YEREVAN. – The Armenian parliament started debates on draft bills to ease tax regime for small business. The bills are introduced in the parliament by Deputy Finance Minister Vakhtang Mirumyan.

In particular, the government plans to exempt taxes from small family business with an annual turnover of 12 million drams (about $ 29,000), which employs close relatives. This measure should come into force on October 1.

In addition, it is planned to reduce VAT for small entities from 3.5% to 1%. As a result, 39,500 entrepreneurs get more favorable conditions of work, despite the fact that the budget revenues will decrease by 8 billion drams per year.