YEREVAN. – The National Assembly Standing Committee on Economic Affairs on Thursday will debate on a bill that proposes making amendments to the Tax Code of Armenia, according to Zhamanak (Time) newspaper.  

“The government cannot return to last year’s rates of the excise tax, or the income tax, for completely different reasons, about which the authorities cannot speak.

“Armenia’s foreign debt grows with a geometric progression over the course of recent years; and as a result, the money, which is allocated from the state budget to pay this debt, is also growing.

“Armenia is on the threshold of default for already several years. But unlike other countries, which raise taxes, freeze salaries and pensions, reduce social spending after declaring default, Armenia is in that routine for already several years, [but] without formally declaring a default,” wrote Zhamanak.