Gagik Minasyan: charges to state budget of Armenia might increase by $163.8 million

At the expense of economic growth it will be possible to provide about $163.8 million additional charges to the state budget, the chairman of Committee on Finances, Credits and Budgetary Affairs of Armenia, Gagik Minasyan, said today.

The Armenian government has prepared a legislative package, under which it plans to make significant changes to the tax legislation in order to ensure an increase in tax revenue to the state budget in 2012 of about $262.6 million as compared with 2011.

Minasyan said that new tax charges will relate to the social sphere, in particular there will be an increase in taxes on expensive cars and incomes of more than 2 million drams ($5200), as well as through excise taxes on alcoholic beverages.

The new tax legislation will calculate income tax on the progressive principle. According to the new calculations, the upper limit of taxes for people with incomes of more than $5200 will have to pay up to 25 % tax.