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YEREVAN. - Armenian parliament has today adopted the draft law on tax exemption for business in the country’s two border towns, Berd and Chambarak. They add to the already established list of 31 villages.   

Pursuant to the adopted amendments to the Law on Tax Exemption of Business Activities in Armenia's Rural Communities, the small business and the larger one are exempted from turnover tax and VAT respectively. At the same time, the enterprises and the private entrepreneurs are exempted from profit tax and income tax respectively. The only taxes left are the income tax and the payment for contract workers. The companies will be given the opportunity to shift to the VAT regime to have the chance to debit it when importing raw materials. 

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