News - Gambling organizers in Armenia shall pay 10% income tax to state budget

Gambling organizers in Armenia must pay a 10 percent income tax to the state budget if winning more than 5 million drams. This was stated by the chairman of the State Revenue Committee (SRC), Rustam Badasyan, during the debates on the package of bills on addenda to the Law on the Regulation of Gaming Activities and to the attached laws, at the meeting of the Standing Committee on Economic Affairs of the National Assembly (NA), on Monday. According to him, the gaming business in Armenia is still regulated by the state. "It is in the field of proper taxation. And with the help of this draft [law], we will regulate the taxation of winnings, which, according to the current Tax Code, are considered deductible income and are not taxed," said Badasyan. The SRC chief added that the annual calculation methodology will be used for all other winnings. "In other words, if there is a positive difference between all the interest rates made during the year and the received winnings, the individual will be offered to reflect that positive difference in the annual [income] declaration and pay the state budget at a rate of 5 percent," Badasyan said. After some debates, this bill was approved by the aforesaid standing committee of the NA.