ArmInfo. The Armenian authorities want to create new incentives for law-abiding taxpayers. The National Assembly of the Republic of Armenia is discussing amendments to the Tax Code at its plenary session on June 17.
As Hamlet Sahakyan, Deputy Chairman of the RA State Revenue Committee, noted in his speech, the proposed legal act is driven by the need to create the necessary regulatory framework for creating favorable conditions for law-abiding taxpayers, as well as further strengthening the partnership between the tax authority and the taxpayer. Specifically, it is proposed to introduce permanent certificates for law-abiding taxpayers, instead of the current 12-month validity period.
For oversight purposes, the tax authority will conduct quarterly monitoring of taxpayer activities. The government will establish a procedure for certificate revocation, which will specify cases in which, based on the results of current monitoring, the validity of a law-abiding taxpayer certificate will be terminated. For taxpayers holding a certificate, the tax authority will act as their servicing agency through the appropriate tax authority official. For organizations holding a certificate of law-abiding taxpayer, a coefficient of 0.8 will be applied when assessing risk criteria for planning comprehensive tax audits.
However, the certificate issuance procedure will not apply to investment funds, given that such a fund may also constitute a pool of assets, and the investment fund manager can apply for and receive a certificate in accordance with the established procedure, as well as a reduced corporate income tax rate of 0.01%.
