenpress.

“We have talked about taxing wealth and have taken actions in that direction. The National Assembly has already fully ratified the new zoning approach proposed by the Cadastre Committee. Now we are discussing how to reflect that in the taxation system. The same approach currently in place cannot be applied,” Minister Atom Janjughazyan informed reporters during the meeting.

“Reforms to the property tax system are planned to begin in 2021,” the minister noted. It should be recalled that mechanisms for wealth taxation were discussed back during the reforms of the Tax Code. One of the proposed options was for the state to reduce the tax burden while increasing wealth tax and property tax, implying that valuable properties would be subject to a higher level of taxation.