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YEREVAN. – The new income tax rates in Armenia will harm the IT companies in the country.

Karen Vardanyan, Executive Director of the Union of Information Technology Enterprises (UITE) of Armenia, stated the aforesaid at a press conference on Wednesday.

In his words, the decision to increase these rates was made as a result of negotiations between Deputy Prime Minister and Minister of International Economic Integration and Reforms, Vache Gabrielyan, and the International Monetary Fund (IMF).

“The IMF and the World Bank are raising the matter of Armenia’s national debt, and they are forcing the country to adopt a law that will enable to close that debt,” noted Vardanyan. “But instead of reducing shadow business, the Armenian government has decided to strike a blow to ‘white belt’ companies, most of which work in the IT sector.

“A 2-percent increase in tax will cause companies $10-million damage, and no state program envisages a reimbursement for that amount.” 

The UITE head added that, to pay these taxes, companies in Armenia will have to cut down their business development, personnel training, and marketing expenses.

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