CENTRAL BANK GOVERNOR SAYS GOVERNMENT EAGER TO CRACKDOWN ON SHADOW ECONOMY

Armenpress
Nov 21 2006

YEREVAN, NOVEMBER 21, ARMENPRESS: Central Bank governor Tigran
Sarkisian told journalists today that the government has worked out
an all-embracing plan of actions to drastically reduce the volume of
shadow economy.

Sarkisian described the document as ‘very serious’ saying also a prime
minister-affiliated council to help promote entrepreneurship will
be set up soon. The Central bank governor said one of the projected
actions is to crucially increase the number of transactions subject
to mandatory cashless settlement.

He said the government believes it would become an effective instrument
to thwart attempts of some businessmen to hide the real amount of
their financial flows. He said serious administrative innovations are
expected to be introduced to allow tax officials to crackdown on tax
evasion more effectively.

The governor said this document would be send to parliament after
being carefully examined by the council that would be established
under the prime minister.