Update-2025-december-en

LEGAL UPDATE

December 2025

1. On making amendments and supplements to the Tax Code of the Republic of Armenia regarding the permanent establishment of a non-resident
organization or a non-resident individual.

2. On making amendments to the Tax Code of the Republic of Armenia regarding profit tax and deductible income.

1. On making amendments and supplements to the Resolution of the Government of the Republic
of Armenia No. 867 of June 29, 2002 on the issuance of licenses

2. Law on Universal Health Insurance.

3. On making an amendment to the Civil Code of the Republic of Armenia regarding universal insurance.

4. On Amendments to the Law on Insurance and Insurance Activities.

5. Amendments and supplements to the Law on Medicines about to do.

6. On Amendments and Supplements to the Law on Medical Assistance and Service to the Population.

7. On Amendments to the Law on Conciliation.

1. On making amendments and supplements to the Civil Code of the Republic
of Armenia regarding mortgage contracts.

2. On Amendments to the law on state registration of rights to property.

3. On amendments and supplements to the law on cryptoassets.

1. On amending the Law on State Duties regarding goods classified under positions 7214 and
7215 of the EAEU Customs Tariff Code.

2. Law on the Information Systems Regulatory Authority.

3. On making additions and amendments to the Code of the Republic of Armenia on administrative offenses.

3.1. On Amendments and Supplements to the Law "On State Duty".

4. On making additions and amendments to the decisions of the Board of the Central Bank of the Republic of
Armenia No. 117-N of May 2, 2011, No. 323 of December 27, 2013, No. 19-N of February 16, 2016, and No.
332 of November 27, 2012 of the Board of the Central Bank of the Republic of Armenia.

1. On making amendments and additions to the Labor Code of the Republic of Armenia.

2. On establishing the procedure for entering into the digital system employment contracts concluded and continuing until January 1, 2026, as
well as individual legal acts on employment adopted and in force until July 1, 2025, and on making additions and amendments to the Resolution
of the Government of the Republic of Armenia No. 410 of April 10, 2025.

PART I. TAX SECTOR

(This section of legal updates includes legal news related to the tax sector for December 2025)

1. On making amendments and supplements to the Tax Code of the Republic of Armenia regarding the permanent establishment of a non-resident organization or a non-resident individual

Name of the legislative act

Law of the Republic of Armenia No. HO-377-N of 13.11.2025 on Amendments and Supplements to the Tax Code of the Republic of Armenia

https://www.arlis.am/hy/acts/217374

https://www.arlis.am/documentview.aspx?docid=194363

Change status:

The change to the law will take effect on December 4, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of the above-mentioned act, a change was made to the Tax Code of the Republic of Armenia.

What are the changes about:

TThe amendments relate to the clarification of the concept of a permanent establishment of non-residents in the Tax Code, the clarification of the procedure for taxation of income of employees of non-resident organizations, the simplification of the calculation of income tax, as well as the introduction of fully electronic provision and regulation of certificates confirming residency in the Republic of Armenia.

In particular, the amendments remove construction activities from the grounds for considering them as permanent establishments, establish the taxation of income of employees of non-resident organizations from work performed in the Republic of Armenia, simplify the procedure for calculating income tax payments to the budget, and introduce a procedure for fully electronic provision and validation of the Republic of Armenia residency certificate.

To repeal Part 6 of Article 27 of the Tax Code of the Republic of Armenia (hereinafter referred to as the Code) of October 4, 2016.

Article 27. Permanent establishment of a non-resident organization or non-resident individual

1. A permanent establishment of a non-resident organization or non-resident individual in the Republic of Armenia (hereinafter referred to as a permanent establishment) is considered to be any of the places of activity in the Republic of Armenia specified in this part, registered as a taxpayer with the tax authority in accordance with the procedure established by Chapter 58 of the Code, through which the non-resident organization or non- resident individual carries out entrepreneurial activities in the territory of the Republic of Armenia, regardless of the period of implementation of the activity, except for the case specified in Part 3 of this Article. 6) any place of implementation of construction activities and (or) construction and installation works, as well as provision of supervisory services for the implementation of such works;

To supplement Part 1 of Article 144 of the Code with the following paragraph 5:

Article 144. Sources of income

1. Income from sources in the Republic of Armenia shall be considered to be: 5) income paid to employees hired by a non-resident organization for work performed and/or services provided in the territory of the Republic of Armenia, if the income paid is considered an expense for the permanent establishment of the non-resident organization registered in the Republic of Armenia, regardless of the fact of deducting this expense from gross income, and/or the employees hired by the non-resident organization are involved in the activities of the permanent establishment.

Article 154. Part 1 of the Code shall be amended as follows:

Article 154. Procedure for calculating the amount of income tax payable to the state budget

Old version.

1. Based on the results of the reporting period, tax agents shall pay to the state budget the positive difference between the amounts of income tax calculated at the rate established by Article 150 of the Code in respect of the tax base relating to that period and the sums of temporary disability benefits and maternity benefits actually paid at the expense of the state budget of the Republic of Armenia in the given reporting period, as defined by the Law of the Republic of Armenia “On Temporary Disability and Maternity Benefits”. The benefits established by this part shall be considered deducted from the amounts of income tax calculated in respect of the tax base relating to the reporting period from the 20th of the month following the reporting period of deduction. The amounts of income tax calculated in respect of the tax base relating to the reporting period, as defined by this part, shall also include the amounts of income tax calculated in the cases established by Part 14 of Article 150 of the Code as the tax base for the 12th month following the tax year in which the right to receive income was acquired.

New version.

1. Based on the results of the reporting period, tax agents shall pay to the state budget the amounts of income tax calculated at the rate established by Article 150 of the Code in relation to the tax base relating to that period.

Article 314 of the Code shall be amended as follows:

Article 314. Provision of a certificate of being considered a resident of the Republic of Armenia

1. The tax authority shall confirm the status of a resident of the Republic of Armenia of organizations and individuals by providing electronically a certificate of being considered a resident of the Republic of Armenia in accordance with the form approved by the tax authority and/or by electronically confirming the form of a certificate confirming the fact of residency of the Republic of Armenia established by the legislation of a foreign state. A certificate of residency established by the legislation of a foreign state shall be considered a certificate confirming the fact of residency of the Republic of Armenia if its content corresponds to the content of the certificate of being considered a resident of the Republic of Armenia established by the tax authority.

2. For the purpose of confirming the status of a resident of the Republic of Armenia, the taxpayer shall electronically submit to the tax authority an application for confirmation of the status of a resident of the Republic of Armenia in accordance with the form approved by the tax authority, which shall include the following information:

1) In the case of legal entities registered in the Republic of Armenia and individuals registered as individual entrepreneurs:

a. taxpayer registration number, name, organizational and legal type, name and surname of the individual entrepreneur,

b. The year of approval of the status of a resident of the Republic of Armenia,

c. the name of the country where the certificate of being considered a resident of the Republic of Armenia must be submitted,

d. if necessary, a note confirming the form of the residence certificate prescribed by the legislation of the foreign state, attaching the form of the residence certificate prescribed by the legislation of the foreign state;

2) in the case of individuals (except for the case specified in paragraph 1 of this part):

a. taxpayer registration number, name, surname, passport data, public services number, address of residence or registration,

b. The year of approval of the status of a resident of the Republic of Armenia,

c. the name of the country where the certificate of being considered a resident of the Republic of Armenia must be submitted,

d. a note on the period of actual stay of the individual in the Republic of Armenia for 183 or more days during the tax year or on the location of the center of vital interests in the territory of the Republic of Armenia, attaching a free-form justification for the center of vital interests and copies of supporting documents,

e. if necessary, a note confirming the form of the residence certificate prescribed by the legislation of the foreign state, attaching the form of the residence certificate prescribed by the legislation of the foreign state.

3. The certificate of being considered a resident of the Republic of Armenia shall be provided electronically in the cases specified in point 1 of part 2 of this article immediately after the submission of the application, and in the case specified in point 2 of part 2 of this article, within two working days following the date of submission of the application. In case of rejection of the application for confirmation of the status of a resident of the Republic of Armenia, a notification of rejection shall be submitted electronically within two working days following the date of submission of the application, indicating the reason. The tax authority shall confirm the form of the certificate confirming the fact of residency, as defined by the legislation of a foreign state, electronically within two working days following the date of submission to the tax authority, and in case of rejection, it shall submit a notification of rejection, indicating the reason.

4. An application for confirmation of the status of a resident of the Republic of Armenia shall be rejected if the information and (or) documents necessary for confirmation of residency, as defined in Part 2 of this Article, have not been submitted.

5. The certificate of being considered a resident of the Republic of Armenia includes the following information:

1) taxpayer registration number, name, organizational and legal type, name, surname, passport data, public services number of the individual.

2) The year of establishment of the status of a resident of the Republic of Armenia;

3) the name of the country where the certificate of being considered a resident of the Republic of Armenia must be submitted;

4) a note to ensure the application of the agreement (convention) between the Republic of Armenia and the country of submission of the certificate for the avoidance of double taxation on income and property, if such an agreement (convention) exists in the year of establishment of residency;

5) the corresponding control code and quick response (QR) code generated by the system.

6. Confirmation of the status of a resident of the Republic of Armenia can be carried out for both the current and previous tax years, if the necessary information confirming residency for previous tax years is available. The certificate of being considered a resident of the Republic of Armenia is provided separately by year and country.

7. The certificate of being considered a resident of the Republic of Armenia is provided in Armenian, and if requested by the taxpayer, also in English and Russian.

2. On making amendments to the Tax Code of the Republic of Armenia regarding profit tax and deductible income.

Name of the legislative act

Law of the Republic of Armenia No. HO-471-N of 17.12.2025 on Amending the Tax Code of the Republic of Armenia

https://www.arlis.am/hy/acts/218638

https://www.arlis.am/documentview.aspx?docid=194363

Change status:

The amendment to the law will take effect on December 25, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of the above-mentioned act, a change was made to the Tax Code of the Republic of Armenia.

What the changes are about:

T

As a result of this amendment to the Law, complex regulations aimed at tax provision and promotion of the universal health insurance system are introduced into the Tax Code of the Republic of Armenia. In particular, first, the Universal Health Insurance Fund is included among the payers of profit tax, as a result of which the latter acquires the status of a payer of profit tax and operates in the general tax field, ensuring the financial transparency and accountability of its activities. In addition, the amendments expand the scope of tax benefits for health insurance premiums paid by employers. If previously only amounts paid for employee health insurance up to a certain amount could be considered as expenses or non-taxable income, now this scope also includes insurance premiums paid for the benefit of individuals or their dependents within the framework of universal health insurance, as defined in the Law on Universal Health Insurance.

Thus, as a result of the amendment to this law, a tax incentive environment is being formed that contributes to the financial stability of universal health insurance, the purpose of which is to encourage the participation of employers and other persons in the system and ensure its effective operation..

To supplement Part 2 of Article 103 of the Tax Code of the Republic of Armenia of October 4, 2016 (hereinafter referred to as the Code) with the following paragraph 6:

Article 103. Profit tax payers

2) Registered in the Republic of Armenia:

6) Universal Health Insurance Fund.

In Article 121, Part 8, Clause 1, Sub-clause “b” of the Code, after the words “in the amount of drams”, add the words “as well as insurance premiums paid for (the benefit of) individuals or their related persons within the framework of universal health insurance, as defined by the Law of the Republic of Armenia “On Universal Health Insurance”.

8. For the purpose of determining the tax base of a resident profit taxpayer and a non-resident profit taxpayer carrying out activities in the Republic of Armenia through a permanent establishment, the following are also considered expenses:

b. in the case of acting as an employer, insurance payments made for the health insurance of its employees, in the amount of up to 10 thousand drams per month of income received for each employee, as well as insurance payments made for (benefits of) individuals or their related persons within the framework of universal health insurance, as defined by the Law of the Republic of Armenia "On Universal Health Insurance".

In Article 147, Part 1, Clause 29 of the Code, after the words “in the amount of money”, add the words “as well as insurance premiums paid for (the benefit of) individuals or their related persons within the framework of universal health insurance, as defined by the Law of the Republic of Armenia “On Universal Health Insurance”.

Article 147. Deductible (non-taxable) income (deductions)

1. For the purpose of determining the tax base, the following are considered deductible (non-taxable) income:

29) insurance premiums paid by employers for the health insurance of their employees, in the amount of up to 10 thousand drams per month of income received for each employee, as well as insurance premiums paid for (benefits of) individuals or their related persons within the framework of universal health insurance, as defined by the Law of the Republic of Armenia "On Universal Health Insurance".

PART II: HEALTH SECTOR

(This section of legal updates includes legal news related to the healthcare sector for December 2025)

1. On making amendments and supplements to the Resolution of the Government of the Republic of Armenia No. 867 of June 29, 2002 on the issuance of licenses

Name of the legislative act:

"On Amendments and Supplements to the Decision of the Government of the Republic of Armenia No. 867 of June 29, 2002" Government Decision No. 1645-N of November 20, 2025 https://www.arlis.am/hy/acts/216834

Change status :

This Decision entered into force on December 1, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of the above-mentioned act, a change was made to the Government Resolution No. 867 of June 29, 2002 " On approving the licensing procedures for the production of medicines, pharmacy activities, the provision of medical care and services by organizations or individual entrepreneurs, the wholesale sale of medicines, the production of medical products, the provision of medical products and the forms of licenses for the implementation of the specified activities in the Republic of Armenia."

What the changes are about:

The changes relate to the introduction of a procedure for the electronic issuance of licenses and inserts for medicines and activities carried out in the medical sector .

In particular, it is stipulated that licenses for the production of medicines, pharmacy activities, medical care and service, wholesale sale of medicines, as well as the production and service of medical products can be issued not only in paper format, but also in electronic format , and the inserts attached to electronic licenses are also provided electronically, with a QR code and the possibility of online verification of validity ..

The following additions and amendments shall be made to the Resolution of the Government of the Republic of Armenia No. 867 of June 29, 2002 “On approving the licensing procedures for the production of medicines, pharmacy activities, the provision of medical care and services by organizations or individual entrepreneurs, the wholesale sale of medicines, the production of medical products, the provision of medical products services in the Republic of Armenia, and the forms of licenses for the implementation of the specified activities”:

After point 5 of the procedure approved by Appendix No. 1, add a new point 5.1 with the following content:

5.1. Licenses for the production of medicines are issued in paper or electronic form. In case of issuing licenses in electronic form (through the generation and rendering of the latter), the forms of licenses may differ from the forms of licenses issued in paper form approved by Appendix N 2 to this decision, while preserving the information specified therein, as well as containing additional information specified in Appendix N 2 for licenses issued in electronic form.

After paragraph 3 of the procedure approved by Appendix No. 3, a new paragraph 3.1 shall be added with the following content:

3.1. Licenses for the implementation of pharmacy activities are issued in paper or electronic form. In the case of issuing licenses in electronic form (through the generation and display of the latter), the forms of licenses may differ from the forms of licenses issued in paper form approved by Appendix N 4 to this decision, while maintaining the information specified therein, as well as containing additional information specified in Appendix N 4 for licenses issued in electronic form.

After point 4 of the procedure approved by Appendix No. 5, a new point 4.1 shall be added with the following content:

4.1. Licenses for the provision of medical care and services are issued in paper or electronic form. In the case of issuing licenses in electronic form (through their generation and display), the license forms may differ from the forms of licenses issued in paper form approved by Appendix N 6 to this decision, while maintaining the information specified therein, as well as containing additional information specified in Appendix N 6 for licenses issued in electronic form.

