{"id":5270,"date":"2016-11-13T17:58:55","date_gmt":"2016-11-13T13:58:55","guid":{"rendered":"http:\/\/www.armenianlaw.com\/?p=5270"},"modified":"2021-03-13T20:36:57","modified_gmt":"2021-03-13T16:36:57","slug":"on-taxes-and-rates-on-profit-in-the-republic-of-armenia","status":"publish","type":"post","link":"https:\/\/www.armenianlaw.com\/en\/on-taxes-and-rates-on-profit-in-the-republic-of-armenia\/","title":{"rendered":"Tax Rates and Taxes on Profit in the Republic of Armenia"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"color: #000000;\">Type of direct tax, which is to be collected from companies and contractual investment funds, incorporated in the Republic of Armenia (residents), foreign companies registered outside of the Republic of Armenia and international organizations (non-residents).<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Profit tax is one of the types of direct taxes, subject to payment\u00a0to the state budget of the RA. This type of a tax must be paid by organizations founded and registered in the Republic of Armenia and contractual investment funds, except pension funds (residents); foreign organizations founded out of the Republic of Armenia and international organizations (non-residents).\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The object of taxation for the residents is the taxable profit derived in the Republic of Armenia and outside, and for non-residents, the taxable profit derived from Armenian sources. The profit is calculated from the positive difference between a gross profit of a taxpayer and deductions, and for investment funds, from clear assets.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Gross income is the total of income derived by the taxpayer within the reporting tax year, irrespective of the source. Income is the in-flow, or growth of assets, or reduction of liabilities within the reporting tax year, which leads to the growth of taxpayer\u2019s ownership capital. Ownership capital is the difference between the assets and liabilities of a taxpayer. Assets are any capital belonging to the taxpayer by a proprietary right, including property, proprietary rights and personal non-property rights related with proprietary rights, foreign exchange, securities, indebtedness, and other property, and the liability is the current debt of taxpayer (loan, indebtedness, tax liability).<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>It is necessary to take into consideration, that the following elements are not considered as income:<\/strong><\/span><\/p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #000000;\">investments of the participants in the ownership capital;<\/span><\/li>\n<li><span style=\"color: #000000;\">a positive difference between allocation price and a face value of shares;<\/span><\/li>\n<li><span style=\"color: #000000;\">capital combined for joint activity shall not be considered income.<\/span><\/li>\n<li><span style=\"color: #000000;\">a positive result of a reevaluation of assets and of liabilities in exchange and foreign exchange;<\/span><\/li>\n<li><span style=\"color: #000000;\">amount of assets saved due to tax privileges, privileges on payments to the state and municipal budgets and other obligatory fees and duties;<\/span><\/li>\n<li><span style=\"color: #000000;\">other assets established by the Law.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">In accordance with the Republic of Armenia tax legislation, profit tax is not imposed on necessary expenses and losses, and gross profit must be reduced to those amounts. Expenses must be confirmed by appropriate documents. Expenses are the outflows, or decrease of assets, or growth of liabilities within the reporting year which leads to a decrease of ownership capital. Expenses are subject to deduction if:<\/span><\/p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #000000;\">expenses deemed necessary exclusively and directly for the production of goods, provision of services;<\/span><\/li>\n<li><span style=\"color: #000000;\">progress in a market and (or) realization of goods and services;<\/span><\/li>\n<li><span style=\"color: #000000;\">provision of consolatory and legal services;<\/span><\/li>\n<li><span style=\"color: #000000;\">accompanying, elimination of shortcomings found during operation and guarantee control, start-up of production;<\/span><\/li>\n<li><span style=\"color: #000000;\">maintenance of property;<\/span><\/li>\n<li><span style=\"color: #000000;\">training of staff;<\/span><\/li>\n<li><span style=\"color: #000000;\">life cycle cost;<\/span><\/li>\n<li><span style=\"color: #000000;\">other expenses established by the law.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Taxable period of the profit tax is 1 year. A taxpayer shall pay profit tax to the state budget prior to April 25th of the following year inclusive. At the same time, taxpayers must make advance payments for each quarter, three months in the amount of 18.75 percent of the actual profit tax amount paid in the previous year, prior to 15th day of the last month of the quarter.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>Profit tax rate for residents is 20 (twenty) percent and for investment funds 0.01 percent with respect to net assets. Tax legislation of the RA establishes lower profit tax rates for big exporters of goods five percent and two percent.<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The rate of profit tax in the amount of 5 percent is imposed on some groups of taxpayers, if aggregate cost of goods exported from the Republic of Armenia or transported to the EAEU countries in customs regime \u201cExport\u201d or the price for services and work rendered to non-residents outside the Republic of Armenia is at least 40.000.000.000 drams. The rate of profit tax for the same group of taxpayers with the aggregate cost of deliveries in an amount of 50.000.000.000 drams is two percent. And at the same time, this group of taxpayers must comply some other terms established by the law.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>The law establishes tax privileges in some spheres of activity. The following taxpayers shall be exempt from profit tax:<\/strong><\/span><\/p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #000000;\">producers of agricultural production (to the extent of income from a realization of agricultural production, and income derived from the realization of fixed assets and other assets, if the income does not exceed 10% of gross income;<\/span><\/li>\n<li><span style=\"color: #000000;\">funds which guarantee compensation of bank deposits;<\/span><\/li>\n<li><span style=\"color: #000000;\">Pan Armenian Bank;<\/span><\/li>\n<li><span style=\"color: #000000;\">producers of handmade carpets;<\/span><\/li>\n<li><span style=\"color: #000000;\">participants of Free Economic Zones<\/span><\/li>\n<li><span style=\"color: #000000;\">and so on.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>A tax agent, at the source of income, shall do a collection of tax on profit derived in the Republic of Armenia by a non-resident. The following tax rates shall be applied for collection of profit tax from a non-resident at the source of income:<\/strong><\/span><\/p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #000000;\">five percent \u2013 for insurance fees, transportation incomes (freight);<\/span><\/li>\n<li><span style=\"color: #000000;\">ten percent \u2013 dividends; royalties, income from the lease of property, an increase of the value of the property and other passive incomes (except incomes from transportation (freight)), as well as other income received from Armenian sources;<\/span><\/li>\n<li><span style=\"color: #000000;\">twenty percent \u2013 other services, rendered by non-resident as well as incomes of non-resident derived outside the Republic of Armenia as a result of rendering services to a resident of the Republic of Armenia or a branch of non-resident registered in the Republic of Armenia.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>Non-residents are exempt from the obligation of paying profit tax:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">when receiving\u00a0dividends from Pan Armenian Bank;<\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">when receiving\u00a0incomes from state currency bonds of the RA, alienation thereof and exchange for other securities and so on.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Type of direct tax, which is to be collected from companies and contractual investment funds, incorporated in the Republic of Armenia (residents), foreign companies registered outside of the Republic of Armenia and international organizations (non-residents). Profit tax is one of the types of direct taxes, subject to payment\u00a0to the state budget of the RA. This&#8230;.<\/p>\n","protected":false},"author":2,"featured_media":1593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[108,123,130],"class_list":["post-5270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications-en","tag-busi-en","tag-corporatelaw-en","tag-taxissues-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Rates and Taxes on Profit in the Republic of Armenia - \u042e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043e\u0444\u0438\u0441 \u0412\u0430\u0440\u0434\u0430\u043d\u0430 \u0425\u0435\u0447\u044f\u043d\u0430<\/title>\n<meta name=\"description\" content=\"Tax legislation of the RA establishes lower profit tax rates for big exporters of goods five percent and two percent. 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