YEREVAN. – The Armenian government has submitted to the parliament a draft bill providing preferences for startup IT companies.

The bill presented by Deputy Economy Minister Garegin Melkonyan provides for zero income tax and 10-percent profit tax. Individual entrepreneurs will have a zero income tax, too.

The companies will also be able to get technical support and grants. The preferences are suggested for new companies with not more than 15 employees and for a period of not more than three years. The law also will function till 2020.

A 5-member certifying commission will decide whether a company may get preferences. The commission will consist of one representative of Economy Ministry, two from Finance Ministry  and two from the private sector.

According to preliminary assessments, Melkonian said the adoption of legislation will create about 350 job sa year.