Vazgen Safaryan forecasts budget deficit
"The 2012 budget will be socially oriented. Social allocations are expected to increase by AMD 35 billion, pensions by AMD 3000 and social benefits by AMD 2700," Chairman of Local Manufacturers Union Vazgen Safaryan told journalists on October 31.
He forecasts 4.6 percent GDP growth, with tax proceeds amounting to AMD 101 billion.
Safaryan stressed that the growth of taxes is determined by social payments. If earlier, employers paid 7000 drams for each worker, today they pay 9000 drams.
"Thus, the more you receive, the more you have to pay," he said.
As a result of reforms, equal excise taxes will be fixed for wine, brandy and vodka to provide equal footing for all manufacturers and to exclude unjustified rise in commodity prices.
The Chairman of Local Manufacturers Union says in 2012 consumers will observe rise in prices in supermarkets. Tax authorities can conduct spot checks after producing their licenses but fines will increase from 150 to 300 thousand drams.
