Expert: Government should reduce turnover tax on industrial companies

YEREVAN. – Armenian economist believes the government should reduce turnover tax for both trade companies and production.

From October VAT for small and medium businesses with a turnover below 58.3 million drams per year will be reduced from 3.5 to 1 percent. However, preferences affect only trade companies, not production.

“We believe that small industrialists have an important social task and also need attention. We're going to raise the issue of reducing VAT to 1% for them, too,” he added.