FEB. 2 2015 (The Conway Bulletin) — Gazprom Armenia was the largest taxpayer in Armenia in 2014, media reported, highlighting just how important Russia is to the Armenian economy. Gazprom Armenia owns Armenia’s gas pipeline system. In 2014 it paid taxes of nearly 43b dram ($90m). This was almost double the second highest taxpayer.
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(News report from Issue No. 217, published on Feb. 4 2015)
MARCH 3 2015 (The Conway Bulletin) – Turkmen president Kurbanguly Berdymukhamedov flew to Anakara for talks with his Turkish counterpart, Recep Tayyip Erdogan, on cooperation in the energy sector. Media reported that Mr Erdogan wants to set up a grouping with Turkmenistan and Azerbaijan. This is likely to revolve around the South Caucasus energy corridor.
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(News report from Issue No. 221, published on March 4 2015)
JAN. 21 2015 (The Conway Bulletin) — The authorities in Tajikistan want to build six new cement-making plants, media reported quoting government officials. Currently Tajikistan is an importer of cement. It wants to become a net exporter of cement. Chinese investment has fueled a building boom in Tajikistan over the past couple of years.
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(News report from Issue No. 216, published on Jan. 28 2015)
JAN. 27 2015 (The Conway Bulletin) — The price of wheat in Kyrgyzstan has reached a record high because of a poor crop last year, high energy prices and the falling value of the Kyrgyz som, media quoted media reported. Kyrgyz households are sensitive to food price fluctuations as they spend around 60% of their income on food.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 216, published on Jan. 28 2015
JAN. 22 2015 (The Conway Bulletin) — Japanese industrial conglomerate Toshiba is negotiating with Kazakhstan to build a new nuclear reactor, media reported. Kazakhstan has been looking to build a new nuclear power station for years. It has earmarked a position for the power station but not yet started work.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 216, published on Jan. 28 2015)
JAN. 27 2015 (The Conway Bulletin) — BP said it had cut 255 jobs from its operations in Azerbaijan as a result of the sharp drop in oil prices over the past six months. The 255 jobs represents 8% of its total workforce in Azerbaijan. The redundancies highlighted the impact of the oil price drop on the country.
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(News report from Issue No. 216, published on Jan. 28 2015)
JAN. 26 2015 (The Conway Bulletin) — Building work in Armenia fell by 4.3% last year compared to 2013, data released by the national statistics agency showed. The construction sector is an important part of the Armenian economy and its decline highlights the problems faced by business as it deals with the fallout from Russia’s economic downturn.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 216, published on Jan. 28 2015)
JAN. 23 2015 (The Conway Bulletin) — Looking to boost exports, lawmakers in Armenia have drafted a bill to cut export profit tax to 2% from 20% for large exporters. The government says the tax cut will create jobs. Its opponents say that the tax cut will dent competition and simply help large companies retain their dominant market positions.
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(News report from Issue No. 216, published on Jan. 28 2015)
JAN. 23 2015 (The Conway Bulletin) — Foreign investment in Uzbekistan is again under the spotlight after Russian news agency Regnum quoted the British ambassador in Tashkent, George Edgar, saying that companies were having to quit the country because of various problems with the business environment.
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(News report from Issue No. 216, published on Jan. 28 2015)
>>New tax code is an effort to stop tax evasion>>
JAN. 26 2015 (The Conway Bulletin) — A new tax code in Armenia is upsetting the very people it is supposed to be helping.
The government has decided to reduce the tax for small business, those earning less than $122,000, to 1% of their sales from 3.5%. The downside of the new law is that the traders and shopkeepers have to document more closely their sales.
Media reported that hundreds of traders demonstrated in front of the parliament building against the new tax laws. Their problem is the introduction of the extra paperwork.
The bottom line is that the government wants to increase tax receipts. To do this it has decided to crackdown on tax evasion and the fiddling of receipts. And this is where the problem lies. The Armenian traders’ will have to fill in more paperwork and, they say, will actually earn less under the new tax code because they will have to declare more of their sales.
The small traders have also complained that they are being used as guinea pigs before the new tax code is rolled out to bigger businesses.
With the Armenian economy reeling from the turmoil in Russia, the government is desperate to highlight good news. It has already had to postpone the introduction of the new tax code from November until Feb. 1. The issue is becoming increasingly contentious.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 216, published on Jan. 28 2015)