RNK NATIONAL ASSEMBLY WILL DISCUSS BILLS ON DECREASING TAX RATES

PanARMENIAN.Net - 16.10.2000, MEDIAMAX, YEREVAN. On October 18 the National Assembly of Karabakh will discuss some amendments and changes to the tax law of the state.

On October 4 the government of the Republic of Nagorno Karabakh approved a number of bills on tax rates decrease, starting January 1, 2001. In particular, the government suggests decreasing the income tax rate to 5 per cent. According to the same bill, salary less than 10.000 drams will not be taxable.

RNK government suggests decreasing the excise tax rate for enterprises producing goods from local raw materials. The bill specifies up to 5 per cent excise tax rate for beer and wine production, and up to 10 per cent for spirits production. RNK government also suggests that enterprises, producing a number of goods from local raw materials, be VAT-free. They also suggest decreasing land tax rate from 15 to 6 per cent. The social assignment rate will also be decreased gradually- instead of current 28 per cent it will make up 15 per cent in 2001, 13 per cent in 2002 and 10 per cent in 2003.--0--