Armenian tax authorities have recently made a significant discovery regarding tax evasion by the renowned bakery company, “P.F.” LLC. Investigations have revealed that certain employees responsible for the financial reporting and risk analysis of the company deliberately evaded paying substantial amounts of taxes. Over the period of January 2021 to August 2022, the company’s total tax liability, including penalties, reached a staggering 1,130,000,000 AMD (Armenian Drams). This was primarily due to the company’s failure to record sales in official accounts and provide tax receipts.

Upon the calculation of the tax obligations, it was determined that the company’s actual tax responsibilities, along with additional taxes and fines, amounted to a total of 358,000,000 AMD during this specified period. Consequently, the tax authorities have initiated a new criminal case against the company for its act of tax evasion.

In an effort to rectify the situation and take responsibility for the omissions, the director of “P.F.” LLC has voluntarily agreed to pay the outstanding tax amount, along with penalties and previously calculated fines. This collective sum adds up to 413,000,000 AMD, demonstrating the company’s dedication to resolving this issue.

Armenia’s tax authorities remain committed to tackling tax evasion and ensuring compliance from all businesses operating within the country. This recent case serves as a reminder of the significant consequences that can arise from such practices. With the voluntary agreement of “P.F.” LLC to settle its tax obligations, it is hoped that this incident will encourage stricter adherence to tax regulations in the future.