YEREVAN. – Real estate taxation should be more equitable in Armenia. 

Tigran Jrbashyan, president of the American Chamber of Commerce in Armenia (AmCham), stated the aforesaid while introducing the Tax Code draft which AmCham has developed.

As per Jrbashyan, the cadastral value of real estate in Armenia should be closer to market price.

“The taxation base should be made more equitable, and the budget revenues need to be increased,” he added.

According to the AmCham president, a luxury tax might be considered for very expensive real estate in Armenia.

Tigran Jrbashyan also noted that the upper limit of the 0-percent property tax can be raised, so that as many needy families can make use of it.

In addition, fines are proposed for the proprietors of unfinished buildings as well as production facilities which are not used for their proper intent.