Armenia moves to tax profits from Facebook, GoogleAugust 6, 2021 - 17:16 AMT PanARMENIAN.Net - Google, Facebook and similar companies will now be able to pay VAT in Armenia, Head of the State Revenue Committee Rustam Badasyan told a government meeting on Friday, August 6, after the Cabinet approved the draft project. Dwelling upon amendments in the country's Tax Code, Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Economy Minister Vahan Kerobyan noted, in turn, that the regulation is aimed not only at securing additional tax revenues, but also at leveling competitive conditions. “According to our estimates, additional taxes of at least AMD 20 billion (over $40 million - Ed.) will be collected,” he said. In 2018, Facebook started recording advertising sales made through local representatives in the countries where they are located, rather than funneling that money directly to Ireland, which has a lower corporate income-tax rate than many other countries. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." The care reaction is slated to launch globally on Facebook’s app and website sometime next week. Partner news Most popular in the section | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |