Video: New Revelation by the State Revenue Committee

The State Revenue Committee's Investigation and Operational Intelligence Department, Sector No. 8, has received operational information indicating that two construction companies in the administrative districts of Kentron and Norq-Marash in Yerevan have deliberately reported lower values for apartments in sale contracts.

By falsifying the values of the apartments being sold, the developers concealed actual revenues and avoided paying significant taxes. Calculations have shown that in one case, the shadow economy accounted for 55.5 percent of the transaction value, while in another case, it was 29.7 percent.

The Investigation and Operational Intelligence Department urges citizens purchasing apartments not to jeopardize their property rights and to demand that developers state the actual values of the apartments in the purchase rights or sale contracts.