New Tax Support Packages Proposed in the High-Tech Sector
During today’s government session, Minister of High-Tech Industry Mkhitar Hayrapetyan proposed a new package to develop the sector. The changes are planned to be implemented over the next seven years.
In the first phase, a 100 percent income tax refund is proposed for startups entering the sector with 30 employees. For startups with more than 30 employees, a 50 percent income tax refund is planned.
The Minister of High-Tech Industry noted that in the second phase of the proposed new package, companies that hire labor migrants will receive a 50 percent income tax refund.
It is proposed to return 50 percent of income tax to small companies for one quarter, and 25 percent to large companies.
In the third phase, it is proposed for startups that employees participating in non-formal education programs at universities in other countries will have 70 percent of their travel expenses covered by the government.