Armenia’s Finance Minister, Vahe Hovhannisyan, disclosed details of forthcoming amendments to the country’s tax legislation. During parliamentary discussions on December 3, the minister announced that the new tax rules will impact the operations of approximately 13,000 businesses.
According to Hovhannisyan, while recent years have seen reductions in income and profit taxes, benefiting hundreds of thousands of citizens, the upcoming changes will increase the tax burden for certain business categories. Specifically, these 13,000 entities will lose previously granted tax exemptions.
The minister also highlighted that the final formula for the tax changes is still under discussion. He refuted what he called exaggerated claims about the scale of the tax burden increase circulating in public discourse. “While the tax burden may significantly rise for one or two enterprises, overall, the increase will align with our preliminary calculations,” assured the finance minister.
