At today’s Government session the opinion of the Executive Branch on the legislative initiative on the Package of the Draft RA Laws on “Making Changes and Amendment in the RA Law on Turnover Tax “ and “On making Changes and Amendment in the RA Law on Organizing and Conducting Inspections in the Republic of Armenia,” introduced by the MPs Mikayel Melkumyan, naira Zihrabyan, Levon Zurabyan and Rubik Hakobyan.
The RA Deputy Minister of Finance Armen Alaverdyan said that the MPs recommend introducing the provision of principle of voluntary submission of the documents justifying the acquisition, establishing that the taxpayer shall have the right to the 3.5 percent rate of tax system from the point of view of trading (buying and selling) and be exempted from the legislative requirement to document the acquisitions. Or choose the system of a tax rate of 1% with the commitment to maintain the legislative requirement to document the acquisitions. It also includes the provision to raise the threshold of paying the turnover tax from 58.35 million AMD to 100 million AMD.
Armen Alaverdya also added that the Government had submitted its own legislative package which provides raising the threshold of paying the turnover tax till 113,4 million AMD and introduce a new mechanism of taxation of the turnover tax. On this assumption the Governemnt suggested the MP’s to abstain from the discussion of the draft and to refer to it in the framework of the discussion of the Governmental Draft Packages.
