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The package of amendments to the Tax Code, proposing the equalization of the tax rate on income and the reduction of income tax, will lead to certain losses in the state budget, said the Armenian Deputy Finance Minister Arman Poghosyan on Wednesday.

According to him, as a result of a series of measures, these losses will be at least restored.

“Losses are estimated at 0.7% of GDP. As a result of the equalization of the income tax rate, the losses will be about 30–31 billion drams, and the maximum loss as a result of the reduction in the income tax will make 14–15 billion drams. However, we calculated that even under the most conservative scenario, thanks to changes in other areas, losses can be minimized,” he noted.

There are numerous administrative measures, including changes in tax systems, ranging from taxing the lottery and gaming sphere and ending with the registration of lottery tickets, he said adding that the bill does not create fiscal risks.

The official explained that the losses are estimated at 45 billion drams, and the effect is estimated at 16 billion drams in comparison with the budget for 2018.

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