The amendments to the Tax Code proposed by the Armenian authorities will help the wealthy live better so that the country can grow. This is what representative of the Economic Studies Department of the Bureau of the Armenian Revolutionary Federation-Dashnaktsutyun Party, economist Suren Parsyan said during a March 12 press conference.

According to the economist, with this logic, Armenia’s new government is planning on equaling the income tax and reducing the payable taxes of wealthy citizens by AMD 22 billion with that income tax. “The government is planning on compensating those funds and supplementing them at the expense of small and medium businesses and the whole society,” the expert clarified.

Parsyan also stated that, according to the draft reforms of the Tax Code, the state duty for pawn shops will increase, going from AMD 100,000 to AMD 6 million, meaning the state duty will go up 60 times, and this is not justified,” the economist emphasized.

Moreover, he added that such reforms will lead to monopolization of the sector, which is in the interests of the 17 medium and large banks in Armenia. As a result, many economic operators will be compelled to terminate their activities.