Certain Parts of Law on Turnover Tax Delayed Until July 1st

On Saturday, a Government extraordinary sitting was held, which approved the bill on amendments to Law on Turnover Tax.

Prime Minister Hovik Abrahamyan reported that as a result of consultations with the President, it was decided to delay the purchasing and documentation requirement until until July 1st. Recall, that the law was to originally come into effect in October 2014, but because of protests by small and medium sized business owners the law was delayed until February 1st. The entrepreneurs restarted their protests in late January demanding that the law be nullified.

“In parallel, it was decided during the discussion that amendments would be developed where favorable conditions be created for those entrepreneurs who fall under the 58,350,000 AMD annual turnover threshold,” stated the Prime Minister.

The draft law was deemed to be urgent and was submitted to the National Assembly for approval.