Armenia boosts tech sector with $80 million annual tax break package

  • A senior Russian official warned Armenia that joining the European Union would be “incompatible” with staying in the Eurasian Economic Union. Armenia’s economy remains highly dependent on Russia, and leaving the Kremlin-led bloc would have broad economic impacts for the country.
  • A senior Armenian official said he expects local tech companies to keep about $80 million every year that would otherwise be taken as tax, after parliament passed a new package of tax breaks for the country’s burgeoning IT sector.

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