Non-pro-government Prosperous Armenia Party National Assembly (NA) Faction member, economist Mikayel Melkumyan is preparing a draft law whereby the new amendments in the Law on Turnover Tax, and with respect to documentation, shall be voluntary until 2016.
“I have prepared a draft law on making amendments to the two laws. The first refers to the fact that there should be a transition period until January 1, 2016.
“The second is tha the threshold [for mandatory documentation] shall be 100-120 million [drams; approx. $244,690-$293,630] because there is usually a difference between the actual volumes and the presented volumes. Therefore the [threshold of] 58 million [approx. $141,920] is little,” Melkumyan told Armenian News-NEWS.am.
Capital city Yerevan bazaars’ merchants have staged several protests outside the Government Building, and demanded that the aforesaid amendments be withdrawn. On Monday, they will assemble outside the NA building.
Pursuant to the new amendments in the Law on Turnover Tax, which will come into force on Wednesday, a business enterprise will be warned at first, and, subsequently, it will be fined for not submitting a document on its commodity circulation. The large businesses, however, often do not provide documents to the small and medium-sized enterprises concerning the products.
