New Tax Code: Interview-Press Conference with Tigran Jrbashyan
23.06.2016
11:00
“Georgia abolishes the income tax from January 1, 2017, but we will continue to pay income taxes, and make decisions as a result of which income tax increases. Looking through our and Georgian formats, it becomes clear that the public will react to this reality, in the form of leaving Armenia,” Tigran Jrbashyan, the President of the American Chamber of Commerce in Armenia, made such a forecast during an interview-press conference at Media Center when speaking about the new Tax Code.

According to the economist, economic and legal departments affiliated to the National Assembly for the first time gave a very tough assessment of the new Code and noted in their report that the risks of the impact of the Code are not estimated.

Yet, by adopting the new Tax Code on the first reading, the government solved an issue of positioning itself in the possible negotiations with business companies, the economist says.

“Active process is now underway by the National Assembly Standing Committee on Economic Affairs. A number of experts, business associations are participating in them, the draft is read and reviewed article-by-article," he said, expressing a concern that such an approach would not be effective because it is important to clarify and fix the conceptual principles first.

The economist said that there are three main directions in the fiscal area, by which the state carries out its influence on the economy.

“The first is the tax system, the second is the customs system, and the third is the system of budgetary expenditures. As the customs system has been given to the Eurasian Economic Commission, it is clear that today's state toolbox is mainly the tax policy by which it can influence the economic behavior of the various players.

Therefore, the fiscal policy is the only weapon in the hands of our state. And the biggest concern of the Tax Code is that in case of the use of these weapons, you should have a very serious econometric modeling techniques for being able to assess what impact it will have in case of the use of any weapons," he said, stressing that no estimation of the impact was carried out.

Arevik Sahakyan, Program coordinator at “Media Center”

To contact the author please send an email to[email protected]

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