MAJOR BUSINESS TO PROVIDE INCREASE IN TAX RECEIPTS

ARKA
Oct 8, 2008

YEREVAN, October 8. /ARKA/. A 22.1% increase in tax receipts planned
under Armenia’s state budget for 2009 can be provided only through
major business, Chairman of Parliament Commission on Financial,
Credit and Budget Issues Gagik Minasyan said.

State budget tax receipts are to total 726bln Drams next year –
a record-high level as compared with the previous years.

"We do not have an alternative under the circumstances of this increase
in tax receipts and the planned GDP growth of 9.2%," Minasyan told
journalists. The "shadow" sector of the economy should be reduced
and major business companies pay taxes due, otherwise it will be
impossible to reach such an increase in tax receipts as no heavy tax
burden can be placed on small business, Minasyan said.

Under the state budget approved by Armenian Government on September
25, budget revenues are to total 905bln Drams next year, on-budget
expenditures are planned at 945bln Drams with budget deficit
constituting less than 1% of the GDP – 40bln Drams. Tax to GDP relation
is to reach 17.4% in the year 2009. ($1=304.05Drams).