Armenian government to return 50% of revenue tax to IT companies for new jobs

YEREVAN, MARCH 24, ARMENPRESS. The Armenian governing administration accredited the govt support treatment for commercial companies and personal business owners in the IT sector.

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“With this final decision we return 50% of the profits tax for newly designed work to boost certain situations for IT businesses,” the State Revenue Committee Chairman Rustam Badasyan stated.

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“There are two objectives: 1st of all we have a massive group of freelancers who operate in the shadow, at household, they operate under different contracts for foreign corporations and perform in the shadow. We provide the variety of situations for them to reward from point out social credits on staying registered lawfully, and that getting registered gets a lot more advantageous than not registered. Secondly, numerous countries battle to maintain really experienced IT industry experts and there is large levels of competition in this sector. Specially, several privileges exist in each European international locations and in CIS international locations. For case in point in Uzbekistan, Georgia there are numerous IT sector privileges,” he reported, adding that they want Armenian IT firms to be aggressive in this context.

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Companies qualifying for the assistance application must have at the very least 50 new positions as of March 1. “I signify not the get the job done contracts but the legal contracts. And for these 50 workforce the businesses will have to not have experienced compensated income tax for the previous 6 months before March 1. Which means, this is about entirely newly opened careers.”