After paragraph 4 of the procedure approved by Appendix No. 9, a new paragraph 4.1 shall be added with the following content:

4.1. Licenses for the wholesale sale of medicines are issued in paper or electronic form. In the case of issuing licenses in electronic form (through the generation and rendering of the latter), the license forms may differ from the forms of licenses issued in paper form approved by Appendix N 10 to this decision, while preserving the information specified therein, as well as containing additional information specified in Appendix N 10 for licenses issued in electronic form.

After paragraph 7 of the procedure approved by Appendix No. 9, a new paragraph 7.1 shall be added with the following content:

7.1. The insert provided with the licenses for the wholesale sale of medicines issued electronically shall also be provided electronically. In case of issuing the insert electronically, the forms of the insert may differ from the forms of the insert issued in paper form approved in Form N 1 of this Appendix, while preserving the information specified therein, and also containing additional information specified in paragraph 18 of this Appendix, which is provided for inserts issued electronically.

After point 17 of the procedure approved by Appendix No. 9, a new point 18 shall be added with the following content:

18. Electronically issued inserts also contain a quick response code (QR Code) and the following note:

"FOR THE INTELLIGENT: _ _ __-_ _ __-_ _ __-_ _ _ __

This document is issued exclusively electronically. The validity of the document and the download of the electronic original can be carried out by entering the control number or scanning the quick response code (QR Code) on the website of the Unified System for Verifying the Validity of Official Documents of the Republic of Armenia https://verify.e-gov.am .

After paragraph 4 of the procedure approved by Appendix No. 17, a new paragraph 4.1 shall be added with the following content:

4.1. Licenses for the production of medical products are issued in paper or electronic form. In the case of issuing licenses in electronic form (through their generation and display), the license forms may differ from the forms of licenses issued in paper form approved by Appendix N 18 to this decision, while maintaining the information specified therein, as well as containing additional information specified in Appendix N 18 for licenses issued in electronic form.

After paragraph 6 of the procedure approved by Appendix No. 17, a new paragraph 6.1 shall be added with the following content:

6.1. The insert provided with licenses for the production of medical products issued electronically shall also be provided electronically. In the event of the insert being issued electronically, the forms of the insert may differ from the forms of the insert issued in paper form approved in Form N 1 of this Appendix, while preserving the information specified therein, and also containing additional information provided for inserts issued electronically, as specified in point 17.1 of this Appendix.

After point 17 of the procedure approved by Appendix No. 17, a new point 17.1 shall be added with the following content:

17.1. Electronically issued inserts also contain a quick response code (QR Code) and the following note: "FOR THE INTELLIGENT: _ _ __-_ _ __-_ _ __-_ _ _ __ This document is issued exclusively electronically. The validity of the document and the download of the electronic original can be done by entering the control number or scanning the quick response code (QR Code) on the website of the Unified System for Verification of Official Documents of the Republic of Armenia https://verify.e-gov.am .

After paragraph 4 of the procedure approved by Appendix No. 19, a new paragraph 4.1 shall be added with the following content:

4.1. Licenses for the service of medical products are issued in paper or electronic form. In the case of issuing licenses in electronic form (through the generation and display of the latter), the forms of licenses may differ from the forms of licenses issued in paper form approved by Appendix N 20 to this decision, while preserving the information specified therein, as well as containing additional information specified in Appendix N 20 for licenses issued in electronic form.

After paragraph 5 of the procedure approved by Appendix No. 19, a new paragraph 5.1 shall be added with the following content:

5.1. The insert provided with the licenses for the service of medical products issued electronically shall also be provided electronically. In case of issuing the insert electronically, the forms of the insert may differ from the forms of the insert issued in paper form approved in Form N 1 of this Appendix, while preserving the information specified therein, and also containing additional information provided for inserts issued electronically, as specified in point 14.1 of this Appendix.

After paragraph 14 of the procedure approved by Appendix No. 19, a new paragraph 14.1 shall be added with the following content:

14.1. Electronically issued inserts also contain a quick response code (QR Code) and the following note:

"FOR THE INTELLIGENT: _ _ __-_ _ __-_ _ __-_ _ _ __

2. Law on Universal Health Insurance

Name of the legislative act:

Law HO-459-N on Universal Health Insurance https://www.arlis.am/hy/acts/218650

Change status :

This Law entered into force on December 24, 2025.

What the changes are about:

On December 24, 2025, the Law on Universal Health Insurance was adopted, which A mandatory universal health insurance payment system is being introduced in Armenia , defining who is responsible for paying, how much, and when they must pay.

In particular:

- The scope of insurance premium payers for employees and individual entrepreneurs is defined ,

- Fixed monthly and annual insurance premium rates are introduced, depending on the amount of income ,

- The mechanism and deadlines for calculating and paying payments are established , Stamp duty rates are also changing ,

- And the moment of obtaining the status of an insured person is regulated.

On December 17, 2025, the National Assembly of the Republic of Armenia adopted the Law "On Universal Health Insurance" in its second reading and in full, which defined, in particular, the scope of insurance premium payers, rates, and payment deadlines.

1. Regarding employees being considered as insurance premium payers

The following employees receiving wages from a tax agent (employer) and employers exempt from tax agent obligations are considered to be payers of insurance premiums:

1) as of November 2025 , based on the data available in the tax authority's database as of December 25, 2025. Moreover, insurance premiums will be calculated and withheld by the employer from the salary calculated for December 2025 and subsequent months, for each month up to and including the 20th of the following month (for example, for December 2025 up to and including January 20, 2026).

Moreover, employers do not calculate insurance premiums for employees who are citizens of the Republic of Armenia under the age of 18, as well as those who are 65 and older. For these employees, the information available in the registration application as of the date of submission of the income tax calculation will be taken as the basis.

Those receiving salaries from an employer exempt from the obligation of a tax agent calculate and pay insurance premiums independently, within the period specified for the employer.

Any salary reductions during the next 12 months will not be taken into account for the purpose of being considered a contributor.

The employees specified in this paragraph shall receive the status of insured persons from January 1, 2026. 

--- If the salary of an employee in November 2025 was 200,001 AMD or more, but as of December 25, 2025, he is not an employee (i.e., he was dismissed before December 25, 2025), then no insurance premium is calculated from the employee's December salary.

2) during the period from January to November 2026. In this case, insurance premiums will be calculated, withheld and paid by the employer (in the case of receipt from an employer exempt from tax agent obligations, by the employee) from the salary of the month following the month in which the salary exceeds 200,001 AMD and the months following it, for each month up to and including the 20th of the following month.

If the salary of an employee who was not a payer of insurance premiums as of November 2025 is 200,001 AMD or more in January 2026, that employee is considered a payer of insurance premiums from the month following January 2026 (in this case, from February 2026) (in this case, insurance premiums are calculated and paid for that employee for the month of February up to and including March 20, 2026).

The reduction in salary during the following 12 months is not taken into account for the purpose of paying insurance premiums.

Thus, the employees mentioned in this paragraph acquire the status of an insured person from the 1st of the month following the payment of the insurance premium.  Tax agents do not calculate insurance premiums from income paid to individuals under civil law contracts for the performance of works and/or the provision of services for 2026. 2. Rates set for salaried employees.

For salaries up to 500,000 AMD	4 800 AMD
For salaries of 500,001 AMD or more	10 800 AMD

For employees, insurance premiums for each reporting month for December 2025 and the following year, 2026, are calculated at the above rates, based on the size of the salary.

If an employee works for more than one employer at the same time, the obligation to calculate and pay insurance premiums is determined based on the amount of salary calculated for each employer.

Moreover, in case of working for more than one employer at the same time, each employer of the employee withholds the insurance premiums calculated in the above amounts from his/her calculated salary and transfers them to the state budget of the Republic of Armenia. Payments made in excess of the monthly insurance premium rate are returned to the employee based on an application submitted to the Universal Health Insurance Fund.

When adjusting income tax calculations for the calculation of insurance premiums, salary deductions are not taken into account.

Insurance premiums for employees receiving salaries from a tax agent and employers exempt from tax agent obligations in 2026 are not reflected in monthly (simplified) income tax calculations.

3. Amended rates of stamp duty for employees

For each reporting period, individual entrepreneurs and individuals who are not notaries receiving income from a tax agent or a person exempt from the obligation of a tax agent in accordance with the provisions of agreements concluded and ratified on behalf of the Republic of Armenia shall pay stamp duty at the following rates:

For salaries up to 1,000,000 AMD	1 000 AMD/month
For salaries of 1000,001 AMD or more	15 000 AMD/month

4. Individual entrepreneur: regarding being considered an insurance premium payer

From January 1, 2026, individual entrepreneurs registered in the Republic of Armenia who had a gross income (sales turnover) of 2,400,001 AMD or more in 2025 are considered to be insurance premium payers. Moreover, the gross income (sales turnover) declared in the sales turnover report of the micro-enterprise entity and/or turnover tax calculations and/or profit tax calculations are taken as the basis.

Individual entrepreneurs registered in the Republic of Armenia pay the insurance premium independently until April 20, 2026 inclusive, at the annual insurance premium rate of 129,600 AMD. The specified persons acquire the status of an insured person after submitting the relevant tax calculation and paying the insurance premium in full, from the 1st of the month following the payment date.

The reduction in income reflected as a result of the adjustment of tax calculations will not be taken into account.

5. Changed stamp duty rates for individual entrepreneurs

For each reporting period, individual entrepreneurs, as well as individual entrepreneurs receiving income from a person who is not a tax agent, and individuals who are not notaries pay stamp duty at the following rates:

In case of a settlement base of up to 12,000,000 AMD	12 000 AMD/year
In case of a settlement base of 12,000,001 AMD or more	120,000 AMD/year

3. On making an amendment to the Civil Code of the Republic of Armenia regarding universal insurance

Name of the legislative act:

In the Civil Code of the Republic of Armenia on making an amendment to the RA 17.12.2025 Law No. HO-460-N

https://www.arlis.am/hy/acts/218627

Change status:

This Law entered into force on December 25, 2025.

What the changes are about:

As a result of the amendment to this law, the general insurance rules set forth in the Civil Code no longer apply to universal health insurance.

In particular, the relations regulated by the Law "On Universal Health Insurance" are removed from the scope of application of the general insurance regime of the Civil Code and are regulated by a special law.

Article 1025 of the Civil Code of the Republic of Armenia of May 5, 1998 shall be supplemented with a fourth paragraph with the following content:

Article 1025. Application of general insurance rules to special types of insurance

"The rules provided for in this chapter do not apply to the relations provided for in the Law on Universal Health Insurance."

4. On Amendments to the Law on Insurance and Insurance Activities

Name of the legislative act:

On Amendments to the Law on Insurance and Insurance Activities RA 17.12.2025 N HO-461-N Law

https://www.arlis.am/hy/acts/218628

Change status :

This Law entered into force on December 24, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of this Law, a change was made to the Law on Insurance and Insurance Activities.

What the changes are about:

As a result of this amendment to the law, the Law "On Insurance and Insurance Activities" will no longer apply to universal health insurance.

In particular, relations regulated by the Law on Universal Health Insurance are removed from the scope of application of general insurance legislation and are regulated by a special law.

Article 1 of the Law HO-177-N of April 9, 2007 "On Insurance and Insurance Activities" shall be supplemented with the following content, part 4.1:

Article 1. Subject of the Law "

4.1. The operation of this law does not apply to the relations provided for by the Law "On Universal Health Insurance” .

5. Amendments and supplements to the Law on Medicines about to do

Name of the legislative act :

Law of the Republic of Armenia No. HO-462-N of 17.12.2025 on Amendments and Supplements to the Law on Medicines.

Change status :

This Law entered into force on December 24, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of this Law, a change has been made to the Law on Drugs.

What is the project about:

As a result of this amendment to the law, the concept of "drug included in the insurance package" and the entire pricing and reimbursement system related to it are now legislatively introduced.

In particular:

- The concepts of drugs included in the insurance package, their base price, reimbursement price and maximum reimbursement amount are defined,

- The state system of access to medicines also extends to the purchase of medicines with co-payment or full reimbursement within the framework of universal health insurance,

- The model of state regulation of drug prices is changing, with a transition from "reimbursed drugs" to "drugs included in the insurance package",

- And the authority to set drug prices is transferred to the Universal Health Insurance Fund..

To supplement Part 1 of Article 3 of the Law HO-86-N of May 17, 2016 "On Medicines" (hereinafter referred to as the Law) with the following content:

Article 3. Basic concepts used in the law

1. The following basic concepts are used in this law:

"60) a medicine included in the insurance package: a medicine included in the list approved by the Government, provided to the insured person in accordance with the Law "On Universal Health Insurance" for the purpose of medical assistance and service in the event of diseases or conditions subject to treatment in outpatient conditions, as well as for the purpose of continuous (dispensary) monitoring of chronic diseases and conditions;

61) base price of a medicine included in the insurance package: the price for purchasing a medicine within the framework of the insurance package, established in accordance with the procedure provided for by this Law;

62) reimbursement price of a medicine included in the insurance package - a monetary unit obtained as a result of applying an approved additional amount to the base price of the medicine included in the insurance package, in accordance with the legislation of the Republic of Armenia.

63) Maximum amount of reimbursement for a drug included in the insurance package: in accordance with the legislation of the Republic of Armenia, the maximum amount of reimbursement for a drug included in the insurance package, in monetary terms.

64) List of medicines included in the insurance package: a list approved by the Government, which defines the generic name, dosage form, and dosage of the medicines included in the insurance package, in accordance with the law.

Article 9 of the Law shall be amended as follows:

Article 9. State system for ensuring access to medicines)

Old version.

1. The state system for ensuring access to medicines includes the provision of medicines to beneficiaries defined by the legislation of the Republic of Armenia within the framework of health protection and improvement programs implemented by the state and full or partial reimbursement of the cost of medicines for them, the implementation of which is financed from the state budget, as well as state regulation and control of drug prices.

New version.

1. The state system for ensuring access to medicines includes the provision of medicines to beneficiaries defined by the legislation of the Republic of Armenia within the framework of health protection and improvement programs implemented by the state and full or partial reimbursement of the cost of medicines for them, the implementation of which is financed at the expense of the state budget, as well as full or partial (co- payment) reimbursement of the purchase of medicines by insured persons within the framework of the insurance package in accordance with the procedure established by the legislation of the Republic of Armenia, and the regulation and control of drug prices in accordance with this Law.

Article 11 of the Law shall be amended as follows:

Old version.

Article 11. State regulation of prices of reimbursed medicines

1. State regulation of prices of reimbursed medicines is implemented in the Republic of Armenia. State regulation of prices is the establishment of the maximum price for the purchase of reimbursed medicines in accordance with this law, which includes the base price of the medicine and the maximum wholesale or retail mark-ups for the medicine.

2. State regulation of prices of reimbursed medicines is carried out in accordance with the generic name of the medicine, for medicines registered in the Republic of Armenia in accordance with the procedure established by this Law, according to their dosage form and dosage.

3. The base price of a reimbursed drug, the wholesale and retail maximum mark-ups are established by the Government of the Republic of Armenia based on the conclusion of the commission carrying out work for the state regulation of drug prices (hereinafter referred to as the Commission).

4. The Commission shall be composed of representatives of state government bodies, non- governmental organizations engaged in the protection of the interests of consumers and patients, economists, and pharmacists. The procedure for the formation of the Commission, the maximum number of members, and the procedure for its activities shall be determined by the Government of the Republic of Armenia.

