285 ENTERPRISES TO PUBLISH THEIR FINANCIAL REPORTS THIS YEAR

NOYAN TAPAN
APRIL 8, 2010
YEREVAN

The RA Ministry of Finance published a list of 285 enterprises which
have to publish their financial reports (with an external auditor’s
conclusion) this year.

Prime Minister Tigran Sargsyan said during the April 8 sitting of the
government that these 285 enterprises are the ones with a turnover
of over a billion drams in 2008. In his words, the list will be
specified and it is likely that after the reports are summarized,
some enterprises will be removed from the list and others will be
included in it.

"We are criticized that we cannot ensure proper control at big
enterprises, and I agree with that. If a big enterprise has an
opportunity to avoid tax liabiliies, it is a great evil for any state,"
the prime minister said, adding that "this undermines the foundations
of a state".

He said that the Ministry of Finance must publish the results of its
analysis within a year, in particular the indices of big tax payers
in 2008 and 2009. According to T. Sargsyan, there is concern that
last year the main tax burden was on small and medium business, which
prevented SME from developing. "Thus the publication of reports will
allow the public to control us, because one can make an independent
analysis based on these financial reports and see which big enterprises
fulfill their obligations to the state," the prime minister said.