The state will Assist Businesses in Financing Newly Created Jobs

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Petowt`yowne kajakts`i biznesin, nor steghtsvogh ashkhatategheri ashkhatavardzi finansavorman masov_24683

Today at the regular session of the Government of the Republic of Armenia, the Government of the Republic of Armenia has planned to implement the RA Tax Code:

 

- Approval of business plans and calculation of additional salary. 

Accordingly, the types of income that will be considered as salaries and equal payments  will be defined. There are also clear mechanisms for calculating additional wages and equal payments for new workplaces. As a result, it is expected to secure a profit tax benefit. Accordingly, the state assists businesses in the amount of 30% of the profit tax to finance the newly created jobs. The decision will help create new jobs. The Prime Minister urged to use such tools and procedures not to create artificial difficulties for businessmen.

 

- the procedure for selecting investment projects and individual entrepreneurs, and approving the form of the project implementation outcome and the monitoring system agreement. Particularly, new standards of project evaluation have been developed, the circulation of documents in the ministries has been significantly reduced, the requirement of compliance with the principles of corporate governance has been removed.

 

- the procedure for submitting a single tax calculation for environmental and tax payments, which, in particular, elects a taxpayer electronically tosubmit a single tax calculation to the tax authority in the electronic tax accounting system. It is expected that the decision will contribute to the improvement of the business environment, as well as the reduction of taxpayers 'and tax and related authorities' contacts, as well as the time spent on tax accounting.

 

- the scope of application of the VAT exemptions. It will be applied in three spheres: education and science, social and health care.

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