YEREVAN. - The small businesses in Armenia may terminate its existence in case present appalling situation continues, said the Chairperson of the Union of Small Business Entrepreneurs of Armenia Stepan Aslanyan,  Armenian News - NEWS.am reports.

According to Aslanyan, the changes in the Value Added Tax are categorically unacceptable for Armenia’s small business. At the same time, small businessmen will not report about their trade partners if they trespass the VAT rules for the benefit of small businessmen, he added.

“This (reporting about trade partners) is against the Armenian mentality and human values in general. If I am offered to get goods without any documentation so I can benefit from that, how can I report about the person, who saved me? Can you imagine that? We would rather terminate our existence and disappear,“ Aslanian stressed.

He noted that small business would rather accept the previous VAT at 3.5% than the current 1% VAT that comes with the obligation to report about suppliers of the goods.