VIDEO: Tax Benefits Do Not Yield Desired Results, Vahe Hovhannisyan

International partners have noted that Armenia has made significant strides in reducing the shadow economy. This was stated by the Minister of Finance Vahe Hovhannisyan during the presentation of the 2024 budget draft in the National Assembly on November 15.

"We will enhance the tax-to-GDP ratio, particularly by continuing to improve the administrative gap by 0.5 percentage points annually, aiming for a reduction of the tax gap by 0.25 percentage points starting next year. This means we will implement changes in the tax system to continuously abolish tax benefits and carry out our support programs through fiscal instruments.

Our analyses indicate that the tax benefits currently in our system ultimately do not yield the desired results; they sometimes even allow various economic operators to fit into those advantageous systems and avoid taxes," he said.