YEREVAN. – The profit tax in Armenia will be reduced ten times for the major exporters of the country.

The respective draft amendments to the Law on Profit Tax were approved at Thursday’s Cabinet meeting.

Deputy Minister of Finance Vakhtang Mirumyan noted that the profit tax for Armenia’s taxpayers will drop from 20 percent all the way to 2 percent, if the taxpayer meets several requirements.

To note, however, there are no companies yet in Armenia which meet the respective requirements Mirumyan specified.

But this provision will not apply to the mining companies. The deputy minister explained that the state cannot afford to give up the profit tax of these enterprises.