Armenia to Double Turnover Tax Rates While Allowing a Credit Based on Expenses

The Armenian parliament is reportedly considering draft legislation to amend the country's turnover tax regime. This includes doubling the turnover tax rates as follows, depending on the activity:

• Trade - 10%, up from 5%
• Manufacturing - 7%, up from 3.5%
• Catering and restaurant services - 12%, up from 6%
• Other activities - 10%, up from 5%

Along with the rate increase, taxpayers under the turnover tax regime will be allowed a credit against the tax due based on documented expenses, but with …