{"id":1395,"date":"2015-05-07T17:54:20","date_gmt":"2015-05-07T13:54:20","guid":{"rendered":"http:\/\/www.armenianlaw.com\/?p=1395"},"modified":"2018-03-01T22:05:58","modified_gmt":"2018-03-01T18:05:58","slug":"national-assembly-has-passed-in-the-second-reading-a-bill-on-amending-the-laws-on-income-and-profit-taxes","status":"publish","type":"post","link":"https:\/\/www.armenianlaw.com\/en\/national-assembly-has-passed-in-the-second-reading-a-bill-on-amending-the-laws-on-income-and-profit-taxes\/","title":{"rendered":"National Assembly has passed in the second reading a bill on amending the laws on income and profit taxes"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">YEREVAN, May 7. \/ ARKA \/. At an extraordinary session today Armenia\u2019s \u00a0National Assembly has passed in the second and final reading a controversial bill on amending the laws on income and profit taxes that require thousands of Armenians working abroad to pay taxes at home.\u00a0The amount of income tax the government will levy from migrant workers is 13 percent. The income tax rate for workers in Armenia is 24 percent.\u00a0The controversial bill was backed by 68 lawmakers, 14 voted against it and another 17 abstained from voting.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">According to Deputy Finance Minister Vakhtang Mirumyan, the government expects the revised law to give a boost to its tax revenue. He said the law will serve also an incentive for business owners to register Armenian citizens employed abroad in their home country.\u00a0Mirumyan noted that the law will apply only to companies that have government-approved investment programs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The bill was criticized by some opposition lawmakers, who argue that it will spur further out-emigration and contribute to the creation of monopolistic companies.\u00a0On March 3 the Armenian parliament passed amendments to the law on income tax that has cut tenfold the size of profit tax (to 2%) for large domestic companies with annual exports worth at least 50 billion drams. To be eligible these companies must have government-approved export-boosting programs. \u00a0($ 1 &#8211; 481.39 drams).<\/span><\/p>\n<p style=\"text-align: justify;\"><a title=\"Arka.am\" href=\"http:\/\/arka.am\/en\/news\/business\/new_armenian_law_to_tax_migrant_workers\/?sphrase_id=5058754#sthash.KDZt29Pc.dpuf\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #999999;\">Arka News Agency<\/span><\/a><\/p>\n<h4 style=\"text-align: justify;\"><strong><span style=\"color: #000000;\">07.05.2015<\/span><\/strong><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>YEREVAN, May 7. \/ ARKA \/. At an extraordinary session today Armenia\u2019s \u00a0National Assembly has passed in the second and final reading a controversial bill on amending the laws on income and profit taxes that require thousands of Armenians working abroad to pay taxes at home.\u00a0The amount of income tax the government will levy from&#8230;.<\/p>\n","protected":false},"author":2,"featured_media":1388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[280,191,279,130,191],"class_list":["post-1395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-income-tax-in-armenia","tag-news-en","tag-profit-tax-in-armenia","tag-taxissues-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Assembly has passed in the second reading a bill on amending the laws on income 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