“Government Announces Major Tax Code Overhaul: Aiming for Efficiency and Equitability in Tax System”
The government announced changes to the Tax Code and regulations aimed at improving tax administration efficiency and reducing overall tax burden. These changes include increasing tax burden on high-income earners subject to property tax to create a more equitable system. The proposed changes also aim to reduce disparities between property and regional tax rates, improve transaction registration efficiency, and harmonize the tax system with expenditure and service trends. Alternative systems for property taxation and limiting certain activities also suggested.
“Parliament Debates Tax Code Amendments for Construction Sector: Simplifying Procedures and Digitalization in Focus”
The Parliament discusses amendments to the Tax Code to simplify procedures in the construction sector. Proposed changes aim to digitalize and streamline taxation in real estate. Property tax payment requirements may be adjusted to have a specific timeframe or monthly basis, starting from Jan 2025. The initiative will go through two readings.
“Armenia Introduces Stricter Tax Penalties for Non-Transparent Real Estate Rentals”
Changes to the tax code in Armenia affect the taxation of non-transparent real estate rentals. Non-compliance can result in fines of up to 10 percent of the property’s market value. However, registered taxpayers are exempt from penalties.
“State Revenue Committee Uncovers Undisclosed Activities in Tax Investigation of “Actrade Soft” and “BOMOND” LLC”
The State Revenue Committee of Armenia uncovers tax evasion by foreign companies operating through servers in the country. Investigations have revealed undisclosed activities, resulting in additional tax liabilities. Ongoing probes continue to discover hidden data in accounting documents. Taxpayers are urged to be transparent and report hidden activities.