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March 29
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YEREVAN. – The entry into force of tax reforms will have a favorable impact on the banking system in Armenia, banking expert Arman Barseghyan said at a press conference.

According to him, all tax reforms practically “soften” the tax regime, especially for small and medium-sized businesses, and microbusinesses will be completely exempt from paying taxes. This means that business revenues will increase, free resources will be available for business development, and loans will also be required for this. In addition, the tax exemption for the microbusinesses will lead to no more need to hide the funds. "By this logic, large amounts of money will be taken out of the shadows," Barseghyan said. He considers the adopted reforms generally favorable, which provide new opportunities.

Commenting on the question whether the banking system in Armenia is experiencing any results in the fight against the shadow economy, Barseghyan said: "There is a lot of progress in this regard, which we see in our figures." In addition, the ratio of declared and unreported turnover has also changed, and businesses are becoming more transparent.

The discussion of bills in the National Assembly that restrict cash transactions will also have a positive impact on the fight against shadow economy. "Our attitude towards these legislative reforms is definitely positive," he said. "However, these reforms must be carried out with a correct timeframe to make the transition as smooth as possible."

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