YEREVAN. - In 2015, the number of small family business entities in Armenia reached 1500, Deputy Chairman of Armenia’s State Revenue Committee (SRC), Armen Alaverdyan, said in the parliament, introducing the state budget performance report for 2015.

Since 2014, family businesses (consisting of only family members, without hired workers) with annual income of up to 18 mln AMD (without VAT) (approx. $37,000) have been exempted from all the taxes. Thus, each of the workers has to pay 5,000 AMD income tax per month

“It should be mentioned that as a result of these exemptions, the budget lacks 1 bln AMD. But the economic activity has grown. Various such entities have come to be established – 20, 30, 50 and now their number has already reached about 1500,” Alaverdyan said.