And here come the increase in taxes to cover the debt servicing cost which will soon increase:
The tax changes proposed by the Armenian authorities may lead to an increase in the shadow turnover - Chairman of the Chamber of Auditors Nairi Sargsyan
The tax changes proposed by the Armenian authorities may lead to an increase in the shadow turnover - Chairman of the Chamber of Auditors Nairi Sargsyan
https://twitter.com/301_AD/status/1344237484964802560
Sargsyan stated this on Friday during discussions on the package of tax changes which will cancel some tax benefits to education and healthcare sectors, and also revise downward the 115 million Dram turnover tax-exemption which small businesses got shortly after the revolution.
The 115 million Dram turnover tax rule which was passed in Summer 2019 was one of the most significant achievements of the 2018 revolution. Reducing it will either push small businesses into the shadow economy, or they will pay VAT of 20% and the prices of good will rise. 
"According to the government, the [downward] revision would stimulate these companies to switch to paying VAT and income tax."
I remind the government that we are in recession, and it's going to stimulate them to shut down, or in the best scenario go into shadow economy.
I remind the government that we are in recession, and it's going to stimulate them to shut down, or in the best scenario go into shadow economy.
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