Tax amnesty: what does the government propose?

The government approved several bill packages under which a tax amnesty is being declared. Namely, private entrepreneurs having obligations on paying income tax and minimum amount of mandatory social security payments until December 31, 2012, are exempted from the payment of these amounts.

Vardan Harutyunyan, President of the State Revenue Committee mentioned the package plans to exempt self-employed individuals from taxes, and the types of operations, under which the exemptions are proposed to be carried out, are defined by the law appendix.

“In terms of social payments, private entrepreneurs, notaries and self-employed individuals having fine obligations on failing to make payments within defined period of times are also exempt from the fines. Individuals having tax obligations in terms of VAT who alienated two or more properties until September 30, 2016, are also exempt from fines and penalties,” he said.

The PM said it is a good proposal. “We need to keep the public maximally informed, so they know what it’s about and be prepared if needed,” he said