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ARMENIA DAILY DIGEST
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From: Giorgi Kandelaki (GKandelaki@sorosny.org)
Date: Fri Jun 14 2002 - 11:48:32 EDT
ARMENIAN GOVERNMENT MOVES TO CURB CASH TRANSACTIONS. The cabinet
approved at its 13 June session a draft bill that would set clear
limits on cash transactions and thus help to reduce tax evasion,
RFE/RL's Yerevan bureau reported. The bill would require that all
corporate payments for goods or services worth more than 500,000
drams ($865) be made by bank transfer, and would limit the monthly
amount of cash transactions any company may make to 5 million drams.
Those limits will be reduced to 300,000 drams and 3 million drams in
January 2004 and to 100,000 drams and 1 million drams in January
2005. Experts estimate that 75 percent of all domestic business deals
in Armenia are conducted in cash. LF
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