2024-10-05 17:48:36
In the first reading, the Parliament voted in favor of the draft of additions and amendments to the Tax Code, authored by Mikael Melkumyan, deputy of the “Prosperous Armenia” faction.
The purpose of the project is to mitigate the risks related to the economic consequences of the spread of the coronavirus, the predicted current liquidity, the reduction of the tax burden in the form of penalties due to the failure to fulfill tax obligations on time, and the non-application of the instrument of prohibition that ensures the fulfillment of these obligations for unfulfilled tax obligations up to a certain threshold.
The draft proposes to calculate the penalty for overdue tax liabilities at the rate of 0.04 percent instead of 0.075 percent for each overdue day after April 20, 2020. Moreover, the calculation of penalties that began before the law came into force will continue after April 20, 2020 at the rate of 0.04 percent, until the 730 days for their calculation expire.
After April 20, 2020, the amount of 500 thousand drams of tax liabilities defined by the Code for prohibition should be replaced by 1 million 500 thousand drams. Moreover, the specified amount will be taken into account when applying the instrument of prohibition after April 20, 2020.
As a result of the adoption of the project, it is expected to mitigate the economic consequences of the spread of the coronavirus.
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