TAX REFORM IN KARABAKH WILL PROVIDE CONDITIONS FOR STABLE ECONOMIC DEVELOPMENT

PanARMENIAN.Net - 16.11.2000, MEDIAMAX, YEREVAN. The tax reforms having been carried out in late 1999 in Karabakh are aimed at formation of tax system which will create favorable environment for high and stable paces of economic growth, attraction of investments and development of export fields.

Mediamax's correspondent in Stepanakert informs that the head of the State Tax Department of Karabakh Hakop Kaghramanian said that thanks to the decrease of profit tax the real incomes of businessmen will increase tangible (from January 1, 2001 the acting 15 percent rate will be decreased to 10%, and from January 1, 2002 - to 5 percent).

Kaghramanian informed that it is also expected to amend the Law on "Value Added Tax". The amendments will be aimed at supporting the local producers, as a result of which the cost of production has to reach the level of current market prices and, thus, competitiveness at the foreign markets will increase. --0--