Protto Legal & Business prepared a summary of the initiative of the Armenian government to provide state support to the IT companies which were impacted with the devaluation of the USD compared to Armenian Dram.

The proposed support program assumes a cashback of the salaries and income tax paid in September, October, November and December 2022.

The support will make up:
- 100% of income tax
- 50% of the income tax for the IT companies who are operating under the tax scheme granted in the scope o the law "On State Support of the Information Technology Sector".

See more details in the Protto's legal review.

https://t.me/threenstartups

#protto #legalreview

The Government of the Republic of Armenia approved a procedure to support IT companies who suffered due to USD rate decline. The purpose of the assistance is to help the beneficiaries to reshape their businesses to stay competitive and sustainable in the changed conditions.

The deadline for the submission of support program application is 1 February 2023. The beneficiaries will receive the funds within four months after applying, with four equal tranches, with the maximum amount of 400 million Armenian drams for each beneficiary.

See more details in this memo provided by Protto legal & business.

https://t.me/threenstartups

#armeniangovernment #governmentsupport #support #itsector #protto #prottolegalandbusiness