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YEREVAN. – A total of 144 IT startups have emerged in Armenia, between 2016 and 2017.

Suren Karayan, the Minister of Economic Development and Investments, noted the above-said at a press conference on Wednesday.

As per the minister, this became possible owing to the law on state support to the IT sector, and which came into force in 2015.

Under this law, small and medium-sized startups in Armenia have been exempt from taxes—except for the employees’ income tax—for three years. 

And in early 2017, the respective privileges were extended for up to five years, and their deadline was canceled.

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