Armenian government extends tax breaks for IT companies

YEREVAN, November 25. /ARKA/. The Armenian government on Thursday extended tax benefits designed for   IT startups for another year  until December 31, 2023, inclusive.

According to the amendments to the laws on state support to IT sector and the Tax Code, approved earlier by the government, the newly established IT companies enjoy zero profit tax rate and pay 10% income tax.

The government said the year 2022 was an unprecedented  in terms of the number of applications submitted by startups for tax benefits. For example, 1,074 companies applied for this tax benefit  in 2015-2021, while 1,230  companies applied for the benefit and were certified as of Nov. 8, 2022. By the way, 1,105 of them were founded by citizens of other countries.

The government noted that  this privilege is available to commercial and non-commercial organizations operating in the field of IT, including foreign legal entities that will register a new firm in Armenia.  They can also apply, obtain certificates and expand their business in Armenia. --0--

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13:16 11/25/2022