Today, at a special sitting, the National Assembly unanimously adopted two important legislative initiatives presented by the government, which referred to the solution of the problems that arose during the martial law.
The drafts were presented in the National Assembly by the RA Deputy Minister of Finance Arman Poghosyan.
In particular, the Draft Law on Making Amendments to the Tax Code, which concerns broad sections of society, allows banks and credit organizations to forgive the loan obligations of people killed, missing or disabled as a result of hostilities, moreover, not only fines and penalties, but also the principal amount of the loan.
“I think this is an important episode. The draft aims not only to forgive the loan liabilities of people who have taken part in hostilities and acquired disabilities, but also the loant liabilities of their first-degree relatives - jointly living parents, children and spouses,” - said Deputy Minister Arman Poghosyan.
According to the Deputy Minister, the regulation proposed by the draft law will also apply to individual entrepreneurs and notaries. Accordingly, it is recommended to consider the forgiven amount of the loan as a deductible amount so that the tax agent does not have to calculate and pay income tax for the forgiven amount. The draft will allow to forgive not only loans that are recognized as unreliable, but also loans that are not yet recognized as unreliable.
“The preferential regulations offered by the draft will be applicable not only to loans in the classical sense, but also to other financial instruments, which are alternatives to loans - leasing, financing of expenses, debts, etc. In this regard, the regulations have become more general and more comprehensive,” - he presented.
He stressed that the legislative initiative does not oblige banks to forgive the loan obligations of this group of people, but creates a favourable tax environment, within which banks and credit organizations will be able to forgive tax liabilities at their own discretion without incurring tax consequences.
“We are talking about opportunities and favourable conditions, because in reality it is not possible to force one of the parties of civil-legal relations to forgive the right of claim against the other party. A favourable environment must be created to take that step voluntarily,” - noted Deputy Minister Arman Poghosyan.
The other Draft Law on Establishing Tax Privileges during Martial Law adopted today at the special sitting of the National Assembly exempts from taxes the import of military, humanitarian and health goods delivered to the relevant ministries from the EEU member states.