0% Tax for Small Businesses: 'Strong Armenia' to Present Bill in Parliament, Says Narek Karapetyan

The leader of the 'Strong Armenia' parliamentary faction, Narek Karapetyan, announced in the National Assembly that the faction intends to introduce a legislative initiative aimed at nullifying the turnover tax for small businesses.

He inquired with Hayk Faramanyan, the candidate for the chairmanship of the Financial and Budgetary Commission, about his stance on presenting such a bill. According to Karapetyan, small businesses account for around 70 percent of Armenia's enterprises, while the revenues from the turnover tax constitute merely 2.7 percent of tax income.

“By relinquishing 2 percent of tax revenues, we can create thousands, potentially tens of thousands, of new jobs and enable small businesses to transition to medium-sized enterprises, at which point we can impose taxes again,” Karapetyan stated.

Faramanyan expressed his support for the proposal, noting that the reduction or elimination of the tax burden on small businesses has been a part of the 'Strong Armenia' electoral program.

In conclusion, Karapetyan emphasized that this issue is crucial for the development of small and medium enterprises, and discussions will be necessary with the three factions in the National Assembly.