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YEREVAN. – Armenia needs to patch up existing holes in taxation system, Mark Horton, head of the International Monetary Fund's mission to Armenia told Armenian News-NEWS.am.

Speaking on the 2015 budget proposal to be discussed in the National Assembly of Armenia, he told that a big increase in revenues is not expected.

“But we expect the government to strengthen efforts in tax and customs administration, and to keep сlosing some holes in taxation system, which will be important for 2016 and beyond,” he added.

Government has also proposed some narrow and targeted tax incentive measures. Not less importantly, it will significantly slash the stock of tax credits, which means businesses will have to pay less taxes in advance. But this also means that the Ministry of Finance will have to collect a bit more to keep the same amount of disposable money for expenditure.

Besides, there are still resources left over from the eurobonds' placement in October 2013, which will also help to mitigate the risks of money shortage, Horton added.

 

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