Sergey Muradyan, advisor to the deputy speaker of the Parliament announced good news for the ICT ecosystem of Armenia.

Yesterday, on Dec 21 2023, the Government approved a legal initiative to extend the operation of the law supporting ICT companies in Armenia for another year.

The initiative will be considered by the Parliament today aiming to approve it.

https://t.me/threenstartups

#regulations #government #parliament #itsupport #extension

Tax incentives for newly founded IT companies extended until December 31, 2024, providing relief only in the amount of 10% of income tax.

Some stats from the past years:

- Over 4K companies received the incentive to date
- 5.8K new workplaces have been created
- In 2021, 2022 and 2023 the number of companies getting incentives was growing steadily.
- After a peak growth in 2022 the growth continued in 2023.
- 80% of companies are exporting companies (incl. product companies).
- The average number of employees per company has been reducing during 2021, 2022, 2023 from 9.65 employee in 2021 to 3.54 employees in 2023.

Government plans developing new set of law amendment measures aiming to stimulate the growth of employment in the companies.

https://t.me/threenstartups

#regulations #government #parliament #itsupport #extension #mhti