Profit, income and trade tax rates reduction for the period of 2020-2022, as well as a temporary exemption from these taxes have been established.
The State Minister of the Artsakh Republic presented the business environment support programs
STEPANAKERT, APRIL 26, ARTSAKHPRESS: Profit, income and trade tax rates reduction for the period of 2020-2022, as well as a temporary exemption from these taxes have been established.
Artsakh State Minister Grigory Martirosyan told “Artsakhpress”, referring to programs that are envisaged to create favorable conditions for the business sector.
In any economic system, investments are the basis for sustainable economic growth and long-term economic development. In the current situation, the need to attract large- scale investments in the economy of Artsakh is more obvious.
Taking into account that in the post-war period, in order to ensure the investment opportunities of our country’s business environment, the improvement of the tax field is more demanded, the authorities have made a number of legislative changes aimed at easing and redistributing the tax burden by reducing tax rates, as well as establishing a number of tax benefits.
The value-added tax (VAT) exemption for sale of agricultural products produced in the Republic of Artsakh, alienation of apartments of an apartment building being constructed in the Republic of Artsakh and in terms of other deals have been established.
50% of taxes paid by organizations, individual entrepreneurs, except for credit organizations, banks, people carrying out mineral extraction, electric power and natural gas transmission activities, will be used for a period of three years to reimburse the loans received by October 1, 2020.
As a part of another program, the accrued interest on business loans of these entities from September 27, 2020 to April 1, 2021, but not more than 15 million drams, will be reimbursed by the state.
The state will also fulfill the obligations of individual entrepreneurs and non-individual entrepreneurs for loans not exceeding 3 million drams for agricultural activities, from September 27, 2020 to October 1, 2023, according to the schedule.