HAK: Law on Turnover Tax puts SMEs in desperate position

Armenian National Congress (HAK) has issued a statement about the amendments to the Law on Turnover Tax. The statement says in particular:

“The amendments to the Law on Turnover Tax take effect on October 1. They will put tens of thousands of entrepreneurs engaging in small and medium business in a desperate position. During the law’s adoption, HAK faction was opposed to the abovementioned amendment and warned about its negative consequences.

HAK hails the citizens struggling for their rights and is prepared to support representatives of SMEs in their actions to protect their interests. In this sense HAK considers it urgent to adopt a bill on amendments to the Law on Turnover Tax. The bill was submitted by HAK, Prosperous Armenia (BHK) and Heritage factions”.

On October 1, 2014 it is planned to reduce turnover tax from 3.5% to 1% for business entities engaged in trade, with a circulation of documents being made mandatory for SMEs.