Weekly Client Alert # 13

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Bills in Parliament

 

The Presence of The Account Holder in Armenia May Also be Confirmed Without Going to a Bank by the Pensioner

It is suggested that the customer's (account holder's) physical presence in Armenia be confirmed by the bank without the pensioner visiting the bank. The bill has been included in the agenda of the regular sittings.

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GOVERNMENT DECREES

 

19th Package to Neutralize the Economic Consequences of Coronavirus

During the government session on 27.05.2020, the 19th package of actions aimed to neutralize the economic consequences of coronavirus was approved. The purpose of the package is to help RA citizens and sole entrepreneurs to overcome the impact of the economic consequences of coronavirus by implementing competitive business programs. Therefore, by expanding entrepreneurial knowledge and increasing the availability of finance, the event will attempt to promote the implementation of entrepreneurial ideas of beneficiaries seeking to create a business from scratch, as well as the innovative development of existing business programs of beneficiaries. The event is carried out through the Center for Investment Promotion Foundation by the method of providing guarantees for preferential lending. Lending is carried out by licensed banks and credit institutions operating in the territory of the Republic of Armenia.

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Amendments and Additions to the Code of Administrative Procedure

During the government session on 27.05.2020, the Government approved the draft law "On amendments and additions to the Code of administrative procedure of the Republic of Armenia". Currently, both the filing of an administrative complaint under an administrative act and the filing of a claim for a challenge result in the suspension of the execution of the administrative act. The draft proposes to provide an exception to the automatic suspension of an administrative act based on Article 83 of the Code of Administrative Procedure. As a result, a third party's challenge of an administrative act will not automatically lead to suspension of the execution of the administrative act. Instead, during Administrative court proceedings, at the request of the plaintiff, the Court may wholly or partially suspend the execution of the administrative act by the general order envisaged by Article 83 of the Code of Administrative Procedure.

We’d also like to note that this Draft has been developed due to the joint efforts of TK and Partners and the Ministry of Justice of RA.

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System of Income Declaration for Individuals

At a meeting held on May 30, 2020, the Prime Minister of Armenia announced his intention to introduce a system of income declaration for individuals in Armenia.

We will follow closely further development of this initiative and will inform our clients once this initiative materializes.