YEREVAN.- As a result of the property tax increase, the community's income will increase fourfold in this regard. Armenia’ Minister of Finance Atom Janjughazyan said this Tuesday during a meeting with journalists.
According to him, in the case when the income from property tax is 10 billion drams today in the country, after the changes, that figure will approach 40 billion drams. "It is necessary to reconsider the approaches and consider the changes not as an increase of the burden, but as a right to demand to fulfill the obligations that the state has undertaken before the citizens; that is, a legal right is formed to demand the provision of high-level social services.
The changes in the property tax are a logical continuation of the tax reforms, whose component is also the introduction of a single income tax rate at the amount of 23 percent—with the prospect of lowering it all the way to 20 percent,” Janjughazyan added.