On December 4, Armenia's Parliament approved a package of laws in its second reading, allocating over $80 million annually in state support for the technology sector. The new legislation aims to significantly reduce the tax burden on IT companies.
The legislative package includes the Law on State Support for the High-Tech Sector and amendments to the Tax Code of the Republic of Armenia. It introduces substantial tax benefits for technology companies, covering personal income tax, corporate income tax, and turnover tax.
Sergey Muradyan, an advisor to the Deputy Speaker of Parliament, noted that the legislative concept, presented during public hearings in March 2024, aligns closely with the adopted legal framework.
The new legislation applies to a broad range of beneficiaries - from microenterprises to large businesses, including relocated companies, subsidiaries, branches, and other divisions of legal entities. Additionally, tax benefits are extended to individuals working in the tech sector.
