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YEREVAN. - The exemptions to business cost 18 bln AMD to the Armenian budget in 2015 (approx. $37 mln), Deputy Chairman of Armenia’s State Revenue Committee (SRC), Armen Alaverdyan, said in the parliament Monday, introducing the 2015 state budget execution report.

3,8 bln was spent on lowering the tax rates from the turnover of the small and medium business (from 3.5 to 1 percent, pursuant to 5 minus 4 scheme), 1-1.5 bln covering the tax exemption for businesses in border villages. Besides, 1 bln was spent on exempting family business from taxes.

The other exemptions include VAT and income tax, Alaverdyan added.

Considering that the republic lost another 70 bln AMD on duties due to the reduction of import from countries outside EAEU, question arises on how the shortfall of 88 bln AMD was compensated. “From large business, where else? That is the answer to the question on whether we fight the shadow turnover,” Alaverdyan said. 

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