Annual turnover of Armenia’s it startups amounts to $8.2 million

YEREVAN, February 28. /ARKA/. The aggregate annual turnover of Armenia’s IT startups amounts to about AMD 4 billion ($8.2 million), Emil Tarasyan, Armenian deputy economic development and investments minister, said on Monday.    

In his words, it has become possible to achieve such figures thanks to the adoption by the National Assembly on December 17, 2014 of the law that implies tax preferences for startups. 

As many as 178 companies have been registered and 865 new jobs have been created since then. 
Tarasyan said that the new law has brought AMD 154.8 million ($318,000) to the government budget as income tax. 

He said that entrepreneurial skills of the representatives of the area have improved as well enabling them to develop their own products and export them. 

According to the economic development and investments ministry, the country’s 540 IT companies transferred $500 million to the government budget in 2016 showing a 20% year-on-year growth. 

In 2016, the IT industry ensured 6% to the country's GDP. --0---

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16:11 02/28/2017