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 …