YEREVAN. - The Republican Union of Employers of Armenia is against the proposed amendments to the Law on Turnover Tax, Union Chairman, economist Gagik Makaryan said at a press conference on Thursday.   

In his words, the respective bill proposes to reduce the annual turnover tax threshold in Armenia to 30 million drams (approx. $72,618), above which the companies will be levied value-added tax and profit tax.

“Thus most entrepreneurs [in Armenia] will appear in the general domain of taxation.

“But even though the small business does not have a huge weight on the [country’s] GDP, the labor market dominance is on the side of that very sector.

“For this reason, we are against the additional burden on the small and medium-sized entrepreneurs [in Armenia],” Makaryan specifically noted.