CASH-REGISTERS TO BE INSTALLED IN ALL ARNENIAN FAIRS

ARKA
Aug 6, 2008

YEREVAN, August 6. /ARKA/. All Armenian fairs and markets must have
cash registers installed beginning from Sept 1 2008, Premier Tigran
Sargsyan told a group of fair owners and organizers Tuesday. A
relevant demand has been set under the new concept approved by the
council for introduction of new income management standards.

"Over 80 percent of trade is carried out in fairs which is a good
chance to evade taxes. We cannot tolerate the current tax management
habits any longer," he said.

The owners of the fairs are in charge of supervision over installation
and proper operation of cash registers which must be integrated into
one common computer network by October 1, the premier stressed.

In addition, the organizers must conclude contracts with the vendors
on their territories according to the sample contracts approved by
the government.

Under the new concept, the owners will have to review their contracts
with economic entities including information on the specific size
of trading areas and submit the renewed contracts to the State Tax
service. Renting out trading areas without concluding contracts is
subject to a fine 100,000 to 300, 000 drams (close to $330 – $1000)
per trading point.

From: Emil Lazarian | Ararat NewsPress