5. The Government of the Republic of Armenia shall establish the procedure for state regulation of prices of reimbursed medicines, including:

1) the methodology for calculating the base price, wholesale and retail maximum mark-ups for the purchase of a reimbursed drug;

2) a list of countries whose drug price comparisons determine the base purchase price, wholesale and retail maximum markups for drugs;

3) the procedure for determining the base price, wholesale and retail maximum mark-ups for the purchase of a reimbursed drug;

4) the procedure for reviewing the base price, wholesale and retail maximum surcharges established for the purchase of a reimbursed drug.

6. The base price for purchasing a drug may be revised no more than once during a calendar year.

7. The authorized body shall post the base prices, wholesale and retail maximum surcharges for reimbursed medicines on its official website.

8. The decisions on state regulation of drug prices provided for in this Article shall enter into force no later than six months after their official publication.

New version.

Article 11. State regulation of prices of medicines included in the insurance package

1. State regulation of prices of medicines included in the insurance package is implemented in the Republic of Armenia. State regulation of prices, in accordance with this law, is the establishment of reimbursement and maximum reimbursement amounts in the case of purchasing a medicine included in the insurance package, which includes the base price of the medicine, the reimbursement price and the maximum reimbursement amount.

2. State regulation of prices of drugs included in the insurance package is carried out in accordance with the generic name group of the drug and the trade names included in that group, in accordance with the requirements of this law, by dosage form and dosage.

3. The base price, reimbursement price, and maximum reimbursement amounts of the medicine included in the insurance package are determined by the Board of Trustees of the Universal Health Insurance Fund, based on the methodology for calculating the base price, reimbursement price, and maximum reimbursement amounts of the medicine included in the insurance package.

4. The base price, reimbursement price, and maximum reimbursement amount of a drug may be revised no more than twice during a calendar year.

5. The Universal Health Insurance Fund posts on its official website data on the base price, reimbursement price, and maximum reimbursement amount of medicines included in the insurance package, ensuring that this data is also accessible to persons with disabilities.

6. The decisions provided for in Part 3 of this Article on state regulation of prices for medicines in the insurance package shall enter into force upon publication on the official website of the Universal Health Insurance Fund, no later than the tenth day following publication.

7. The procedure for state regulation of prices of medicines included in the insurance package is established by the Government.

6. On Amendments and Supplements to the Law on Medical Assistance and Service to the
Population

Name of the legislative act :

Law of the Republic of Armenia No. HO-469-N of 17.12.2025 on Amendments and Supplements to the Law "On Medical Assistance and Service to the Population" https://www.arlis.am/hy/acts/218634

Change status:

This Law entered into force on December 25, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of this Law, a change was made to the Law on Medical Assistance and Service to the Population.

What are the changes about:

As a result of the amendment to this law, the Law "On Medical Assistance and Services to the Population" will henceforth be systematically aligned with the introduction and implementation of the Law "On Universal Health Insurance".

In particular:

- The concept of "criteria" is being redefined and expanded so that it is also applicable to the organization of medical care within the framework of universal health insurance,

- The legal basis for maintaining the Universal Health Insurance Fund database is legally established,

- The cases of lawful transfer of data considered medically confidential are being expanded, including transfer to the Universal Health Insurance Fund for control and monitoring purposes,

- The right to receive medical care is being reformulated, linking it not only to state programs, but also to the universal health insurance system,

- The obligation to inform patients is adapted to the insurance model, emphasizing the right to receive services within the framework of universal health insurance,

- Radically revised, moving from a state budget order system to a model of co-financing of universal health insurance premiums and direct financing of specific types..

To amend Article 2, Part 1, Paragraph 33 of Law HO-42 of March 4, 1996 "On Medical Assistance and Services to the Population" (hereinafter referred to as the Law) as follows:

Article 2. Basic concepts used in the law

1. The following basic concepts are used in this law:

33) standard : a document describing and regulating the organization and implementation of medical care and services within the framework of programs for the preservation and improvement of the health of the population, universal health insurance, as well as under other conditions, which is approved by the authorized body;

Article 7, Part 2 of the Law shall be supplemented with the following paragraph 3:

Article 7. Databases in the field of healthcare, the purposes of their maintenance

2. Healthcare databases are developed to achieve the following goals:

3. The database maintained by the Universal Health Insurance Fund for the purposes specified in the Law "On Universal Health Insurance".

In Article 11, Part 5, Paragraph 2 of the Law, amend it to read as follows:

Article 11. Medical confidentiality and requirements for its processing.

5. Data considered medically confidential may be transferred , without the consent of the patient or his/her legal representative, in accordance with the procedure established by the Government only:

Old version.

2) to the authorized body:

a. including state organizations operating in the field of ensuring the sanitary and epidemiological safety of the population and public health, in cases of infectious diseases, as well as diseases caused by chemical, radiation, biological factors, and in cases of individual non-communicable diseases or mass poisonings or threats thereof, as determined by the authorized body,

b. to the authorized body, in accordance with the Civil Code of the Republic of Armenia, when carrying out quality control work on the implementation of the work stipulated in the contracts concluded on the provision of free and preferential medical care and maintenance services guaranteed by the state;

3) by a judicial act that has entered into legal force.

4) in case of a request from military commissariats or medical or military medical commissions for the purpose of conducting a military medical examination:

5) to the competent authority in the field of assessing the functionality of a person, for the purpose of conducting a medical and social examination, re- examination and assessing the functionality of a person;

6) the contact person or adult family members of the unconscious patient. For the purposes of this paragraph, a family member is considered to be the father, mother, legal representative, husband, husband's parents, adoptive parent, grandmother, grandfather, sister, brother, children, including the adopted child.

7) in cases provided for by this law, those carrying out scientific or scientific-technical activities;

8) the police - data on a patient (as well as a deceased person) transferred to a medical institution, regarding whom there are suspicions that the deterioration of health or death is a consequence of violence, including data on an infectious disease that serves as a basis for imposing quarantine on persons subject to restrictions of rights in order to exercise control over the application of illegal actions, as well as restrictive measures;

9) to the investigator, prosecutor, court, when performing their procedural duties, as well as to the Human Rights Defender, based on requests submitted in accordance with the procedure established by law;

10) to the penitentiary institution of the Ministry of Justice, to the penitentiary and probation services of the Ministry of Justice, in cases provided for by law;

11) the authorized body (including state organizations operating in the field of ensuring the sanitary and epidemiological safety of the population and public health) and providers of medical care and services, for the purpose of maintaining databases in the field of healthcare provided for by this law;

12) The inspection body authorized by the Government to supervise the healthcare sector, when exercising state control over the implementation of healthcare and employee health protection standards;

13) To the Chamber of Accounts, in accordance with the Law "On the Chamber of Accounts".

14) The State Supervisory Service of the Republic of Armenia, within the framework of the implementation of supervisory powers reserved by law.

New version.

2) the authorized body, as well as state organizations operating in the field of ensuring the sanitary and epidemiological safety of the population and public health, in cases of infectious diseases, as well as diseases caused by chemical, radiation, biological factors, and in cases of individual non-communicable diseases or mass poisonings or threats thereof, as defined by the authorized body;

2) supplement point 2.1 with the following content:

2.1) The Universal Health Insurance Fund, when conducting inspections, as well as monitoring and observations, of the process and quality of the insurance package services provided for in the contracts concluded between the Universal Health Insurance Fund and medical organizations, as well as pharmacies, in favor of the insured person, as provided for in the Law "On Universal Health Insurance";

Article 13, Part 2 of the Law shall be amended as follows:

Article 13. The right to medical care and services

Old version.

2. Everyone, in accordance with Part 1 of this Article, has the right to receive medical care and services free of charge or on preferential terms within the framework of health protection and improvement programs.

New version.

2. Everyone, in accordance with Part 1 of this Article, has the right to receive medical care and services in accordance with health protection and improvement programs, as well as the regulations of the Law "On Universal Health Insurance".

Paragraph 11 of Part 1 of Article 28 of the Law shall be amended as follows:

Article 28. Duties and responsibilities of those providing medical care and services

1. Providers of medical care and services are obliged to:

Old version.

11) Before providing medical care and services to a patient in inpatient conditions, and after regaining consciousness or eliminating the life-threatening danger to patients, inform them about the patient's rights (including the right to receive free and preferential medical care and services guaranteed by the state) and obligations. Recipients of free and preferential medical care and services guaranteed by the state or their legal representative shall be provided with an information sheet in an accessible format, and contracts for paid services shall be concluded with those receiving paid or preferential medical care and services.

New version.

11) inform patients in hospital conditions about their rights (including the right to receive medical care and services within the framework of universal health insurance) and obligations before providing medical care and services to them, and patients in an unconscious or life-threatening condition after regaining consciousness or eliminating the life-threatening danger. Recipients of medical care and services within the framework of universal health insurance, recipients of the minimum volume of services or additional medical care and services, or their legal representatives, are provided with an information sheet in an accessible format, and contracts for the provision of paid services are concluded with recipients of paid medical care and services.

Article 44 of the Law shall be amended as follows:

Article 44. Targeted state budget financing

Old version.

1. The state ensures the maintenance and development of the healthcare sector through targeted budgetary financing, the volumes of which are determined in accordance with programs for the preservation and improvement of the health of the population.

2. The procedure for financing free and preferential medical care and services guaranteed by the state within the framework of programs for the protection and improvement of the health of the population implemented at the expense of state budget funds, the procedure for reimbursement of medical care and services and medical supplies, the volumes of medical care and services provided, the principles for calculating contract amounts, making amendments to contracts and financing them, the procedure for establishing prices for services provided, the procedure for organizing medical care and services guaranteed by the state on preferential terms, the scope of beneficiaries entitled to receive medical care and services, the procedure for registering the population for free and preferential medical care and services guaranteed by the state, the procedure for reimbursement of medical care and services provided by the state on free and preferential terms, the procedure for centralized acquisition and distribution of medical equipment and instruments, and the procedure for placing state orders in medical organizations shall be approved by the Government. The acquisition of implantable medical products used for medical services using the latest and most expensive technologies, provided in cases of free and preferential medical care and services guaranteed by the state within the framework of programs for the protection and improvement of the health of the population, implemented at the expense of the state budget, is carried out upon the availability of a certificate of conformity, an authorization letter (guarantee- authorization letter) and a certificate of origin submitted by the manufacturer.

3. The authorized body shall establish the volumes and prices of free and preferential medical care and services guaranteed by the state, the amount of co- payments in the case of medical care and services on preferential terms, the amount of state participation, the methodology for their calculation, the features of compensation, the lists of conditions and diseases in the presence of which medical care and services are provided on free and preferential terms guaranteed by the state, the list of special and difficult-to-access diagnostic examinations, the procedure for inspections, monitoring, observations and expertise regarding the fulfillment of contractual obligations.

4. The organization and implementation of free and preferential medical care and services guaranteed by the state within the framework of programs for the protection and improvement of the health of the population shall be carried out on the basis of service provision contracts, the model form of which shall be established by the authorized body.

New version.

1. The state ensures the maintenance and development of the healthcare sector through targeted budgetary financing, the volumes of which are determined in accordance with programs for the preservation and improvement of the health of the population.

2. The state, in accordance with the legislation of the Republic of Armenia and health protection and improvement programs, shall pay the insurance premiums provided for in the framework of its obligations for universal health insurance. Relations related to universal health insurance are regulated by the Law "On Universal Health Insurance", other laws and legal acts regulating the sphere of universal health insurance.

3. The state, in accordance with the legislation of the Republic of Armenia and health protection and improvement programs, ensures the allocation of financial resources necessary for the normal operation of individual types of medical care and services determined by the peculiarities of the organization.

4. The Government shall establish the procedure for the centralized procurement and distribution of individual medical products.

5. The acquisition of implantable medical products used for medical services using the latest and most expensive technologies provided within the framework of universal health insurance provided for in Part 2 of this Article shall be carried out in the presence of a certificate of conformity, an authorization letter (guarantee- authorization letter) and a certificate of origin submitted by the manufacturer.

7. On Amendments to the Law on Conciliation

Name is the legislative act:

Law of the Republic of Armenia No. HO-479-N of 17.12.2025 on Amending the Law on Mediation
https://www.arlis.am/hy/acts/218646 .

Change status:

This Law entered into force on December 25, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

With the adoption of this Law, a change has been made to the Law on Mediation.

What are the changes about:

As a result of this amendment to the law, a mandatory pre-trial mediation institution is introduced for certain disputes arising within the framework of the universal health insurance system.

In particular, it is stipulated that private disputes arising from contracts concluded in favor of the insured person within the meaning of the Law on Universal Health Insurance and related to the reduction or denial of insurance compensation cannot be submitted directly to court . In the event of such disputes, the parties are obliged to first try to resolve them through mediation.

The purpose of this change is to:

- reduce the workload of the courts ,

- promote the rapid, effective resolution of disputes ,

- to ensure the fastest and least costly protection of the rights of insured persons .

Thus, as a result of the amendment to this law, mediation becomes a mandatory prerequisite for seeking judicial protection in certain disputes related to insurance compensation within the framework of universal health insurance

Article 2 of the Law HO-351-N of June 13, 2018 "On Mediation" shall be supplemented with the following part 2.2:

Article 2. Conciliation

2.2. Within the meaning of the Law on Universal Health Insurance, mediation is mandatory before going to court in private disputes arising from a contract concluded in favor of the insured person and resulting from a reduction or denial of insurance compensation.

PART III: PRIVATE SECTOR

(This section of legal updates includes legal news related to the private sector for the month of December 2025)

1. On making amendments and supplements to the Civil Code of the Republic of Armenia regarding mortgage contracts

Name of the legislative act :

Law of the Republic of Armenia No. HO-413-N of 04.12.2025 on Amendments and Supplements to the Civil Code of the Republic of Armenia

https://www.arlis.am/hy/acts/218545

Change status :

This order shall enter into force on December 24, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

As a result of the adoption of the amendment to the law, a change occurred in the Civil Code of the Republic of Armenia.

What the changes are about:

As a result of the amendment to the law, some regulations of the Civil Code of the Republic of Armenia have been amended. In particular, as a result of the amendment to this law, from now on, some mixed mortgage agreements can be concluded without notarization.

In particular, contracts for the right to acquire real estate under construction with the participation of a bank or a credit organization authorized to provide mortgage loans and mortgages, as well as mixed contracts for the purchase and sale of real estate and mortgages, may be concluded without a notary, if they are drawn up in the model forms approved by the Government, do not contain other conditions and are concluded on the electronic platform of the Cadastre Committee.

Article 263 of the Civil Code of the Republic of Armenia of May 5, 1998 (hereinafter referred to as the Code):

1) In the first sentence of Part 4, after the word "by order", add the words ", except for contracts defined in Part 5 of this Article";

Article 263. Mortgage agreement form

Old version.

4. The mortgage agreement must be notarized.

New version.

4. The mortgage agreement must be notarized, with the exception of agreements specified in Part 5 of this Article.

2) add the following part 5:

5. Mixed contracts for the right to purchase real estate under construction and mortgage with the participation of a bank or a credit organization authorized to provide mortgage loans, or mixed contracts for the purchase and sale of real estate and mortgage, may be concluded without notarization, if they are drawn up in accordance with the model forms of contracts not requiring notarization approved by the Government, do not contain other conditions and are concluded on the electronic services platform of the Cadastre Committee.

In Part 4 of Article 299 of the Code, after the words “as well as”, add the words “on the contracts provided for in Part 5 of Article 263 of this Code.”

Article 299. Transactions certified by a notary

Old version.

