7.5% economic growth, as well as over-fulfillment of approved tax program rates were recorded in Armenia in 2017, acting Prime Minister Karen Karapetyan said during today’s Cabinet meeting, adding that these developments serve base for further strengthening the potential of Armenia’s economy, as well as ensuring long-term, fundamental and tangible reforms for wide public circles.

“Our preliminary assessments state that it’s necessary to touch upon the issue of reducing income tax rates as in the micro-level the reduction of the burden of this type of tax will increase the real incomes for each employed citizen, and on the other hand, will enable the employer to engage more qualified employees within the same salaries”, Karen Karapetyan said, adding that it’s also necessary to improve the tax administration tools to significantly reduce and prevent cases of avoiding tax evasion, to ensure budget stability.

In this regard the acting PM tasked the acting ministers of Economic development and investments and Finance, as well as the chairman of the State Revenue Committee to sum up the preliminary research and assessments within ten days, and based on that to jointly discuss and presents proposals on reduction of income tax rates and effective expansion of tax administration tools.