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Armenia’s newly appointed prime minister pr Posted on: 22-04-2014

Armenia’s newly appointed prime minister promises to actively cooperate with IT sector

YEREVAN, April 16. / ARKA /. Armenia’s newly appointed prime minister Hovik Abrahamyan promised to actively cooperate with IT sector , the government press service said today after a meeting between the head of the government and representatives of the Union of Information Technology Enterprises (UITE).

"The government ill continue to further develop and strengthen cooperation with IT sector. I'm sure it's very important for our country, the economy and civil society” Abrahamyan was quoted as saying at the meeting.

The acting chief of government staff, Vache Gabrielyan, recalled that IT sector development is one of the government’s priorities. There is also a prime minister-chaired IT Promotion Council.

In March the government approved a package of draft legal amendments that would exempt newly established IT firms employing up to 15 people from profit tax for three years.

The bill also envisages a preferential income tax rate for their employees, equivalent to 10 percent of their gross wages. The minimum payroll tax rate in Armenia is currently set at 24.4 percent.

According to acting economy minister Vahram Avanesyan, the package is expected to trigger establishment of 40- 60 IT startups each year thanks to the tax breaks.

According to official data, there are 300 IT firms in Armenia employing up to 10,000 engineers. The sector has been growing by an average of 23 percent annually from 2008. In 2012 its combined output was worth around $244 million.

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