The requirement for notarial certification set forth in subparagraph 1 of paragraph 3 of this Article shall not apply to group transfer agreements for loans secured by real estate, as provided for in Articles 204.1, 213, 225, 263, 562, 572, 610, 654, 662, 682, 686 or 959 of this Code, and to agreements on the unification or division of real estate, if all their terms are set forth in accordance with the model forms of agreements not requiring notarial certification approved by the Government of the Republic of Armenia, do not contain other terms, and the authenticity of the signatures of the parties in such agreements (except for agreements concluded on the electronic services platform of the Cadastre Committee, as provided for in Part 5 of Article 263 of this Code) has been recognized in accordance with the procedure established by the Law on State Registration of Rights to Property.

New version.

The requirement for notarial certification set forth in subparagraph 1 of paragraph 3 of this Article shall not apply to contracts provided for in Articles 204.1, 213, 225, 263, 562, 572, 610, 654, 662, 682, 686 or 959 of this Code, as well as to contracts provided for in Part 5 of Article 263 of this Code, to group transfer contracts of loans secured by real estate, to contracts on the unification or division of real estate, if all their terms are set forth in accordance with the model forms of contracts not requiring notarial certification approved by the Government of the Republic of Armenia, do not contain other terms, and the authenticity of the signatures of the parties in such contracts (except for contracts concluded on the electronic services platform of the Cadastre Committee provided for in Part 5 of Article 263 of this Code) has been recognized in accordance with the procedure established by the Law on State Registration of Rights to Property.

2. On Amendments to the law on state registration of rights to property

Name of the legislative act:

Law of the Republic of Armenia No. HO-414-N of 04.12.2025 on Amending the Law "On State Registration of Rights to Property"

https://www.arlis.am/hy/acts/218553

Change status:

This order shall enter into force on December 22, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

As a result of the adoption of the amendment to the law, a change was made to the Law "On State Registration of Rights to Property".

What the changes are about:

As a result of the amendment to this law, from now on, applications for state registration of rights arising from mixed contracts provided for in Part 5 of Article 263 of the Civil Code are submitted exclusively electronically.

In particular, applications for registration of the right to purchase real estate under construction and mortgage, as well as rights arising from mixed contracts for the purchase and sale of real estate and mortgage, and accompanying documents are submitted only by banks or credit organizations on the official electronic platform of the State Register of Real Estate, and responsibility for their authenticity and the order of precedence of documents are established.

Article 26 of the Law HO-295 of April 14, 1999 "On State Registration of Rights to Property" shall be supplemented with the following content, part 1.1:

Article 26. Submission of applications for state registration electronically

1.1. The application for state registration of rights arising from mixed contracts of purchase of real estate under construction and mortgage or mixed contracts of purchase and sale of real estate and mortgage, concluded on the electronic services platform of the State Register of Real Estate with the participation of a bank or a credit organization authorized to provide a mortgage loan, as provided for in Part 5 of Article 263 of the Civil Code of the Republic of Armenia, and the documents subject to submission to the application under this Law, shall be submitted exclusively by banks registered on the official website of the State Register of Real Estate or credit organizations authorized to provide a mortgage loan in accordance with the procedure established by the Government for submitting applications and documents for state registration of rights and restrictions on property in electronic form in accordance with the procedure established by the Government. The persons submitting the documents shall be responsible for the authenticity of the documents submitted to the State Register of Real Estate and their other copies. In case of a discrepancy between the documents submitted to the State Register of Real Estate and their other copies, preference shall be given to the documents submitted to the State Register of Real Estate and used as the basis for state registration of rights to property.

3. On amendments and supplements to the law on cryptoassets

Name of the legislative act:

Law of the Republic of Armenia No. HO-515-N of 17.12.2025 on Amendments and Supplements to the Law on Cryptoassets

https://www.arlis.am/hy/acts/219024

Change status:

This order is effective December 30, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

As a result of the adoption of the amendment to the law, a change has occurred in the Law on Cryptoassets.

What the changes are about:

As a result of the amendment to this Law, a number of important mechanisms for regulating the crypto-asset sector are clarified and adjusted, with the aim of strengthening supervision, increasing legal certainty, and ensuring the stable and predictable development of the sector.

In particular, the scope of public offerings of cryptoassets by foreign issuers in the territory of the Republic of Armenia is limited and specified, the criteria related to capital requirements are reviewed, bringing them into line with the regulatory requirements of the Central Bank, and the scope of internal audit reporting obligations is reformulated, distinguishing between ordinary and significant violations.

At the same time, transitional provisions are being clarified and supplemented, establishing rules for the temporary regulation of the activities of entities already operating with crypto-assets, their supervision by the Central Bank, and the mandatory application of non-cash transactions. As a result, a stricter, controllable, and phased regulation is being formed, aimed at ensuring the orderly and transparent operation of the crypto-asset market..

In Article 5, Part 7 of the Law HO-159-N of May 29, 2025 "On Cryptoassets" (hereinafter referred to as the Law), after the words "Foreign issuer", add the words "distributed in the territory of the Republic of Armenia".

Article 5: Public Offering of Cryptoassets

Old version.

7. A public offering of crypto-assets of a foreign
issuer may be carried out only by the person
specified in Article 16, Part 1, Clause 6 of this Law,
who has concluded an agreement with the issuer for
the provision of crypto-asset placement services.

New version.

7. A public offering of crypto-assets of a foreign issuer placed in the territory of the Republic of Armenia may be carried out only by the person specified in Article 16, Part 1, Point 6 of this Law, who has signed a contract with the issuer for the provision of crypto-asset placement services.

Paragraph 8 of Part 10 of Article 20 of the Law shall be amended as follows:

Article 20. Registration and licensing of a person providing services with crypto assets

10. The Board of the Central Bank may refuse to register and license an applicant or to issue a license to provide additional services with crypto assets if:

Old version.

8) the minimum amount of authorized capital
established by this law has not been paid;

New version.

8) the minimum total capital requirement established by the regulatory legal acts of the Central Bank is not met;

Article 35, Part 7 of the Law shall be amended as follows:

Article 35. Internal audit

Old version.

7. Internal audit shall be obliged to notify the executive body, board of directors, relevant regulated market operator and Central Bank of any violation of the requirements established by law and other legal acts by the crypto-asset service provider, as well as any significant damage caused to the interests of clients, within five working days after their discovery.

New version.

7. The internal audit shall be obliged to report to the executive body of the crypto-asset service provider any violation of the requirements established by law and other legal acts by the crypto-asset service provider, as well as any damage caused to the interests of customers, within five working days after their discovery, and if the said violation or damage is significant, also to the board of directors of the crypto-asset service provider and the Central Bank.

Article 94, Part 2 of the Law shall be amended as follows:

Article 94. Entry into force of the law and its individual norms and transitional provisions

Old version.

2. Legal entities that, as of the date of entry into force of this Law, provide crypto-asset services provided for in Article 16 of this Law in the territory of the Republic of Armenia must, within one year after the entry into force of the regulatory legal act provided for in Part 1 of Article 17 of this Law, be registered and licensed by the Central Bank as a person providing crypto-asset services in accordance with the procedure established by this Law, or cease providing or offering crypto-asset services. This regulation also applies to legal entities that have been reorganized after the entry into force of this Law only by changing their organizational and legal form. Individual entrepreneurs who, as of the date of entry into force of this Law, provide crypto-asset services provided for in Article 16 of this Law in the territory of the Republic of Armenia may continue to provide crypto-asset services for one year after the entry into force of the regulatory legal act provided for in Part 1 of Article 17 of this Law, after which they must cease providing or offering crypto-asset services. After registering a legal entity in accordance with this Part, the Central Bank shall, within three working days, notify the State Register of Legal Entities of the Ministry of Justice, indicating the identification data relating to the legal entity recorded in the State Register of Legal Entities of the Ministry of Justice, as well as the identification data provided to the legal entity by the Central Bank after registration, upon receipt of which the State Register of Legal Entities of the Ministry of Justice shall make a note in the register about the registration of the given legal entity by the Central Bank, and shall replace the state registration number of the legal entity in the register with the registration number provided by the Central Bank. The Central Bank may establish exceptions to the documents and information required by Chapters 4 and 5 of this Law for organizations defined in this Part and persons with a significant participation in their authorized capital, or requirements for submitting them in a different manner. 2.1. The provision of Part 2 of Article 6.1 of the Law “On Non-Cash Transactions” shall apply to persons defined in Part 2 of this Article who have applied to the Central Bank in writing by January 31, 2026 (and have not been removed from the list of persons who have applied to it after applying), submitting justifications confirming the provision of services with crypto-assets provided for in Article 16 of this Law in the territory of the Republic of Armenia as of the date of entry into force of this Law, as well as indicating the type of service, information on the state registration of a legal entity (information on the registration of an individual entrepreneur), location (address of the place of registration). A regulatory legal act of the Board of the Central Bank may establish requirements for the composition and content of the information subject to submission in accordance with this Part. The Central Bank shall maintain a list of persons who have applied to it in accordance with this Part (hereinafter referred to as the List).

New version.

2. Legal entities that, as of the date of entry into force of this Law, provide crypto-asset services provided for in Article 16 of this Law in the territory of the Republic of Armenia must, within one year after the entry into force of the regulatory legal act provided for in Part 1 of Article 17 of this Law, be registered and licensed by the Central Bank as a person providing crypto-asset services in accordance with the procedure established by this Law, or cease providing or offering crypto-asset services. This regulation also applies to legal entities that have been reorganized after the entry into force of this Law only by changing their organizational and legal form. Individual entrepreneurs who, as of the date of entry into force of this Law, provide crypto-asset services provided for in Article 16 of this Law in the territory of the Republic of Armenia may continue to provide crypto-asset services for one year after the entry into force of the regulatory legal act provided for in Part 1 of Article 17 of this Law, after which they must cease providing or offering crypto-asset services. After registering a legal entity in accordance with this Part, the Central Bank shall, within three working days, notify the State Register of Legal Entities of the Ministry of Justice, indicating the identification data relating to the legal entity recorded in the State Register of Legal Entities of the Ministry of Justice, as well as the identification data provided to the legal entity by the Central Bank after registration, upon receipt of which the State Register of Legal Entities of the Ministry of Justice shall make a note in the register about the registration of the given legal entity by the Central Bank, and shall replace the state registration number of the legal entity in the register with the registration number provided by the Central Bank. The Central Bank may establish exceptions to the documents and information required by Chapters 4 and 5 of this Law for organizations defined in this Part and persons with a significant participation in their authorized capital, or requirements for submitting them in a different manner.

Article 94 of the Law shall be supplemented with the following parts 2.1-2.4:

"2.1. The provision of Part 2 of Article 6.1 of the Law "On Non-Cash Transactions" shall apply to persons defined in Part 2 of this Article who have applied to the Central Bank in writing by January 31, 2026 (and have not been removed from the list of persons who have applied to it after applying), submitting justifications confirming the provision of services with crypto-assets provided for in Article 16 of this Law in the territory of the Republic of Armenia as of the date of entry into force of this Law, as well as indicating the type of service, information on the state registration of a legal entity (information on the registration of an individual entrepreneur), location (address of the place of registration). A regulatory legal act of the Board of the Central Bank may establish requirements for the composition and content of the information subject to submission in accordance with this Part. The Central Bank shall maintain a list of persons who have applied to it in accordance with this Part (hereinafter referred to as the List).

2.2. The Central Bank may establish requirements for the procedure, content, conditions, and terms for the execution, storage (archiving) of records or notes on transactions concluded by a person included in the List with its client or on the client's account, as well as the procedure for submitting them to the Central Bank.

2.3. The Central Bank shall, prior to the registration and licensing of service providers in accordance with the procedure established by the Law, exercise control (including inspection) over compliance with the requirements set forth in Part 2 of Article 6.1 of the Law “On Non-Cash Transactions”. In the event of violation of the requirements set forth in this Part during the control, as well as the disclosure of incomplete, misleading, false or unreliable information in the information submitted for inclusion in the List of crypto-asset service providers, the Central Bank shall remove the person from the List and notify the authorized body in the tax sphere thereof.

2.4. Persons who have not applied to the Central Bank in accordance with the procedure specified in Part 2.1 of this Article may carry out transactions with crypto assets on their own behalf or on behalf of their client only in a non-cash manner.

PART IV. STATE SECTOR

(This section of legal updates includes legal news related to the state sector for December 2025)

1. On amending the Law on State Duties regarding goods classified under positions 7214 and 7215 of the EAEU Customs Tariff Code

Name of the legislative act:

Law of the Republic of Armenia No. HO-386-N of 13.11.2025 on Amending the Law "On State Duty"

https://www.arlis.am/hy/acts/217641

Change status :

The amendment to this Law entered into force on December 12, 2025.

Which legislative act was amended by the adoption of the above-mentioned act:

As a result of the adoption of this Law, a change was made to the RA Law "On State Duty".

What are the changes about:

As a result of the amendment to this law, the state duty established for the import license for steel rebar classified under positions 7214 and 7215 of the EAEU CCT is hereby increased.

In particular, for each import license for steel rebar classified under EAEU CCT headings 7214 and 7215 up to 1 ton, the state duty is set at 45 times the base duty instead of 29 times.

In Part 15 of Article 19.6 of the Law HO-186 of December 27, 1997 "On State Duty", the word "29- fold" shall be replaced with the word "45-fold".

Article 19.6. State duty rates for issuing licenses or permits or certificates (or copies thereof) for the export and (or) import of goods provided for by the Law of the Republic of Armenia "On Trade and Services"

15. For the issuance of a license for the import of steel rebars classified under commodity positions 7214 and 7215 of the "Commodity Nomenclature of Foreign Economic Activity of the EAEU" (EAEU FEA AA) under the customs procedures "Release for domestic consumption", "Processing in the customs territory" and "Processing for domestic consumption" for each import of up to one ton:

Old version.

29 times the base duty

New version.

in the amount of 45 times the base duty

2. Law on the Information Systems Regulatory Authority

Name of the legislative act :

Law of the Republic of Armenia No. HO-386-N of 13.11.2025 on Amending the Law "On State Duty" https://www.arlis.am/hy/acts/217641.

Change status :

The amendment to this Law entered into force on December 12, 2025.

What are the changes about:

As a result of the adoption of this law, a unified and centralized body for the regulation of information systems is being established in the Republic of Armenia, the Information Systems Regulation Commission, which is called upon to ensure the development, security, and coordinated management of the state's digital systems.

In particular, the law stipulates that the Commission is an autonomous body that, within the framework of its competence, carries out the practical implementation of state policy in the field of information systems and cybersecurity. In other words, the state forms not just a subordinate subdivision, but an independent structure with a special status, which is entrusted with the coordination of a strategically important sector.

As a result of the adoption of this law:

- The management of state digital infrastructures is being centralized within a single body. The Commission becomes responsible for the development, management, and operation of the national identification layer, electronic personal identification, digital signature, and encryption systems, as well as state identification platforms (“hartak.am,” “I am”).

- The state digital architecture is placed under unified management. The Commission organizes the interconnected work of state information systems, the creation and development of the government network, data exchange layers, an interdepartmental system for electronic document circulation, as well as their integration with other countries or international systems.

- The institutional basis for cybersecurity is being strengthened. The Commission not only coordinates the implementation of security measures, but also organizes the development of a comprehensive system of security measures for information systems.

Thus, as a result of the adoption of this law, a unified center for digital state management is being formed in the Republic of Armenia, through which the development, security, interoperability, and sustainable operation of state information systems are ensured as a fundamental infrastructure of modern state governance.

