Armenian bill halves penalties for non-fulfillment of tax obligations
22.04.2020,
17:00
Today, Armenia's National Assembly has passed in the first reading a set of amendments to the Tax Code, which call for halving the amount of penalties applied for non-fulfillment of tax obligations.
YEREVAN, April 22. /ARKA/. Today, Armenia's National Assembly has passed in the first reading a set of amendments to the Tax Code, which call for halving the amount of penalties applied for non-fulfillment of tax obligations.
MP Mikael Melkumyan from the opposition Prosperous Armenia Part, said under the current law the failure to meet certain tax obligations entails a daily penalty in amount of 0.07% of the unpaid amount. He said the amendments suggest reducing it to 0.04%. He said on an annualized basis, the aggregated amount of penalty will be cut from 27% to 14.6%.
The second change is about a normative provision, according to which, if an economic entity accumulates tax liabilities in the amount of more than 500 thousand drams, the head of the State Revenue Committee is authorized to arrest its property and bank accounts.
Melkumyan said over the past 2-2.5 years, this provision was applied to some 9,813 business entities. According to the proposed amendments, the threshold is to be raised to 1.5 million drams. ($1 - 480.87 drams). --0--
MP Mikael Melkumyan from the opposition Prosperous Armenia Part, said under the current law the failure to meet certain tax obligations entails a daily penalty in amount of 0.07% of the unpaid amount. He said the amendments suggest reducing it to 0.04%. He said on an annualized basis, the aggregated amount of penalty will be cut from 27% to 14.6%.
The second change is about a normative provision, according to which, if an economic entity accumulates tax liabilities in the amount of more than 500 thousand drams, the head of the State Revenue Committee is authorized to arrest its property and bank accounts.
Melkumyan said over the past 2-2.5 years, this provision was applied to some 9,813 business entities. According to the proposed amendments, the threshold is to be raised to 1.5 million drams. ($1 - 480.87 drams). --0--
