YEREVAN. – Armenian Parliament adopted tax bills on the first hearing on Monday. In particular, the bill on luxury will raise tax rates in the range of alcoholic beverages. Rates will also increase for other luxury goods.

According to the law on fixed payments, tax rates are increased for casinos - AMD 4.5—to 6 million.

Law on cash transaction implies to limit cash payments in commercial transactions by up to AMD 300,000 at a time and up to AMD 3 million within a month. Violation of the norm provides for a fine of 5%, which is paid in excess of the norm.

Changes in the law on taxes include fines for violation of holding a business. The fine for illegal business activity is 50-times the amount of sales, but not less than AMD 200,000.

For the unregistered manufacturing and transportation without the supporting documents stipulated fine is equal to 50% of the cost of goods.

The Law on Fixed Payments for Tobacco Products repealed a provision stating that a fixed payment for imported cigarettes is set in the amount of VAT 15% of the payment, while customs duty is 8.5% of the amount.