3. On making additions and amendments to the Code of the Republic of Armenia on administrative offenses

Name of the legislative act :

Administrative Offenses
https://www.arlis.am/hy/acts/218673

Change status:

The amendment to this Law entered into force on December 26, 2025.

What are the changes about:

As a result of these amendments, a new, independent and detailed regulatory framework is being created in the Administrative Offenses Code of the Republic of Armenia for the regulation of information systems and administrative liability in the field of cybersecurity.

The new Chapter 12.3, “Administrative Offenses in the Field of Information Systems Regulation,” establishes penalties for cases where the Commission, its members, or employees are obstructed in the exercise of their rights or duties under the legislation. The fines, ranging from one hundred to one thousand times the minimum wage, are compensatory for both individuals and legal entities, as well as state officials.

The new Article 189.31 regulates public information-related offenses for failure to comply with the requirements for maintaining official websites or processing information. Fines range from one hundred to six hundred times the minimum wage, depending on the risk or consequences of the leakage of personal data.

The new Article 193.4 provides for administrative liability in the field of cybersecurity. It includes:

- failure to meet minimum cybersecurity requirements,

- lack of internal regulations, gaps in risk assessment,

- non-notifications of the reporting authority,

- specialists and other violations.

- The fines are high, ranging from one hundred to ten thousand times the minimum wage, and a double fine mechanism is provided for repeated violations within a year.

These legislative amendments create a clear administrative liability regime in the field of information systems and cybersecurity, ensure effective supervision by authorized bodies and establish appropriate penalties for violations, which increases the responsibility of the public and private sectors in the digital sphere.

The Code of the Republic of Armenia on Administrative Offenses of December 6, 1985 (hereinafter referred to as the Code) shall be supplemented with Chapter 12.3 with the following content:

"CHAPTER 12.3

ADMINISTRATIVE VIOLATIONS IN THE FIELD OF REGULATION OF INFORMATION SYSTEMS

Article 171.13. Obstructing the exercise of rights or obligations conferred by law on the Information Systems Regulation Commission, a member of the Commission, or an employee

1. Obstruction by an official of a legal entity of the performance of the rights or obligations reserved by law to the Information Systems Regulation Commission, a member of the commission, or an employee of the commission: shall result in a warning or the imposition of a fine in the amount of five hundred to one thousand times the established minimum wage.

2. Obstruction by a competent official of a state or local self-government body of the exercise of the rights or obligations reserved by law to the Information Systems Regulation Commission, a member of the commission, or an employee thereof, shall be punishable by law: shall result in a warning or the imposition of a fine in the amount of five hundred to one thousand times the established minimum wage.

3. Obstruction by a natural person of the Information Systems Regulation Commission, a member of the Commission or an employee of the Commission, of the exercise of rights or obligations reserved by law for a natural person: shall result in a warning or the imposition of a fine in the amount of five hundred to one thousand times the established minimum wage.

Article 171.14. Failure to correct violations stipulated by the decision or conclusion of the Information Systems Regulation Commission within the specified period, failure to fulfill the conditions, obligations or assignments stipulated by the decision within the specified period

1. Failure by a competent official of a state or local self-government body, a legal entity or an individual to correct the violations stipulated by the decision or conclusion of the Information Systems Regulation Commission within the specified period, failure to fulfill the conditions, obligations or assignments stipulated by the decision within the specified period for a competent official of a state or local self-government body, an official of a legal entity or an individual: shall result in a warning or the imposition of a fine in the amount of five hundred to one thousand times the established minimum wage.

The Code shall be supplemented with the following content in Article 189.31:

Article 189.31. Violation of the requirements established by the Law "On Public Information"

1. Failure by the information holder to maintain and service the official website in accordance with the established procedure: shall entail the imposition of a fine in the amount of one hundred to two hundred times the established minimum wage.

2. Failure to comply with the requirements provided for by the system of information system security measures or failure to comply with or violation of the requirements set forth in law and other legal acts for the processing of data or information, if the act in question did not result in the leakage of personal data and does not contain elements of a crime: shall entail the imposition of a fine in the amount of one hundred to two hundred times the established minimum wage.

3. The act provided for in Part 2 of this Article, which has led to the leakage of personal data, if it does not contain elements of a crime: shall entail the imposition of a fine in the amount of four hundred to six hundred times the established minimum wage.

4. Violation of the requirements established by law and other legal acts for data processing, management, application of information system security measures and data exchange layer of information systems in the state information system (including information databases), if the given act does not contain elements of a crime: shall entail the imposition of a fine in the amount of four hundred to five hundred times the established minimum wage.

5. Violation of the requirements established by law and other legal acts for the creation, implementation, management, operation, use, storage, reorganization or termination of databases, if the given act does not contain elements of a crime: shall entail the imposition of a fine in the amount of three hundred to five hundred times the established minimum wage."

The Code shall be supplemented with the following content in Article 193.4:

"Article 193.4. Violation of the requirements of the Law "On Cybersecurity"

1. Failure to ensure minimum cybersecurity requirements in the service provider's information systems and critical information infrastructures: shall entail the imposition of a fine in the amount of seven thousand to ten thousand times the established minimum wage.

2. Failure of the service provider to have internal regulations for ensuring cybersecurity, failure to conduct a risk assessment of the information system or critical information infrastructure, failure to develop a risk assessment scale, failure to determine the severity of the consequences and the scale of impact of a potential cyber incident, failure to approve a cyber incident prevention plan: shall result in a warning or the imposition of a fine in the amount of two hundred to three hundred times the established minimum wage.

3. Failure by the service provider to notify the Information Systems Regulatory Commission in the manner and in the cases prescribed by the Law on Cybersecurity or to provide updated information on a cyber incident, including the severity and consequences of the cyber incident, if the act does not contain elements of a crime: shall entail the imposition of a fine in the amount of five hundred to seven hundred times the established minimum wage.

4. Failure to notify a person or the public potentially affected by a cyber incident in the cases and in accordance with the procedure established by the Law on Cybersecurity : shall result in a warning or the imposition of a fine in the amount of two hundred to three hundred times the established minimum wage.

5. Failure to provide the Information Systems Regulatory Commission with a final report on the possible causes of a cyber incident, the measures used to resolve it, the severity of the cyber incident, its consequences, the scale of its impact, the time spent, financial resources, and steps and measures taken for further prevention in the cases and in accordance with the procedure prescribed by the Law on Cybersecurity: shall result in a warning or the imposition of a fine in the amount of three hundred to five hundred times the established minimum wage.

6. Failure to comply with or improper compliance with the criteria and requirements set forth in international or national standards in the field of cybersecurity, or failure to have a document certifying compliance: shall entail the imposition of a fine in the amount of seven thousand to ten thousand times the established minimum wage.

7. Failure by the service provider to undergo a cybersecurity audit within the time frame and under the conditions specified in the Law on Cybersecurity: shall entail the imposition of a fine in the amount of two thousand to three thousand times the established minimum wage.

8. Failure to submit the report prepared by the service provider based on the results of the cybersecurity audit to the Information Systems Regulatory Commission within the time period specified by law: shall result in a warning or the imposition of a fine in the amount of two hundred to three hundred times the established minimum wage.

9. Failure by a service provider to appoint a cybersecurity specialist to ensure the cybersecurity of an information system or critical information infrastructure: shall result in a warning or the imposition of a fine in the amount of one hundred to two hundred times the established minimum wage.

10. Failure to submit the necessary information, data, and documents requested from the service provider within the time limit set by the Information Systems Regulation Commission, or submitting them inaccurately or incompletely, when exercising control over the application of cybersecurity measures in information systems or critical information infrastructures and compliance with other requirements provided for by the Law on Cybersecurity: shall result in a warning or the imposition of a fine in the amount of two hundred to three hundred times the established minimum wage.

11. Delegating the provision of cybersecurity of an information system or critical information infrastructure by a service provider to a cybersecurity service provider in violation of the requirements set forth in the Law on Cybersecurity: shall result in a warning or the imposition of a fine in the amount of two hundred to three hundred times the established minimum wage.

12. Committing the act specified in Parts 1-11 of this Article again within one year after the decision to impose an administrative penalty becomes final: shall result in the imposition of a fine in the amount of double the amount of the fine established for the given act in the relevant part of this Article.

13. Parts 1-12 of this Article shall apply to legal entities that have voluntarily assumed obligations arising from the Law "On Cybersecurity".

3.1 On Amendments and Supplements to the Law "On State Duty"

Name of the legislative act :

HO-339 on Amendments and Supplements to the Law "On State Duty" https://arlis.am/hy/acts/219023/latest

Change status :

The amendment to this Law entered into force on January 1, 2026.

What the changes are about:

The amendments to the Law "On State Duty" aim to clarify and digitalize the regulation of state duty , ensuring simple, secure, and fully consistent mechanisms for all obligations and repayments. In particular : The law defines what a state duty is, a unified state duty account, a personal and electronic account card, the payer of the state duty, and the authorized body. The law moves the process of payment, accounting and repayment of state duty to a structured and fully digital environment , provides clear regulation in cases of liquidation, termination, bankruptcy and death , as well as in cases of accounting, recalculation and refund . These changes facilitate the work of both state bodies and payers and reduce the risks of errors and disputes.

Article 2 of Law HO-186 of December 27, 1997 "On State Duty" (hereinafter referred to as the Law) shall be amended as follows:

Article 2. Basic concepts used in the law

1. The following basic concepts are used in this law:

1) state duty - a mandatory payment established by law, paid to the state and (or) community budgets of the Republic of Armenia by organizations or individuals (including individual entrepreneurs, notaries) for services or actions defined by this Law, conditioned by the exercise of the powers of state bodies.

2) unified state duty account - a deposit sub-account of state extra-budgetary funds maintained by the Treasury for the purpose of repaying the regular annual (monthly and quarterly, in cases defined by law) state duty obligations of state duty payers, in cases defined by this Law.

3) the amount of the unified state duty account - the amount with which the state duty payer's obligations regarding the next annual state duty can be repaid in accordance with the procedure established by this Law, and which may arise:

a. from the payment made to the unified account of the state duty,

b. from a recalculation based on the revised information provided by the authorized bodies,

c. in the event of termination (revocation) of a right, permit, license, or qualification certificate or notified cessation of activity, a proportional reduction in the amounts of state duty made in accordance with the procedure established by this Law, d. from the reduction of the obligation as a result of the execution of a final judicial act that has entered into legal force or a decision adopted by the appeals committee;

4) state duty liability: the amount of unpaid state duty and penalty calculated in accordance with the procedure prescribed by law;

5) personal account card for state duty - a register for recording state duty amounts, which reflects the amounts of the next annual state duty, the amounts of penalties calculated as a result of the state duty payer's failure to pay (partially pay) the amounts of state duty within the deadlines established by the legislation of the Republic of Armenia, payments made on state duty, as well as liabilities settled on the basis of payments made.

6) electronic personal account card - a personal account card for state duty maintained in an automated manner, except for cases specified by order of the head of the tax authority, when a change in the state duty obligation will be made in the personal account card for state duty based on a final judicial act that has entered into legal force or a conclusion drawn up based on the decision of the appeal commission.

7) payer of state duty - an organization or individual (including an individual entrepreneur, notary) who has or may have an obligation to pay state duty in the cases specified by this Law;

8) Authorized body: a state or subordinate state body or the Central Bank of the Republic of Armenia that grants a license, permit, right, qualification certificate, patent, as well as the right to carry out activities subject to notification to persons who have submitted a notification.

9) electronic register - a unified register maintained by authorized bodies, the information included in which is provided to the tax authority electronically, through the relevant computer network, web services, using technological methods and formats mutually agreed upon between the authorized bodies and the tax authority. 6.1

of the Law , paragraph 1 of Part 1, after the words “by law, the abolition of the annual state duty, as well as” the words “by liquidation of the organization and” shall be added.

Article 6 1. Termination of the obligation to pay the annual state fee

1. Notwithstanding the provisions specified in Article 6 of this Law, the obligation of individuals and organizations to pay the regular annual state duty shall cease:

1) by fulfilling that obligation, by paying the amounts of the next annual state duty at the rates and within the terms established by this Law (the amount of the state duty is considered paid from the date of its crediting to the relevant account of the budget of the Republic of Armenia), as well as by paying the amounts of penalties established by this Law for delaying their payment, by exemption from the payment of the annual state duty, by the abolition of the annual state duty by law, as well as in the event of the liquidation of the organization and the death of an individual;

2) Paragraph 3 of Part 1 shall be amended as follows:

3) if the payer of the annual state duty submits an application to the authorized body for the termination (declaration of invalidity) of the right, permit, license or qualification certificate or for the termination of the notified activity, and this application is satisfied after the deadline established by this Law for the payment of the next annual state duty, then on the day of the termination (declaration of invalidity) of the action or notified activity, a proportional reduction of the amount of the next annual state duty shall be made (regardless of the circumstance of the payment of the amount of the state duty) for the months following the month including the date of termination. To calculate the reduced amount, the amount of the next annual state duty shall be divided by 12 and multiplied by the number of months from the month following the month including the date of termination to the month preceding the month of calculation of the next state duty. To calculate the reduced amount of the quarterly state duty, the amount of the state duty for the quarter including the date of termination shall be divided by three and multiplied by the number of months following the month including the date of termination.

3) add the following content to Part 3:

3. In cases of deregistration of an individual entrepreneur, as well as termination of the activities of legal entities and individuals (including individual entrepreneurs and notaries) for a certain or indefinite period, or recognition of bankruptcy, the amounts of the next annual state duties shall be subject to payment until the day of the emergence of any of the grounds for termination of the obligation to pay the annual state duty specified in this Article.

Article 36, Part 1 of the Law shall be amended as follows:

Article 36. Payment of state duty

"In the Republic of Armenia, state duty is paid in Armenian drams, and in the event of an error when paying the next annual state duty, the following rules apply:

1) To identify the payment by the payer of state duty, the taxpayer's registration number is considered primary, then the public services number, and in its absence, a copy of the certificate provided by the authorized body regarding the absence of a public services number.

2) if the payer mistakenly indicated another person as the payer of the state duty in the payment order, as a result of which the state duty obligation of another person was repaid, then the state duty obligation of another person is considered fulfilled, and the amount is not subject to return to the payer. In this case, the payer acquires the right to a civil claim against the other person.

Article 36.1 of the Law shall be amended as follows: "

Article 36.1. Accounting for state duty liabilities

1. The day of accounting for amounts paid to the unified state duty account is the day of their entry into the unified state duty account.

2. Amounts subject to transfer to the unified state duty account shall be transferred to the unified state duty account on the date of their occurrence.

3. The obligations on the next annual state duty shall be repaid in the order of the obligation that arose earlier, with the amounts of duty being repaid first from the amounts of state duty obligations, then the amounts of penalties, and in case the days of payment of the state duty are the same, the repayment of the amounts of duties shall be made in the order chosen by the payer of the state duty. In the event that the payer of the state duty does not make a choice, the repayment shall be made in the manner prescribed by the order of the head of the tax authority.

4. For the purpose of recording the regular annual state duty obligations (duties, penalties), the tax authority shall maintain state duty personal account cards electronically, according to separate authorized bodies. The form and procedure for maintaining the state duty personal account card shall be established by order of the head of the tax authority, including:

1) The Ministry of Internal Affairs of the Republic of Armenia shall carry out the accounting of state duty obligations specified in Article 20.2 of this Law.

