Small business owners in Armenia staged a protest outside the government building on Monday, voicing strong opposition to a proposed tax increase they say will worsen economic conditions and threaten their operations.
According to Armenian media, protesters collected more than 2,300 signatures against the new tax burden.
Hakob Avakyan, head of the Association for SME Cooperation, stated that the government refuses to engage in dialogue with the business community, adding that decisions are being made without considering the opinions of entrepreneurs. He warned that the authorities’ refusal to revise their decision could have the opposite effect of what they intend.
Protesters also criticized the government for making administrative documentation processes excessively complicated. Ermine Tovmasyan, head of the Armenian Association of Accountants, added that the likely outcome of the new taxation rules would be an increase in the number of accountants operating off the books.
As of January, the turnover tax rate was doubled — from 5% to 10% for trade and from 3.5% to 7% for manufacturing. Additionally, a new regulation coming into effect on July 1 will remove preferential tax treatment (on VAT and corporate profit tax) for construction, real estate, legal, and accounting companies.
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