Home > Latest News > Government Backs Mining Curbs For Offshore Firms

Government Backs Mining Curbs For Offshore Firms

The government on Thursday voiced support for an opposition proposal to at least restrict the presence of offshore-registered companies in Armenia’s mining industry accused by critics of tax evasion.

Hrant Bagratian, a former prime minister who is now an opposition parliamentarian, has been one of the industry’s most vocal critics. Bagratian claims that the mostly foreign firms mining copper, gold and other non-ferrous metals in the country are grossly underreporting their earnings which he says they are four times higher than sums declared to tax authorities. The offshore status of some of those firms only facilitates the tax evasion, according to him.

Armenian News

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