2) The tax authority shall record the state duty obligations specified in Articles 19.7 and 19.8 of this Law, as well as those provided for the exit of individuals (air passengers) from the Republic of Armenia by air transport, in a separate state duty personal account card opened in the tax authority for the purpose of recording these obligations.

5. The registration of the next annual state duty obligations is carried out exclusively on the basis of the information available in the electronic register provided online by the authorized bodies. The procedure for registering information in the electronic register on the terms of granting by the authorized bodies of the rights, permits, licenses, licenses (or inserts) to engage in the type of activity prescribed by law, on the persons who have submitted and registered notifications, on the change of the place of implementation of the activity subject to notification or on the terms of notification submitted for implementing that activity in a new place, as well as on the amount of the annual state duty payable is established by the Government. The authorized body granting permission to use the words "Armenian", "Armenia", "Armenian" and their translations in the distinctive meaning of the firm name is the body that carried out the state registration of the organization.

6. State duty liabilities and their repayments, as well as amounts paid in excess of state duty liabilities, are recorded in drams (excluding lumais). In the event of the payer's liquidation, total state duty liabilities of up to one hundred drams and amounts in the joint account are disregarded.

7. State duty liabilities are recorded and (or) recalculated by the payment deadline established by law, with the exception of state duty liabilities established by Articles 19.7, 19.8 of this Law, as well as those provided for by Articles 19.7 and 19.8 of this Law, as well as those provided for the exit of individuals (air passengers) from the Republic of Armenia by air transport, which are recorded on the date of submission of the relevant declaration or information.

8. The amounts of the paid regular annual state duty liabilities are reflected in the treasury revenue accounts on the date of their payment, after which information on the amounts of state duty liabilities paid by the treasury, as well as on the amounts subject to refund to the unified state duty account as a result of recalculation, is sent to separate authorized bodies.

9. Payments made to the unified state duty account are not considered state budget revenues and payments until liabilities have been repaid on their account.

10. Information on liabilities in electronic personal account cards opened with the tax authority for the purpose of state duty accounting is provided online to authorized bodies every day.

Article 39 of the Law shall be amended as follows:

Article 39. Procedure for refunding state duty

1. The amounts available in the unified state duty account are subject to refund to the state duty payer or to offset to the corresponding account number of the state budget upon the basis of an application submitted electronically by the state duty payer to the tax authority in the form and manner established by the tax authority, within 20 days after its receipt. The treasury shall refund the amounts from the unified state duty account by transferring the amount to the state duty payer’s bank account or by offsetting to the corresponding account number of the state budget. In case of delay in refunding the amount by more than 30 days after the deadline established by this part, a penalty shall be paid to the state duty payer for each day of delay following that deadline in the amount of 0.03 percent of the amount subject to refund.

2. The amounts of state duty that are not included in the unified calculation of state duty:

1) are refunded from the budget to which the amount was transferred no later than 30 days after receiving the documents specified in this part, with the exception of the amounts of the duty paid for the exit of individuals by air transport. The state duty paid for the exit of individuals by air transport is refunded to individuals in accordance with the procedure established by the Government.

2) are refunded upon application of the state duty payer, if it is submitted to the relevant financial body no later than three years from the date of the right to refund the state duty or part thereof, including:

a. The state duty collected for services or activities performed outside the territory of the Republic of Armenia shall be refunded by the collecting body from the amounts of state duty collected in the current month that have not yet been transferred to the state budget in accordance with the procedure established by law. In this case, an act shall be drawn up and attached to the application of the state duty payer, the exemplary form of which and the procedure for documenting the return of state duty shall be established by the Ministry of Foreign Affairs of the Republic of Armenia,

b. submitting an application for the refund of the state duty or part thereof suspends the three-year period,

c. The application for the refund of the state duty shall be accompanied by references from the Constitutional Court, courts of cassation, appeal and first instance and other bodies collecting the state duty on the substantiation of the circumstances for the partial or full refund of the state duty, as well as the original documents confirming the payment of the state duty, except for cases when the original documents confirming the payment of the state duty are with the body collecting the state duty, about which a corresponding note is made in the reference on the substantiation of the circumstances for the partial or full refund of the state duty.

1. This Law shall enter into force on January 1, 2026, with the exception of Articles 6, 7 and 8 of this Law, and shall apply to relations arising after January 1, 2026.

2. The provision on the termination of the state duty obligation in the event of the liquidation of an organization, provided for in Article 3 of this Law, also applies to organizations liquidated before the entry into force of this Law.

3. Articles 6, 7 and 8 of this law shall enter into force on July 1, 2026.

4. Prior to the entry into force of Articles 6, 7 and 8 of this Law, liabilities and overpayments existing in the state duty personal account cards shall not be transferred to the new electronic personal account card and shall continue to be recorded in the previous state duty personal account cards until the liabilities are settled and (or) the overpayment is returned.

5. Payments for the purpose of repaying the liabilities existing on the personal account cards of the state duty before the entry into force of Articles 6, 7 and 8 of this Law, as well as the penalties calculated on the said liabilities after the entry into force of this Law, shall be made to the relevant account numbers operating before the entry into force of Articles 6, 7 and 8 of this Law.

6. Only liabilities arising after the entry into force of Articles 6, 7 and 8 of this Law and payments made to the unified account of the state duty will be processed on the new electronic personal account cards.

7. Payments of state duty for the provision of licenses (permits, rights, licenses, qualification certificates) to the payer of state duty by bodies performing services or activities subject to payment of state duty (for the first time), as well as for the issuance of a copy of a license, extension of the term of validity of a license, re- formulation of a license, engaging in the same activity subject to licensing in another location, issuance of a copy of a document certifying the right to a permit, extension of the term of validity of a permit to carry out an activity, re-formulation of a permit to carry out an activity, participation in tenders shall not be made to the unified state duty account and shall not be recorded in the personal state duty account cards. In this case, payments shall be made to the account numbers operating before the entry into force of Articles 6, 7 and 8 of this Law.

8. Payments for the state duty specified in Articles 19.7 and 19.8 of the Law, as well as for the exit of individuals (air passengers) from the Republic of Armenia by air transport, shall be made to the accounts in force before Articles 6, 7 and 8 of this Law enter into force.

9. The legal acts defined in Parts 3 and 5 of Article 36.1 of the Law, as amended by Article 7 of this Law, shall be adopted by April 1, 2026.

10. After this Law enters into force, the authorized bodies shall, for the first time, record in the electronic register, in the format established by the Government Decision, information on all licenses (or inserts), rights, permits, licenses, qualification certificates, types of activities subject to notification, valid (including suspended) as of the date of entry into force of Articles 6, 7 and 8 of this Law, for which the amount of the next annual state duty shall be calculated.

4. On making additions and amendments to the decisions of the Board of the Central Bank of the Republic of Armenia No. 117-N of May 2, 2011, No. 323 of December 27, 2013, No. 19-N of February 16, 2016, and No. 332 of November 27, 2012 of the Board of the Central Bank of the Republic of Armenia

Name of the legislative act :

On making amendments and supplements to the decisions of the Board of the Central Bank of the Republic of Armenia No. 117-N of May 2, 2011, No. 323 of December 27, 2013, No. 19-N of February 16, 2016, and No. 332 of November 27, 2012 of the Board of the Central Bank of the Republic of Armenia No. 211-N of December 2, 2025 https://www.arlis.am/hy/acts/218465.

Change status :

The amendment to this Law entered into force on December 24, 2026.

What the changes are about:

This decision of the Central Bank is to ensure compliance of the regulations governing the activities of investment funds, both public and non-public, with the amendments made to the Law "On Investment Funds" (LO-23-N, January 22, 2025).

- Amendments and additions have been made to the preliminary decisions of the Central Bank, in particular, Regulation 10/11 (procedure for the registration of an investment fund and the preliminary permission to sell securities of a foreign fund) and Regulation 10/28 (procedure for the preliminary consent to the merger of investment funds).

- The procedure for managing non-public funds has been clarified, including the concept of "person carrying out management", as well as the procedure for registering changes to the fund's charter, management and custody agreements.

- The procedures for submitting electronic documents have been updated, including methods for mediated and direct electronic submission. The deadlines for submitting, certifying, and registering amendments to the fund's charter or rules, management, and custody agreements with the Central Bank have been adjusted, with the aim of increasing transparency and control over fund management.

- Attention was also paid to the forms of document submission, the mandatory content of certain documents, as well as the cases when additional information may be required by the Central Bank to verify the authenticity of the submitted documents.

The decision ensures the modernization of investment fund operations regulations, the regulation of fund management processes, and the effective implementation of state control in line with the new requirements of the law.

Aiming to ensure compliance of the acts regulating the activities of public and non-public funds with the requirements of the Law HO-23-N of January 22, 2025 "On Amendments and Supplements to the Law on Investment Funds",

Based on Article 8.1, Part 1, Article 16, Part 1, Article 21, Part 2, Article 23, Part 3, Article 24, Part 4, Article 25, Part 6, Article 61, Part 4, Article 90, Part 6, Article 99, Part 9 of the Law "On Investment Funds",

Guided by Part 3 of Article 2, Point 1 "e" of Article 20 of the Law "On the Central Bank of the Republic of Armenia", Parts 1 and 3 of Article 33 of the Law "On Regulatory Legal Acts", and Article 34, the Board of the Central Bank of the Republic of Armenia

It is decided.

1. In the title of the Resolution No. 117-N of the Board of the Central Bank of the Republic of Armenia dated May 2, 2011 “On approval of Regulation 10/11 “On registration of an investment fund (fund rules), the procedure and conditions for granting a preliminary permit for selling securities of a foreign investment fund in the Republic of Armenia” (hereinafter referred to as the Resolution), after the words “INVESTMENT FUND (FUND RULES)”, add the words “, AMENDMENTS THERETO”, and in point 1 of the Resolution and in the title of Regulation 10/11 “On registration of an investment fund (fund rules), the procedure and conditions for granting a preliminary permit for selling securities of a foreign investment fund in the Republic of Armenia” (hereinafter referred to as Regulation 10/11), approved by the Resolution, add the words “, amendments thereto” after the words “Investment fund (fund rules)”.

2. To make the following additions and amendments to Regulation 10/11:

1) In subparagraph 3 of paragraph 2 of Regulation 10/11, replace the punctuation mark "." with the punctuation mark ",".

2) In paragraph 2 of Regulation 10/11, after subparagraph 3, add a new subparagraph 4 with the following content: "4) person carrying out management - a person carrying out management of a non-public investment fund in accordance with the Law."

3) Remove the words "either by registered mail or by hand delivery to the Central Bank" from paragraph 4 of Regulation 10/11.

4) In paragraph 4.2 of Regulation 10/11, after the words “and in case of impossibility:” add the words “by e- mail or”.

5) In paragraph 4.6 of Regulation 10/11, after the words "incomplete submission", add the words "or non- submission".

6) Remove the words "REGISTRATION OF AMENDMENTS" from the titles of Sections 2 and 3, Chapters 4, 5, 6 and 7 of Regulation 10/11.

7) Remove the words "AND AMENDMENTS" from the title of Chapter 8 of Regulation 10/11.

8) Sub-paragraph 10 of paragraph 5 of Regulation 10/11 shall be amended as follows: "10) a statement that provides a detailed (including schematic) description of the manager's management functions and other related activities, including a description of the technical and software system ensuring communication with the custodian. The statement required by this subparagraph shall not be submitted if the information required by it is already included in the fund's charter, rules, management or custody agreement."

9) In subparagraph 12 of paragraph 5 of Regulation 10/11, replace the punctuation mark "." with the punctuation mark ",".

10) In Regulation 10/11, paragraph 5, after subparagraph 12, a new subparagraph 13 shall be added with the following content: "13) The application for registration of the fund's trade name, the requirements to be submitted, the list of documents to be submitted with it, as well as the relations related to the consideration of the application and the registration of the trade name and its changes shall be regulated in accordance with the procedure jointly established by the Central Bank and the authorized body of the Government of the Republic of Armenia."

11) Clauses 8, 9, 10, 14, 15, 16, 20, 23, 24, 25, 28, 30, 31, 32, 32.6 of Regulation 10/11 and subclauses 9, 10, 12, 13 of clause 18, and subclauses 6, 8, 10, 11, 12 and 13 of clause 26 are repealed.

12) Sub-paragraph 3 of paragraph 18 of Regulation 10/11 shall be amended as follows: "3) the decision of the board of directors of the manager (person carrying out the management) or the authorized management body to establish and manage the given fund (if the fund is established on the initiative of the manager (person carrying out the management)."

13) In subparagraph 5 of paragraph 18 of Regulation 10/11, the words "if the executive management of a non- public fund is to be carried out by a person other than the manager, the person carrying out the executive management of the non-public fund" shall be replaced with the words "the person carrying out the management".

14) Remove the words "(in the case of a corporate fund)" from subparagraph 14 of paragraph 18 of Regulation 10/11.

15) In paragraphs 21 and 29 of Regulation 10/11, replace the number "10" with the number "30".

16) In paragraph 22 of Regulation 10/11, replace the words "Annex 6" with the words "Annex 4".

17) Sub-paragraph 2 of paragraph 26 of Regulation 10/11 shall be amended as follows: "2) the decision of the board of directors of the manager (person carrying out the management) or the authorized management body on the establishment and management of the given fund."

18) Sub-paragraph 4 of paragraph 26 of Regulation 10/11 shall be amended as follows: "4) the decision of the board of directors of the manager (person carrying out the management) or the competent management body on approving the fund rules."

19) Remove the words "fund executive" from subparagraph 5 of paragraph 26 of Regulation 10/11.

20) In subparagraph 9 of paragraph 26 of Regulation 10/11, replace the punctuation mark "." with the punctuation mark ",".

21) In paragraph 29.1 of Regulation 10/11, after the words "contractual fund", add the words "non-public contractual fund".

22) Remove the words "and amendments" from paragraph 32.1 of Regulation 10/11.

23) Paragraph 32.2 of Regulation 10/11 shall be amended as follows: "32.2 Only a person who has received a fund management license or permit as defined by the Law may apply for registration of fund rules (charter) through an intermediary procedure."

24) In paragraph 32.5 of Regulation 10/11, replace the words "the person who submitted the petition through the online registration system of the intermediary company" with the words "the intermediary company, as well as the person managing the non-public fund".

25) In paragraph 32.6 of Regulation 10/11, the words "by paragraph 23 or 30" shall be replaced by the words "by paragraph 32.7".

