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March 29
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The bill proposes to exempt economic entities from making the prepayments of income tax in the second quarter of the year 2020. This is what Deputy Minister of Finance of Armenia Arman Poghosyan said during an urgent discussion on the bill on making amendments to the Tax Code in parliament today.

According to the existing legislation, prepayments must be made before June 20 of the given year, but now the system of prepayment of the income tax will be completely reviewed. It was also envisaged that the prepayment of the income tax for each quarter would be made in the amount of 20% of the amount of the income tax calculated based on the results of the previous year and in the amount of at least 2% of the turnover of sales based on the results of the previous quarter. This amendment will be permanent.

Thus, companies will no longer be compelled to submit an application stating the method of payment of income tax payment until March 20 of every year.

According to government officials, adoption of the bill is, in some sense, an anti-crisis measure that will somewhat solve the problem with liquidity of companies facing economic issues due to the coronavirus pandemic.

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This text available in   Հայերեն and Русский
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