LEGAL UPDATE
February 2025
PART I. TAX SECTOR
1. On the approval of the list of certain goods subject to marking with identification means in the Republic of Armenia, the timelines for the introduction
of marking, and the rules for marking the goods included in the list with identification means.
2. On establishing the form of information submitted to the tax authority by a financial institution on the non-disclosure of account holders and
controlling persons who are residents of foreign states (territories).
3. On making amendments to the Tax Code of the Republic of Armenia regarding the taxation base and delay in tax payment beyond the established deadline.
4. On making amendments to the Tax Code of the Republic of Armenia regarding the use of cash
registers and/or failure to comply with the rules for cash settlements through cash registers.
5. Support for turnover tax-paying economic entities engaged in commercial (buying and selling) activities.
PART II. HEALTH SECTOR
1. On amendments and additions to Order No. 28-N of the Minister of Health of the Republic of
Armenia dated May 13, 2022 regarding the issuance of certificates, the application for obtaining
certificates, and the documents to be submitted.
PART III. INFORMATION TECHNOLOGY SECTOR
1. On establishing the list of types of activities subject to state support in the high-tech sector.
2. Draft on defining the list of professional jobs in the high-tech sector.
PART IV. STATE REVENUE SECTOR
1. On making amendments and supplements to the Law "On State Duty" on the implementation
of customs operations, customs escort, and temporary storage of goods by customs
authorities in cases prescribed by law.
2. On Amendments to the Law "On State Duty" for the Implementation of Non-Public Fund
Management Activities.
3. On Amendments to the Law "On State Duty"
PART V. CUSTOMS SECTOR
1. On ratification of the Agreement between the Government of the Republic of Armenia and
the Government of the United States of America on Mutual Assistance between their Customs Authorities.
PART VI. PURCHASE SECTOR.
1. On making amendments to the Decision of the Government of the Republic of Armenia No. 526-N of May 4, 2017
PART VII. BANKING SECTOR
1. On Amendments and Supplements to the Law "On Investment Funds"
2. On Amendments to the Law "On Currency Regulation and Currency Control"
PART I. TAX SECTOR
(This section of legal updates includes legal updates related to the tax sector for February 2025)
1. On the approval of the list of certain goods subject to marking with identification means in the Republic of Armenia, the timelines for the introduction of marking, and the rules for marking the goods included in the list with identification means
Name of the legislative act
Decision No. 125-N on approving the list of a number of products to be stamped with means of identification in the Republic of Armenia, the dates of introduction of stamping and the rules for stamping with means of identification of the products included in the list
https://www.arlis.am/documentview.aspx?docID=202926https://www.arlis.am/documentview.aspx?docid=1 94363
Change Status:
The decision came into effect on February 8, 2025.
What the changes are about:
The decision concerns the list of a number of goods subject to marking with identification means in the Republic of Armenia and the deadlines for introducing marking, the rules for marking goods subject to marking with identification means in accordance with the Basic Technological Organizational Model of the System for Marking Goods with Identification Means in the Eurasian Economic Union (hereinafter referred to as the Basic Model), approved by the Council of the Eurasian Economic Commission on March 5, 2021.
Based on the Agreement "On Marking of Goods with Identification Means in the Eurasian Economic Union" of February 2, 2018 and Part 2 of Article 396.1 of the Tax Code of the Republic of Armenia, the Government of the Republic of Armenia decides:
1. Confirm ՝
1) The list of a number of goods subject to marking with identification means in the Republic of Armenia and the deadlines for introducing marking, in accordance with Appendix N 1 to this decision.
2) The rules for marking goods subject to marking with identification means in the Republic of Armenia in accordance with the Basic Technological Organizational Model of the System for Marking Goods with Identification Means in the Eurasian Economic Union (hereinafter referred to as the Basic Model), approved by the Council of the Eurasian Economic Commission on March 5, 2021 (hereinafter referred to as the Basic Model), in accordance with Appendices NN 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19.
2. To establish that:
1) In the Republic of Armenia, the marking of goods subject to marking with stamps approved by Appendix No. 1 to this Decision, as defined in Part 1 of Article 390 of the Tax Code of the Republic of Armenia (hereinafter referred to as the Code), with identification means of the classifiers “Commodity Nomenclature of Foreign Economic Activity” (FEONA), shall be carried out in accordance with the main model.
2) In the event that the goods included in the list approved by the relevant point of Appendix No. 1 to this Decision are marked with stamps obtained on the basis of applications for the provision of stamps (hereinafter referred to as applications) submitted up to and including the day preceding the deadline established by the relevant point of Appendix No. 1 to this Decision, in accordance with Part 4 of Article 393 of the Code, in the manner prescribed by the Code, the goods included in the list approved by the relevant point of Appendix No. 1 to this Decision may not be marked in accordance with the main model.
