Weekly Client Alert # 23

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BILLS IN PARLIAMENT

 

New Administrative Offences

The amendments to the Code of Administrative Offenses envisages new types of administrative offenses for violating the rules in force during the military situation, in particular, inter alia,

  • Violation of the special regime of restricting the right of free movement or entering or leaving the territory,
  • Violation of the special order of sale, purchase, circulation of food, medicine, essential goods,
  • Violation of the rules of publication or dissemination of information by a media operator during military situation,
  • Violation of the rules of publication or dissemination of information by persons who do not carry out media activities during the military situation or violation of the rules of restriction of freedom of expression.

The bill has been adopted by the National Assembly of the Republic of Armenia in the second reading.

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Amendments to Labor Code

According to the new amendment to the Labor Code of RA while performing conscription military service or as a non-military person (volunteer) on a voluntary basis in the Republic of Armenia, as well as while participating in military operations in other countries on the basis of mutual military assistance agreements with the Republic of Armenia, one is relieved of his/her job responsibilities while retaining his/her job (position).

The bill has been adopted by the National Assembly of the Republic of Armenia in the second reading.

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FINANCIAl SPHERE

 

Imposing New Term for Classification of Unreliable Assets

Henceforth, commercial banks and credit organizations will be entitled to write-off the accrued fines and penalties imposed on individuals in connection with loans classified as unreliable until August 31, 2020 (instead of May 31, 2018) without incurring additional tax obligations.

The law has been approved by the National Assembly of RA on October 07, 2020.

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New Deductions from Gross Income

The penalties and (or) fines levied and relieved towards the individuals registered at the banks and credit organizations and included in the assets considered as non-performing for 91 or more days and which are not yet classified as unreliable shall be deducted from the gross income of the banks and credit organizations as of the date of August 31, 2020.

The bill has been adopted by the National Assembly of RA on October 07, 2020.

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