WB helps improve business climate, competitiveness in ArmeniaJuly 4, 2012 - 18:36 AMT PanARMENIAN.Net - The World Bank’s Board of Executive Directors approved a US$12 million credit for the Tax Administration Modernization Project (TAMP) for Armenia. The Project will support the State Revenue Committee (SRC) to modernize its business processes, expand the use of e-governance including electronic filing of tax returns, and introduce a more targeted, risk-based compliance strategy, based on voluntary compliance. “The government - with the support of development partners, notably the IMF, IFC, USAID and the World Bank - has already taken steps to improve its revenue administration,” said Jean-Michel Happi, World Bank Country Manager for Armenia. “Building on these efforts, this Project provides the framework and financing to support a comprehensive modernization of Armenia’s revenue administration. This operation is central to the Bank’s on-going Country Partnership Strategy for Armenia as it’s focused on enhancing the competiveness of domestic economy.” The proposed project will increase voluntary tax compliance of tax payers, reduce tax evasion and compliance costs, as well as increase SRC’s administrative efficiency. These objectives will be achieved by i) introducing modern, integrated information technology to support SRC operations; ii) improving data exchange between the SRC and other agencies to enhance risk management and targeting of compliance activities; iii) reengineering and automation of business processes to improve efficiency and effectiveness; and iv) expanding e-Government, including e-filing and e-payments to lower the compliance burden for the private sector. The total amount of the project is US$15.1 million, of which the Government of Armenia will finance US$3.1 million. The IDA credit in the amount of US$12 million carries a maturity of 25 years including a grace period of 5 years. Since joining the World Bank in 1992 and IDA in 1993, the total IDA and IBRD commitments to Armenia amount to US$1, 624 million. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |