Head of Freedom Holding believes that tax regime in Armenia is quite attractive

Timur Turlov, founder and CEO of Freedom Holding Corp. believes that the tax regime in Armenia is quite attractive for investors. He made this statement while delivering his speech at an investment and financial conference in Yerevan, according to the Armenian news agency ARKA.

«Sometimes tax regime can be an obstacle when, for example, there is a tax for securities but no tax for banking deposits. Thank God, in Armenia this rather helps,» Turlov said.

As Turlov noted, the Armenian government collects taxes from profit from securities, while gains generated by deposits are free of any taxes. He believes that this approach is aimed at facilitating the development of settlement and clearing infrastructure (cashless payments for goods and services between entities and individuals) in order to get the opportunity to keep public and corporate securities in Euroclear where they are available for foreign investors.

Currently, Armenia collects a 20% VAT, 20% personal income tax for both residents and non-residents, an 18% profit tax for businesses, and a 5% tax on dividends.

Turlov also said that if Freedom takes part in the placement of shares of a «big and outstanding» Armenian company, it will offer these stocks to its Kazakhstani clients. According to the businessman, Freedom has more than 300,000 clients in Kazakhstan.