26) After Section 3 of Regulation 10/11, add a new Section 3.1 with the following content:

"SECTION 3.1 REGISTRATION OF CHANGES

32.7 In cases of amendments or supplements to the fund's charter (rules) (approving the charter (rules) in a new edition), amendments to the corporate fund management agreement, fund custody agreement, signing a corporate fund management agreement with a new manager, custody agreement with a new custodian, such amendments or supplements ( the charter (rules) approved in a new edition) or new agreements shall be submitted to the Central Bank, including:

1) In case of making amendments or additions to the charter (rules) (approving the charter (rules) in a new edition), the fund shall submit the following documents to the Central Bank within 10 days after approving the amendments:

a. petition in accordance with Appendix 7 of these regulations,

b. the decision of the fund meeting (the board of directors of the manager (the person carrying out the management) or the authorized management body) or an extract from the minutes on making amendments or additions to the charter (rules) (approving the charter (rules) in a new edition),

c. amendments or supplements to the fund's charter (rules) or the newly revised charter (rules). In addition, the charter must have a title page in the form specified in Appendix 7.2 of this Regulation,

d. In the case of a public fund, the conclusion of the fund custodian on amendments or additions to the charter (rules) (approval of the charter (rules) in a new edition),

e. in the case of a closed-end contractual fund, the decision of the fund meeting to approve the amendments or supplements to the fund rules (new edition of the rules) and to give consent to the relevant decision of the board of directors of the manager (person carrying out the management) or the authorized management body (if a fund meeting is convened in the given fund),

2) In order to register with the Central Bank the amendments to the management agreement of a public corporate fund or the management agreement of a corporate fund concluded with a new manager, the corporate fund shall submit the following documents to the Central Bank within 10 days after making a decision to make amendments or conclude a new agreement:

a. petition in accordance with Appendix 7 of these regulations,

b. the decision of the fund meeting or an extract from the minutes on making amendments to the management agreement or concluding a management agreement with a new manager,

c. the amended fund management agreement or the management agreement signed with the new manager,

d. in case of registration of a fund management agreement concluded with a new manager, the decision of the fund meeting or an extract from the minutes on the annulment of the management agreement concluded with the former manager,

3) in case of making amendments to the management agreement of a non-public corporate fund or concluding a management agreement with a new management entity, the corporate fund shall submit to the Central Bank, within 10 days after making a decision to make amendments or conclude a new agreement, the amended fund management agreement or the management agreement concluded with the new management entity,

4) In order to register amendments to the custody agreement of a public fund or a custody agreement concluded with a new custodian with the Central Bank, the fund (fund manager) shall submit the following documents to the Central Bank within 10 days after making a decision to make amendments or conclude a new agreement:

a. petition in accordance with Appendix 7 of these regulations,

b. the decision of the fund meeting (the manager's board of directors) or an extract from the minutes on making amendments to the custody agreement or concluding a custody agreement with a new custodian,

c. amended custody agreement or custody agreement concluded with a new custodian,

d. in case of registration of a custody agreement concluded with a new custodian, the decision of the fund meeting (manager's board of directors) or an extract from the minutes on the annulment of the custody agreement concluded with the former custodian, as well as the documents required to make the relevant amendments to the fund rules provided for in subparagraph 1 of this paragraph, e. in the case of a closed-end fund, the decision of the fund meeting to amend the fund custody agreement or terminate its validity and to approve the relevant decision of the manager's board of directors to conclude a fund custody agreement with a new custodian (if a fund meeting is convened in the given fund).

32.8 If necessary, the Central Bank may request additional documents and information to assess the reliability of the information reflected in the documents submitted in accordance with paragraph 32.7 of this Regulation.

32.9 The Central Bank shall, within 30 working days from the date of proper receipt of the documents required by subparagraphs 1, 2 and 4 of paragraph 32.7 of this Regulation, register the amendments or supplements to the fund's charter (the newly approved charter), amendments to the management agreement or the management agreement concluded with the new manager, amendments to the custody agreement or the custody agreement concluded with the new custodian, or refuse registration.

32.10 Registration of amendments or supplements to the management agreement of a corporate fund of qualified investors and the custody agreement of a qualified investor fund or a fund management agreement concluded with a new manager shall be carried out in accordance with subparagraphs 2 and 4 of paragraph 32.7 of this Regulation, if the required documents are accompanied by a written request from the fund participant for the Central Bank to verify the compliance of the document subject to the amendment with the law and other legal acts. Otherwise, the Central Bank, after being duly notified, shall register the amendments or supplements to the management and custody agreements or the new management, custody agreement within 3 business days or shall refuse registration. 32.11 When submitting amendments and supplements to the fund's regulations (rules), management and custody agreements to the Central Bank, in addition to the documents required by clause 32.7, a copy of the regulations (rules), agreements shall also be submitted in redaction mode.

32.12 Amendments to the rules of a fund registered through the intermediary procedure, as defined in Chapter 8 of this Regulation, as defined in paragraph 32.7 of this Regulation, may be submitted through the intermediary procedure, in the manner defined in paragraph 32.1 of this Regulation or in the manner defined in paragraph 4 of this Regulation.

27) In paragraph 36 of Regulation 10/11, replace the word "manager" with the words "person who submitted the petition".

28) In paragraph 48 of Regulation 10/11, the words "Annex 1" shall be replaced by the words "Annex 8".

29) After point 3 of the tables "Information about the fund" in Annex 1 and Annex 2 of Regulation 10/11, add point 3.1 with the following content:

3.1 " Name and location of the registrar of fund participants " :

30) To repeal point 7.4 of the table "Information about the fund" in Appendix 1 to Regulation 10/11.

31) In Annex 2 to Regulation 10/11, in point 2 of the table “Information about the fund”, after the word “Manager”, add the words “(person carrying out the management)” and remove the words “(except for a non- public fund without a manager)”.

32) To repeal point 11.2 of the table "Information about the fund" in Appendix 3 of Regulation 10/11.

33 ) In Annex 4 and Annex 4.1 of Regulation 10/11, remove the word "executive" before the words "person exercising management".

34) Annex 6 to Regulation 10/11 shall be repealed.

35 ) In Annex 7 of Regulation 10/11, after the word "manager", add the words "(person exercising management)".

36 ) In Annex 7.3, Annex 7.4 and Annex 8, paragraph 12 of Regulation 10/11, after the word "Manager", add the words "(person carrying out management)".

3. Paragraph 2 of Decision No. 323-N of the Board of the Central Bank of the Republic of Armenia of December 27, 2013 "On Establishing the Minimum Value of Net Assets of an Investment Fund and Each Sub-Fund" shall be amended as follows:

"2. The minimum net asset value established by this decision shall apply 6 months after the date of registration of a public fund, and 1 year after the date of registration of a non-public fund . "

4. To make the following amendments and additions to the Decision No. 19-N of the Board of the Central Bank of the Republic of Armenia of February 16, 2016 “On Approval of Regulation 10/28 “On the Procedure for Providing Preliminary Consent to the Merger of Investment Funds, Providing and Publishing Information on the Merger” (hereinafter referred to as Decision No. 19-N):

1) The title of the appendix to Decision No. 19-N shall be amended as follows: " "PROCEDURE FOR PROVIDING PRIOR CONSENT TO THE MERGER OF INVESTMENT FUNDS, PROVIDING AND PUBLISHING INFORMATION ON THE MERGER" REGULATION 10/28".

2) Paragraph 2 of Regulation 10/28 "Procedure for Providing Preliminary Consent to the Merger of Investment Funds, Providing and Publishing Information on the Merger" (hereinafter referred to as Regulation 10/28), approved by Decision No. 19-N, shall be amended as follows: "

2. All documents required by this Regulation shall be submitted to the Central Bank electronically through the CBAnet system, and if this is not possible, on an electronic medium with an attached letter. Non-public contractual funds registered through an intermediary procedure may submit all documents required by this Regulation to the Central Bank through the online registration system of the regulated market operator . "

3) After paragraph 3 of Regulation 10/28, add a new paragraph 3.1 with the following content: "3.1 For the purposes of this Regulation (except for Chapter 8), the concept of manager also includes a person managing a non-public fund . "

4) In Appendix 1 of Regulation 10/28, after the words “general meeting (manager) of the merging fund”, “general meeting (manager) of the retained fund”, “retained fund (manager)” and “merging fund (manager)”, add the words “(person carrying out management)”.

5) In Annex 2 of Regulation 10/28, after the words "maintained fund (manager)" and "merging fund (manager)", add the words "manager".

5. In the preamble of the Resolution No. 332-N of the Board of the Central Bank of the Republic of Armenia dated November 27, 2012 “On Allowing Investment Companies to Engage in Additional Types of Activities and Establishing Requirements for Their Implementation”, after the words “Part 2 of Article 28,” add the words “Part 1 of Article 8.1 of the Law “On Investment Funds,”.”

6. Until the deadline set by Article 45 of the Law "On Amendments and Supplements to the Law "On Investment Funds"" of January 22, 2025, the concept of a person managing a non-public fund defined in Regulation 10/11 also includes persons managing a non-public fund without a permit.

7. This decision shall enter into force on the day following its official publication.

PART V. WORKING SECTOR

(This section of legal updates includes legal news related to the labor sector for December 2025)

1. On making amendments and additions to the Labor Code of the Republic of Armenia

Name of the legislative act:

Law HO-525-N on Amendments and Supplements to the Labor Code of the Republic of Armenia https://www.arlis.am/hy/acts/201313

Change status:

The amendment to this Law entered into force on January 1, 2026.

Which legislative act was amended by the adoption of the above-mentioned act:

As a result of the adoption of this Law, a change was made to the Labor Code of the Republic of Armenia.

What the changes are about:

Starting January 1, 2026, all employment contracts in Armenia must be concluded through a digital system, and all companies must transfer already concluded, existing paper employment contracts to an online platform by the end of 2026.

In accordance with the Law "On Amendments and Supplements to the Labor Code of the Republic of Armenia" of December 4, 2024, amendments have been made to the Labor Code, according to which the procedure for concluding employment contracts digitally is now regulated. Thus, after January 1, 2026, within a twelve-month period, employers enter into the digital system the employment contracts of employees in employment relationships with them (if the employment contracts were not concluded through the digital system) under the terms and conditions in effect at the time of entry.

To supplement the Code with Chapter 13.1 with the following content:

CHAPTER 13.1 DIGITAL SYSTEM FOR SEALING EMPLOYMENT CONTRACTS

Article 102.1. Digital system for concluding employment contracts and basic principles of application of the system

1. The digital system for concluding employment contracts (hereinafter referred to as the digital system) is a set of data, the purpose of which is:

1) ensure the conclusion (acceptance) and use of data on the employment contract or individual legal act on the termination of the employment contract, as well as amendments thereto, with the entry of data, as well as the possibility of downloading such data after entry;

2) to support the implementation of state control over compliance with labor legislation requirements.

2. The main principles of using the digital system are:

1) ensuring the effectiveness of supervision over compliance with labor legislation requirements;

2) access to the data available in the digital system at any time for the parties to the employment relationship who have the authority to use the digital system in accordance with the procedure established by this Code.

Article 102.2. Digital system management, data access, technical requirements and management procedure

1. The authorized body implementing the management of the digital system shall be established by the Government of the Republic of Armenia.

2. The inspection body is granted access to the data of the digital system in the exercise of supervisory functions in accordance with the procedure prescribed by law to the extent necessary for supervision over the requirements of labor legislation, other regulatory legal acts containing labor law norms, collective and employment contracts within the framework of the powers reserved by law.

3. The relevant departments of the State Revenue Committee of the Republic of Armenia are granted access to the data of the digital system to the extent necessary to formalize the employment of an employee in accordance with the procedure established by the legislation or to check the accuracy of submitting an application for registration for an employee, as well as to carry out tax control over the compliance of the income calculated and paid for the employee, calculated (paid) income tax, social and other mandatory payments within the framework of the authorities reserved by the legislation.

4. The Migration and Citizenship Service of the Ministry of Internal Affairs of the Republic of Armenia is granted access to the data of a foreign worker in the digital system to the extent necessary to ensure the course of administrative proceedings initiated based on applications submitted through the unified electronic platform for the involvement of a foreign worker https://workpermit.am.

5. In the digital system, the employer and the employee are given a window for accessing electronic data (personal page). In the event of the emergence of an employment relationship involving a person under the age of sixteen, access to electronic data is granted to the parent or foster parent or adoptive parent or guardian who signs the employment contract.

6. The requirements for the digital system, the procedures for providing access to the data of the digital system and concluding employment contracts through the digital system shall be established by the Government of the Republic of Armenia.

1. Requirements for the digital system, signing employment contracts using the digital system

The employer or his representative shall conclude the employment contract, the agreement on amending or supplementing the employment contract, and the individual legal act on terminating the employment contract through the relevant page of the Electronic Reporting System of the State Revenue Committee of the Republic of Armenia, filling in the necessary fields.

Currently, the State Revenue Committee of the Republic of Armenia operates two state digital platforms: Electronic reporting system for legal entities: https://file-online.taxservice.am/pages/loginPage.jsf Unified system of electronic services for individuals of the Republic of Armenia, as well as foreign citizens:

https://self-portal.taxservice.am/sign-in/

Citizens of the Republic of Armenia access the digital system through the "I am" national identification platform, while foreigners access it through the taxpayer registration number (TRN) and a login and password provided by the State Revenue Committee of the Republic of Armenia.

2. Information to be included in the employment contract

The employer must fill in the required fields of the digital employment contract form:

1) contract number*.

2) the place of conclusion of the contract*.

3) Date of signing the contract (the date of signing by the employee with an electronic digital signature - filled in automatically)*.

4) Employer's tax identification number and name (first name, last name, patronymic in the case of an individual employer)*.

5) employee's name, surname, patronymic*.

6) the employee's public service number or the reference number of the absence of a public service number, except if the employee is a foreign citizen or stateless person without residence status in the Republic of Armenia and will not actually be in the Republic of Armenia.

7) the employee's passport or identification card details (in the case of a foreign employee, also the details of the document confirming the right of residence or legal stay);

8) Place of work*.

9) the structural or separate subdivision or office or institution of the employer (if any) where the employee will work;

10) Year, month, date of commencement of work*.

11) Position title*.

12) job functions or a reference to the document defining the functions arising from the position, which is an annex to the employment contract*.

13) the amount of the basic salary (including taxes paid from the salary, social or other mandatory payments prescribed by law)*.

14) the method of determining the salary*.

15) supplements, bonuses, and additional payments provided to employees in accordance with the procedure established by the legislation of the Republic of Armenia*.

16) type of employment contract (indicate indefinite or fixed term)*. In the case of a fixed term employment contract, also indicate the term of validity of the contract*.

17) in case of establishing a probationary period, the duration and conditions of the probationary period;

18) working hours*.

19) weekly working hours (excluding cumulative working hours)*.

20) type of annual leave (minimum, additional, extended) and duration*.

21) position, name, surname* of the person signing the employment contract.

22) methods of notification by the employer and employee to each other in connection with employment relations*.

23) rights and obligations of the parties;

24) a note about the appendix, if the employment contract has an appendix, also indicating the scope of issues regulated by the appendix;

25) other conditions.

Fields marked with an asterisk are required.

The person signing the contract field should contain the identification data of the person authorized to sign employment contracts on behalf of the legal entity. Typically, the person authorized to sign the contract is the director of the legal entity.

After completing the required fields, the authorized signer signs the document with an electronic signature.

The document signed by the employer is reflected on the corresponding page of the Unified Platform for Electronic Services for Individuals of the State Revenue Committee of the Republic of Armenia, after which the system automatically sends a notification to the email address of the person being hired.

Then, the Employee has the opportunity to log in to the system, familiarize themselves with the employment contract and sign it no later than one business day before the effective date of the contract specified in the contract.

3. Access to the unified electronic services system for employees with RA citizenship

Citizens of the Republic of Armenia access the Unified System of Electronic Services for Individuals without additional registration; their access to the digital system is carried out through the "I Am" national identification platform.

An individual citizen of the Republic of Armenia can log in using the following link: https://self- portal.taxservice.am/sign-in/

You need to select the "Citizen of the Republic of Armenia" option when logging in, then confirm the "I agree to the User Agreement and Data Protection Policy" field and click on the "Login via the "Me" system" field.

In the "Login option" field, you need to select one of the options: "Mobile ID card" or "ID card". Then the user logs in to his page.

4. Access to the unified system of electronic services for foreign citizens and employees

Unlike citizens of the Republic of Armenia, foreign citizens cannot automatically log in to their personal page. To create a personal page, they must obtain a taxpayer identification number (TIN), receive a username and password, and obtain an electronic signature.