3) Starting from the deadline established by the relevant point of Appendix N 1 to this decision, electronic registrations of excise stamps and (or) stamps on stamps received based on applications submitted, through the electronic system for attribution and registration of excise stamps, for goods included in the list established by the relevant point, starting from the deadline established by the same point, cannot be made.
4) Regardless of the deadlines established by Appendix N 1 to this decision, the stamping of goods approved by Appendix N 1 to this decision with identification means may also be carried out until the deadlines established by Appendix N 1 to this decision.
5) In accordance with subparagraph 4 of this point, in case of stamping of goods with identification means, the taxpayer cannot stamp these goods with stamps.
3. The concepts used in this decision are:
1) “stamping code” - a unique sequence of characters generated by the national operator or registered in the national operator’s system (in case of mutual recognition), which consists of an identification code and a verification code.
2) "identification means" - a marking code presented in a machine-readable form in the Data Matrix two- dimensional code format intended for application directly to a product, consumer packaging of a product, group packaging of a product, a product set, or a product label.
3) “product marking” means the application of an identification means directly to a product, consumer packaging of a product, product label, group packaging, or product set in accordance with the rules approved by this resolution.
4) “marked product” means a product on which an identification means or a material carrier containing an identification means is placed directly or on the consumer packaging of which, and reliable information about which (including information about the identification means and (or) the material carrier containing the identification means) is contained in the information system for monitoring the circulation of products subject to marking with identification means (hereinafter referred to as the system).
5) “putting a product into circulation” means the submission of information about the placing of a marked product into circulation by a circulation participant to a system that makes it available for alienation and (or) use.
6) “consumer packaging” means packaging that is an integral part of a product unit and is sold to the consumer together with the product.
7) "group packaging" - packaging that, as a result of aggregation, unites marked goods, is subject to marking with identification means and can be sold to the consumer in its entirety or disassembled for the purpose of alienating the goods included in it separately, with the provision of information about it to the system.
8) "set of goods" - a set of goods formed by a participant in the circulation of goods, including the marked goods, united in common consumer packaging, which has a common means of identification (means of identification of the set of goods). The set of goods is subject to alienation also with the possibility of its disassembly, with the mandatory marking of the goods included in the set subject to marking.
9) "participants in the circulation of goods" - organizations and individual entrepreneurs that carry out the production and (or) circulation of goods subject to marking with identification means.
4. Organizations and individual entrepreneurs importing goods approved by Appendix N 1 to this Decision may carry out the marking of goods with identification means after formalizing the "release for domestic consumption" or "re-import" customs procedures in a warehouse that meets the following requirements:
1) the warehouse must be owned by legal entities and individual entrepreneurs importing goods subject to marking or rented on a contractual basis or used under another contractual agreement, as well as the marking of goods subject to marking may be carried out by other legal entities or individual entrepreneurs on the basis of a contract for the provision of relevant services concluded with legal entities and individual entrepreneurs carrying out the circulation of goods subject to marking.
2) the goods subject to marking in the warehouse must be located in a place that is not visible to the buyer and must not be placed for display.
5. This decision shall enter into force on the day following its official publication.
2. On establishing the form of information submitted to the tax authority by a financial institution on the non-disclosure of account holders and controlling persons who are residents of foreign states (territories)
Name of the legislative act:
Decree No. 122-N on establishing the form of information submitted by a financial institution to the tax authority on the non-disclosure of account holders and controlling persons who are residents of foreign states (territories)
https://www.arlis.am/DocumentView.aspx?DocID=202838
Change Status:
This Order entered into force on February 15, 2025.
What the changes are about:
The basis for the adoption of the Order was Article 443.4, Part 2 of the Tax Code of the Republic of Armenia, “Provision of information by financial institutions to the tax authority in connection with the automatic exchange of information on financial accounts.” The Order regulates the form of information submitted by a financial institution to the tax authority on the non-disclosure of account holders and controlling persons who are residents of foreign states (territories), in accordance with the Appendix.
Based on Part 2 of Article 443.4 of the Tax Code of the Republic of Armenia:
I order:
1. To establish the form of information submitted by a financial institution to the tax authority on the non- disclosure of account holders and controlling persons who are residents of foreign states (territories), in accordance with the Appendix.
