TK Alert 41

 

AMENDMENTS TO THE RA TAX CODE

On the 1st of March 2023, the State Revenue Committee presented to public discussion a bill introducing amendments to the Tax Code. The bill proposes to repeal the provisions of Article 159, Part 4 of the Tax Code, regarding the return of income tax paid on received dividends from the state budget.

In particular, according to Article 159, Clause 4 of the Tax Code, in the event the income received in the form of dividends is invested in the statutory or share capital of the same organization that is a resident of Armenia, the amount invested in the amount of the investment, but not more than the amount of income tax paid to the state budget from dividends, is compensated from the state budget in accordance with the procedure established by the Government.

In the context of the above, the Parliament has provided for a possibility according to which, in case of an investment in the charter capital of a resident Company in the amount of income tax paid from dividends, i.e. 5%, the Government decision provides for the possibility of compensation of the aforementioned income tax from the state budget.

By the aforementioned legislative amendments, the provision providing for the above-mentioned right is being suggested to be removed from the Tax Code.

In the case of the adoption of the draft, the above- mentioned provisions shall enter into force from January 1, 2024.

Find more here

 

AMENDMENTS TO THE CBA REGULATIONS

The Central Bank of the Republic of Armenia has implemented new amendments concerning the qualifications of the staff of currency exchange offices.

The Board of the Central Bank of the Republic of Armenia, by Decision No. 16-Ն of 28/03/2023, abolished the qualification requirements for employees of exchange points, by making respective changes to Regulation 10 on “Licensing and regulation of foreign currency purchase and sale operations" ("Regulation").

The criteria for professional qualifications imposed on staff of exchange points, provisions concerning of their examination procedures and the procedure for issuing a certificate of professional qualification were excluded from the Regulation.

The amendment was adopted by the Board of the Central Bank of the Republic of Armenia on February 28, 2023, and have entered into force on March 19, 2023.

Find more here