4.1. Obtaining a taxpayer registration number

To obtain a taxpayer registration number, a foreign citizen employee must submit an application in person to the State Revenue Committee at their official email address: secretariat@petekamutner. am or by submitting it via the website: https://e-request.am/hy

Appendix No. 4

By the Chairman of the State Revenue Committee under the Government of the Republic of Armenia,

September 25, 2017

Order No. 327-N Form

APPLICATION PROVISION FOR THE ACCOUNTING OF NON-RESIDENT INDIVIDUALS OF THE REPUBLIC OF ARMENIA TAXPAYER AND TERMINATION OF ACCOUNTING

1. Name, surname, patronymic of the individual

__________________________________________________________________________________________________________________________________________________________________________________

2. Country of residence of the individual

__________________________________________________________________________________________________________________________________________________________________________________

3. Passport data of an individual, the Personal Identification Number

__________________________________________________________________________________________________________________________________________________________________________________

4. Place of residence of the individual, tel.

__________________________________________________________________________________________________________________________________________________________________________________

5. Place of business of the individual, tel.

__________________________________________________________________________________________________________________________________________________________________________________

6. Application submission date

__________________________________________________________________________________________________________________________________________________________________________________

7. Attached documents

__________________________________________________________________________________________________________________________________________________________________________________

Individual

( signature )

__________________________________________________________________________________________________________________________________________________________________________________

4.2. Access data: username and password receipt

After receiving a TIN, a foreign citizen employee also needs to receive a username and password, for which they must submit an application to the State Revenue Committee again.

4.3. Obtaining an electronic signature

A foreign citizen employee can obtain an electronic signature in 2 ways: based on the taxpayer registration number /TIN/ and the public service number /PSN/ through the

ARX Cosign system, at the following link https://www.ekeng.am/hy/third_sub/cosign ARX-Cosign ES program and application guide: https://ekeng.am/hy/sec_sub/necessary_programs

Providing electronic signatures to foreign citizens based on the Personal Identification Number (PIN).

The electronic signature issued based on the ASN is used when signing documents on the following websites (word, excel, pdf)

https://self-portal.taxservice.am

https://file-online.taxservice.am

https://e-request.am/en

To obtain an electronic signature through the PSC, you must submit the following documents:

Valid residence card or passport

PSC reference

Receipt for payment of state duty in the amount of 30,000 AMD

A foreign citizen can obtain a public service number by applying online or by booking a visit at the following link: https://migration.e-gov.am/hy/service/provision_of_ssn/info

After authentication, EKENG sends an electronic signature to the applicant's personal email address. ARX Cosign program link e-signature certificate

Username and initial Password (need to create a new Password)

If the foreign citizen is not in the Republic of Armenia, an Electronic Signature based on the Personal Identification Number is not issued.

The electronic signature issued based on the PSC is valid for a period of 3 years.

Providing electronic signatures for foreign citizens based on their personal identification number (PIN).

The electronic signature issued based on the TIN is used exclusively in the Unified System of Electronic Services for Individuals: https://self-portal.taxservice.am/sign-in/

To obtain an electronic signature via the TIN, a person authorized by a foreign citizen applies to the SRC. Registers the corresponding email address with the SRC. Then, the SRC sends a login link to the email address https://self-portal.taxservice.am/sign-in/ (the login and password are created by the user).

To obtain an electronic signature, you must submit the following documents:

Valid residence card or passport

VAT number reference

Receipt for payment of state duty in the amount of 30,000 AMD

Within 1-2 business days, EKENG sends an electronic signature to the email address provided to the SRC.

ARX Cosign program link

Username and initial Password (need to create a new Password)

The electronic signature provided based on the PIN is valid for a period of 3 years.

2. On establishing the procedure for entering into the digital system employment contracts concluded and continuing until January 1, 2026, as well as individual legal acts on employment adopted and in force until July 1, 2025, and on making additions and amendments to the Resolution of the Government of the Republic of Armenia No. 410 of April 10, 2025

Name of the new legislative act:

December 25, 2025 N 1954-N on establishing the procedure for entering into the digital system individual legal acts on employment concluded and continuing until January 1, 2026, as well as individual legal acts on employment adopted and in force until July 1, 2025, and on making additions and amendments to the Decision of the Government of the Republic of Armenia N 410 of April 10, 2025 https://www.arlis.am/hy/acts/218799/latest

Change status:

The amendment to this Law entered into force on January 1, 2026.

What the changes are about:

As a result of the adoption of this regulation, a unified procedure for digitizing and entering into the digital system employment contracts concluded and continuing until January 1, 2026, as well as individual legal acts on employment adopted and in force until July 1, 2025, is established. At the same time, the obligations of employers, the deadlines for entry, procedures for verifying the authenticity of data, as well as the rules for the use of electronic identification and electronic signatures are clarified. The regulation aims to ensure the complete accounting of employment relationships in the digital environment, increase data accuracy, transparency and interoperability of information between state bodies without re-registering or changing existing employment relationships.

Based on Part 4 of Article 17 of the Law HO-525-N of December 4, 2024 "On Amendments and Supplements to the Labor Code of the Republic of Armenia" and Articles 33 and 34 of the Law "On Regulatory Legal Acts", the Government of the Republic of Armenia decides:

1. To establish the procedure for entering into the digital system employment contracts concluded and continuing until January 1, 2026, as well as individual legal acts on employment adopted and in force until July 1, 2025, in accordance with the appendix.

2. To establish that after January 1, 2026, within a twelve-month period, employers shall enter into the digital system the employment contracts of employees in employment relations with them (if the employment contracts were not concluded through the digital system), as well as individual legal acts on employment adopted and in force before July 1, 2025, under the conditions in force at the time of entry.

3. To make the following additions and amendments to the Resolution of the Government of the Republic of Armenia dated April 10, 2025 N 410-N “On the requirements for the digital system for concluding employment contracts, providing access to data in the digital system, establishing the procedure for concluding employment contracts in the digital system and the authorized body managing the digital system” (hereinafter referred to as the Resolution):

The annex to the decision shall be supplemented with the following content in paragraph 3.1:

3.1. In order to conclude an employment contract, an employer of a natural person must register with the tax authority and receive a taxpayer registration number.

Paragraph 6 of the appendix to the decision shall be amended as follows:

6. Access to the Unified System of Electronic Services for Individuals is carried out through the “I am” national identification platform of the Republic of Armenia, in accordance with the Resolution of the Government of the Republic of Armenia No. 572-N of May 25, 2017, and access for foreigners without residence status is carried out using the taxpayer registration number (TRN) and the login and password provided by the State Revenue Committee of the Republic of Armenia.

Paragraph 8 of the appendix to the decision shall be amended as follows:

8. For citizens of the Republic of Armenia, an electronic digital signature embedded in an identification card or a mobile electronic digital signature is used in accordance with the requirements established by the Resolution of the Government of the Republic of Armenia No. 572-N of May 25, 2017, and for foreigners, other electronic digital signature solutions are used in accordance with the requirements established by the Resolution of the Government of the Republic of Armenia No. 285-N of March 1, 2018 and the Resolution of the Government of the Republic of Armenia No. 572-N of May 25, 2017.

Paragraph 9 of the appendix to the decision shall be amended as follows:

9. After the employment contract enters into force, based on the information contained in the employment contract, the application for registration of the newly hired employee is pre-filled, which automatically reflects the personal information contained in the employment contract and included in the employee's registration application.

Appendix

The Government of the Republic of Armenia's 2025

Decision No. 1954-N of December 25

EMPLOYMENT CONTRACTS SIGNED AND CONTINUED UNTIL JANUARY 1, 2026, AS WELL AS INDIVIDUAL LEGAL ACTS ON THE RECEPTION OF WORK ADOPTED AND IN VALID UNTIL JULY 1, 2025, TO BE ENTERED INTO THE DIGITAL SYSTEM

1. GENERAL PROVISIONS

1. This procedure regulates relations related to the provisions on entering into the digital system employment contracts concluded and continuing until January 1, 2026, as well as individual legal acts on employment adopted and in force until July 1, 2025 (except for cases prescribed by law).

2. The employer or its representative (hereinafter referred to as the employer) shall enter into the digital system, by filling in the necessary fields through the relevant page of the “Electronic Reporting System” of the State Revenue Committee of the Republic of Armenia, the employment contracts concluded and continuing until January 1, 2026 (if the employment contracts were not concluded through the digital system), as well as the individual legal acts on employment adopted and in force until July 1, 2025, under the conditions in force at the time of entry. The employer, a natural person, shall enter through the relevant page of the Unified Platform for Electronic Services for Individuals of the State Revenue Committee of the Republic of Armenia, by filling in the necessary fields (the employer, a natural person, shall be registered with the tax authority in order to conclude the employment contract and receive a taxpayer registration number).

3. When entering an employee's employment contract or individual legal act on employment into the digital system, the system automatically reflects the information contained in the employee's registration application, if an employee registration application is available.

4. The employment contract (individual legal act) drawn up after the action provided for in paragraph 2 of this procedure shall be signed with the employer's electronic digital signature.

5. The employment contract (individual legal act on employment) signed by the employer is reflected on the employee's (and in the case of the emergence of employment relations with the participation of a person under sixteen years of age, on the parents or foster parents or one of the adoptive parents or guardians) page of the Unified Platform for Electronic Services for Individuals of the State Revenue Committee of the Republic of Armenia, about which the system automatically sends a notification to the employee's email address.

6. After the employment contract signed by the employer is reflected on the relevant page of the Unified Platform for Electronic Services for Individuals of the State Revenue Committee of the Republic of Armenia, the employee (and in the case of employment relationships involving a person under the age of sixteen, one of the parents or foster parents or adoptive parents or guardian) signs the employment contract with an electronic digital signature. The action provided for in this paragraph must be carried out by December 31, 2026.

7. The action specified in paragraphs 4 and 6 of this procedure is performed by the employer or employee for the purpose of verifying or confirming the authenticity of the employment contract data in the digital system, and not as an act of concluding or re-signing a new employment contract.

8. Access to the Unified System of Electronic Services for Individuals is carried out through the "I am" national identification platform of the Republic of Armenia, in accordance with the Resolution of the Government of the Republic of Armenia No. 572-N of May 25, 2017, and access for foreigners without residence status is provided by the taxpayer registration number (TRN) and the login and password provided by the State Revenue Committee of the Republic of Armenia.

9. For citizens of the Republic of Armenia, an electronic digital signature embedded in an identification card or a mobile electronic digital signature is used in accordance with the requirements set forth in the Resolution of the Government of the Republic of Armenia No. 572-N of May 25, 2017, and for foreigners, other electronic digital signature solutions are used in accordance with the requirements set forth in the Resolution of the Government of the Republic of Armenia No. 285-N of March 1, 2018 and the Resolution of the Government of the Republic of Armenia No. 572-N of May 25, 2017.

10. The following fields shall be filled in the employment contract:

1) contract number*.

2) the place of conclusion of the contract*.

3) date of signing the contract*.

4) Date of registration of the contract (the date of signing by the employee with an electronic digital signature - generated automatically)*.

5) Employer's tax identification number and name (first name, last name, patronymic in the case of an individual employer)*.

6) employee's name, surname, patronymic*.

7) the employee's public service number or the reference number of the absence of a public service number, except if the employee is a foreign citizen or stateless person without residence status in the Republic of Armenia and will not actually be in the Republic of Armenia*.

8) the public service number of one of the parents or foster parents or adoptive parents or guardian or the number of the certificate stating that they do not have a public service number, if the employment contract was concluded with a person under the age of sixteen*.

9) the employee's passport or identification card details (in the case of a foreign employee, also the details of the document confirming the right of residence or legal stay);

10) employee's email address*.

11) Place of work*.

12) the structural or separate subdivision or office or institution of the employer (if any) where the employee will work;

13) Year, month, date of commencement of work*.

14) Position title*.

15) job functions or a reference to the document defining the functions arising from the position, which is an annex to the employment contract*.

16) the amount of the basic salary (including taxes paid from the salary, social or other mandatory payments prescribed by law)*.

17) the method of determining the salary*.

18) supplements, bonuses, and additional payments provided to employees in accordance with the procedure established by the legislation of the Republic of Armenia*.

19) type of employment contract (indicate indefinite or fixed term)*, and in the case of a fixed term employment contract, also indicate the term of validity of the contract*.

20) in case of establishing a probationary period, the duration and conditions of the probationary period;

21) working hours*.

22) weekly working hours (excluding cumulative working hours)*.

23) type of annual leave (minimum, additional, extended) and duration*.

24) position, name, surname* of the person signing the employment contract.

25) methods of notification by the employer and employee to each other in connection with employment relations*.

26) rights and obligations of the parties;

27) a note about the appendix, if the employment contract has an appendix, also indicating the scope of issues regulated by the appendix;

28) other conditions.

11. The items marked with an asterisk in paragraph 10 of these regulations are mandatory.

12. The condition provided for in subparagraph 20 of paragraph 10 of this procedure is not met if the employment relationship arose before July 1, 2025.

13. When filling in the fields specified in paragraph 10 of these Rules, it is also necessary to indicate the period from which the specified condition (information) is valid, if the change (supplement) was made after the conclusion of the employment contract or the adoption of the individual legal act on employment.

14. If the employment relationship was established by an individual legal act on employment, then the fields specified in paragraph 10 of this procedure shall be filled in the individual legal act on employment. In this case, the individual legal act shall not be signed by the employee, and the date of registration of the individual legal act on employment in the digital system shall be the date of signing by the employer with an electronic digital signature, which shall be generated automatically.

15. Employment contracts signed with persons performing civil work and providing technical services in state and local self-government bodies, as well as with experts engaged by state bodies for the implementation of individual tasks, are automatically transferred from the civil service information platform to the digital system through the interoperability platform of the Government of the Republic of Armenia.

16. If, due to restrictions on the publication of information on individual positions in state bodies, information relating to a person is defined by legislation as confidential or restricted official information, then employment contracts concluded or individual legal acts adopted regarding the latter are not entered into the digital system.

17. If the employment contract or individual legal act on employment concluded with the employee has not been entered into the digital system by the end of 2026 and in the same year there is a need to amend the employment contract or individual legal act on employment or terminate the employment relationship, then the amendment to the employment contract or individual legal act on employment or the individual legal act on dismissal shall not be accepted through the digital system.

2. CORRESPONDENCE BETWEEN THE EMPLOYEE REGISTRATION APPLICATION AND THE EMPLOYMENT CONTRACT

18. When entering an employee's employment contract or individual legal act on employment, the digital system automatically performs a check by comparing the information in the employee's registration application with the data of the employment contract or individual legal act on employment being entered.

19. In the event of discrepancies as a result of the verification specified in paragraph 18 of this procedure, the employer shall bring either the employee's registration application into line with the employment contract (individual legal act on employment), or the employment contract (individual legal act on employment) into line with the employee's registration application, except for the cases specified in subparagraphs 1-3 of this paragraph, taking into account that in such cases it is not possible to eliminate the discrepancy retroactively:

1) the employment contract or individual legal act on employment is available, but the employee's registration application is missing;

2) the year, month, and date of commencement of work specified in the employment contract or individual legal act on employment is earlier than that specified in the employee's registration application;

3) the year, month, and date of commencement of work specified in the employment contract or individual legal act on employment is later than that specified in the employee's registration application. 20. After performing the action specified in paragraph 18 of these Rules, the digital system will allow the process of concluding an employment contract to continue.