An Analysis and Comparison of the Armenian and Australian Economies
Monday, May 18, 2020
What are the differences between these economic policy roadmaps?
Armenia implemented several reforms related to entrepreneurship during 2019. One key change was the adoption of a tax reform package, which will be enacted in January 2020. A major component of this tax reform is the doubling of the allowed turnover tax threshold — which will increase to a total of 115 million Armenian drams (AMD). Additionally, micro-businesses with an annual turnover of up to 24 million AMD are exempt from taxation starting in January 2020. Additionally, tax rates will transition from their current tiered system to a flat income tax rate of 23%, also effective January 1, 2020.
Another key policy change, which was enacted following the Velvet Revolution of April–May 2019 that resulted in a new government regime, is the guaranteeing of equal market access for all people. This will create a more favourable business environment and is expected to boost overall economic activity in the country. (Read more…).