Offshore company evaded tax obligations: SRC
A criminal case has been initiated by the Investigations department of the State Revenue Committee of Armenia regarding a tax evasion case involving great sums of money, the SRC told. Based on documents received from the tax control agency, it was revealed that a company registered in Yerevan’s downtown Moskovyan Street, K and AK Ltd., has constructed a multi-apartment building and has alienated all of its units to three foreign companies which do not have official registration in Armenia – AK and AK Building Technologies Limited, AIG and Lasked Limited.
Afterwards, AK and AK Building Technologies Limited has sold apartments and parking spaces from that building in the offshore zone British Virgin Islands, however the company failed to present tax reports and evaded tax obligations.
According to initial calculations, in terms of VAT and profit tax – without penalties and fines – the company’s obligations amounted 251.065.000 AMD, Samvel Sinanyan, a SRC official said.
