Rustam Badasyan, the President of the RA SRC, hosted the delegation led by Iva Petrova, the head of the International Monetary Fund’s mission in Armenia. Issues of mutual interest in the current cooperation were discussed at the regular meeting.
Rustam Badasyan, welcoming the representatives of the IMF, emphasized the long-term cooperation of the SRC and the IMF, emphasizing the key role of the IMF in the process of implementation of RA tax and customs reforms.
During the meeting, a number of important issues were discussed, in particular, the performance of tax revenues for 2024 and the forecast of revenues for 2025, the priorities and reforms of tax administration, the progress of the implementation of the universal income tax declaration system in Armenia, the consequences of the assessment of tax loopholes, as well as the progress of customs reforms.
The reforms implemented in the tax and customs sectors in 2023-2024 were also summarized, presenting the priorities of tax administration in 2025.
At the end of the meeting, the parties committed to implement the agreements reached, ensuring the continuous process of cooperation.
How will customs reforms impact foreign investment in Armenia’s economy?
Interview with Rustam Badasyan: Insights on Tax and Customs Reforms in Armenia
Time.news Editor (TNE): Welcome, Rustam Badasyan, President of the RA SRC. Thank you for joining us today. Recently, you hosted a delegation from the International Monetary Fund (IMF) led by Iva Petrova. Can you tell us about the key topics discussed during this meeting?
Rustam Badasyan (RB): Thank you for having me. The recent meeting with the IMF delegation focused on several critical issues concerning our ongoing collaboration. We discussed tax revenue performance for 2024 and our revenue forecast for 2025. This conversation is crucial as it helps us set the foundation for fiscal stability and growth in Armenia.
TNE: That sounds vital for Armenia’s economic future. What were some specific reforms in tax administration you highlighted during your discussions?
RB: During the meeting, we reviewed the progress of the universal income tax declaration system, which is a significant step in enhancing transparency and fairness in our tax system. Additionally, we looked into the implications of tax loopholes and how we can effectively mitigate them. This is essential as it ensures that every citizen contributes fairly to the economy.
TNE: The implementation of customs reforms is another area that you’ve identified as a priority. Can you elaborate on the progress and its implications for Armenia?
RB: Indeed, customs reforms are pivotal to developing our economy and trade. We summarized the reforms implemented in the tax and customs sectors for 2023-2024. Ensuring efficient customs processes not only improves revenue collection but also simplifies trade for businesses operating in Armenia, which can lead to increased foreign investment.
TNE: It sounds like there’s a clear roadmap for reform in your collaboration with the IMF. What practical advice would you give to businesses and citizens following these changes?
RB: I encourage businesses to stay informed about the ongoing reforms and actively participate in discussions concerning tax policy. Understanding the implications of the tax administration and customs processes will not only help them comply but also leverage opportunities that arise from a more transparent system. For citizens, educating themselves about the universal income tax declaration is vital, as it fosters a culture of accountability and encourages civic engagement.
TNE: Your insights are incredibly valuable, Rustam. As you look toward 2025, what are the key priorities for tax administration that you foresee?
RB: Our priorities include solidifying the universal income tax declaration system, enhancing digital infrastructure to streamline processes, and addressing any tax loopholes to ensure equality in tax collection. These steps are designed to create a robust tax environment that supports economic growth and builds public trust in the system.
TNE: Thank you, Rustam, for sharing your insights on tax and customs reforms in Armenia. We look forward to seeing how these initiatives unfold and positively impact the country’s economic landscape.
RB: Thank you for the opportunity to discuss these important topics. Continuous cooperation with the IMF will be instrumental in shaping a prosperous future for Armenia.