Earnings of Armenia's IT companies increased 25.2% to $474.9 million this year

YEREVAN, December 26. /ARKA/. Earnings of Armenia's IT companies total $474.9 million this year, and this is 25.2% more than they earned in 2013, Armenian Economy Minister Karen Chshmarityan said Friday at a news conference. Some 11,560 people work at IT companies, he said referring to the ministry's study. Chshmarityan also said that the law on state assistance for IT sector was adopted and the laws on profit and income taxes were amended this year to create favorable environment for startup companies. In particular, the procedure of establishment of new companies is facilitated. Startup companies will be allowed to operate the first three years without paying profit tax and will pay only a 10% income tax. The bill applies to start-up IT companies or already operating, but not registered groups of developers who have IT ideas and consist of no more than 15 employees. In 2000, the Armenian government announced IT industry most important in the national economy. There were more than 380 registered IT companies in the country in early January 2014, of which 159 operated with foreign capital or were large foreign companies' offices. The IT industry ensures 20 to 25% growth to Armenia's economy every year. Its share in the country's GDP is 3.8%. In 2013, the IT sector recorded a 22% growth. Its annual turnover amounts to $380 million, and it is planned to build up the turnover to $1 billion by 2018. ----0------

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19:36 12/26/2014