Traders in Armenia make ultimatum to government
Baku, Azerbaijan, Jan. 30
The representatives of small and medium-sized businesses in Armenia will temporarily cease their activities if the government doesn't suspend the 'Law on Turnover Tax' before Feb. 1, the participants of a rally held near the presidential residence said, news.am news website reported Jan. 30.
On Jan. 31, traders will launch a process of submitting documents to the tax service for temporary suspension of business activity. Their applications will be collected and presented in one package to the government.
Armenia's new 'Law on Turnover Tax' stipulates that the rate of the turnover tax for small and medium-sized businesses gets reduced from 3.5 percent to one percent for trade entities.
However, the traders are required to submit documents on the trade turnover to relevant authorities, otherwise they will be fined.
However, the representatives of large business often do not provide documents about the products for small and medium entrepreneurs.