2. This order shall enter into force on the tenth day following the date of official publication.
2/4/2025 E. HAKOBYAN
Appendix to the Order of the Chairman of the
State Revenue Committee of the Republic of
Armenia No. 122-N dated February 04, 2025
|
INFORMATION ON NON-DISCLOSURE OF REPORTS AND CONTROLLING PERSONS WHO ARE RESIDENTS OF FOREIGN STATES (TERRITORIES) SUBMITTED BY A FINANCIAL INSTITUTION TO THE TAX AUTHORITY |
| 1. Financial institution taxpayer registration number (TIN) |
| 2. Financial institution name |
| 3. Address of the financial institution |
In accordance with Part 2 of Article 443.4 of the Tax Code of the Republic of Armenia, it is hereby notified that during the tax year 20__, no account holders and controlling persons who are residents of foreign countries (territories) were identified.
Official person _______________________________________________ signature, name, surname
3. On making amendments to the Tax Code of the Republic of Armenia regarding the taxation base and delay in tax payment beyond the established deadline
Name of the legislative act
Law HO-20-N on Amendments to the Tax Code of the Republic of Armenia
https://www.arlis.am/documentview.aspx?docid=203084
Change status:
This Law shall enter into force on March 14, 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.
What the changes are about:
As a result of the adoption of the law, a change was made to the tax base for real estate tax in the Tax Code, as well as to the legal provisions regarding late payment of tax.
Article 228 of the Tax Code of the Republic of Armenia of October 4, 2016 (hereinafter referred to as the Code) shall be supplemented with the following content, part 5.1:
Article 228. Real estate tax tax base
«5.1. After the tax year of the cadastral assessment, the real estate taxation base may be adjusted in the period up to and including the next cadastral assessment tax year, based on the comparison of the registration data available in the cadastral body (including those received from the competent body conducting the current registration), as a result of correcting errors made during state registration within the meaning of the Law "On State Registration of Rights to Property" as a result of changing the area of the building or land plot or the coefficients in the formulas calculated by the law establishing the procedure for cadastral assessment approximated to the market value of real estate and the valuation procedures of Appendix 2, which is an integral part of the Code. The adjusted real estate taxation base shall be taken as the basis for determining the taxation base from January 1, 2021 up to and including the next cadastral assessment tax year specified in Part 3 of this
Article. Article 401 of the Code shall be supplemented with a Part 4 with the following content:
Article 401. Delay in paying taxes beyond the due dates
4. Penalties shall not be calculated for additional amounts of the relevant real estate tax resulting from the adjustment of the real estate tax base on the grounds specified in Part 5.1 of Article 228 of the Code, starting from January 1, 2021 up to and including the month of the said changes, if the tax obligations for that real estate tax have been fully fulfilled within the time limits specified in the Code.
4. On making amendments to the Tax Code of the Republic of Armenia regarding the use of cash registers and/or failure to comply with the rules for cash settlements through cash registers
Name of the legislative act:
Law HO-21-N on Amendments to the Tax Code of the Republic of Armenia https://www.arlis.am/documentview.aspx?docid=203087
Change Status:
This Law shall enter into force on March 3, 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:
As a result of the adoption of the law, a change was made to the legal provisions of the "Tax Code" regarding the use of cash registers and (or) failure to comply with the rules for cash settlements through cash registers. In particular, the amendment stipulates that in the event of printing an incorrect AET code or an incorrect work or service code on a cash register receipt, when all other rules established for the use of cash registers are observed, a warning is issued.
Article 416 of the Code shall be supplemented with Parts 6 and 7 with the following content:
Article 416. Failure to comply with the rules for the use of cash registers and/or cash settlements through cash registers
6. In case of printing an incorrect AET AA code or an incorrect work or service code on the receipt of a cash register, when all other rules established for the use of a cash register are observed, a warning shall be applied.
7. In case of repeated commission of the violation specified in Part 6 of this Article within one year following the recording of the thematic tax inspection act by the taxpayer, a fine in the amount of 50 thousand drams shall be levied. For the purposes of the application of this Part, the violation shall be considered repeated within one year after the date of the thematic tax inspection act, until the date of the draft of the next thematic tax inspection act, when the violation specified in Part 6 of this Article is committed.
5. Support for turnover tax-paying economic entities engaged in commercial (buying and selling) activities
Name of the legislative act:
Support for turnover tax-paying economic entities engaged in commercial (purchase and sale) activities N 222-N
Change Status:
This Law entered into force on March 28, 2025.
What the changes are about:
The adoption of the law aims to provide support to economic entities paying turnover tax engaged in commercial activities in order to ensure the proportionality of the tax burden in the event that they sell the product balances available as of January 1, 2025 after January 1, 2025. According to the justification, in 2025 From January 1, the Law "On Amendments to the Tax Code of the Republic of Armenia" came into force, which revised the turnover tax rate established for commercial (purchase and sale) activities (from 5 percent to 10 percent), as well as the limit of expenses subject to deduction from the amount of turnover tax calculated for the tax base formed from such activities (from 4 percent to 9.5 percent). At the same time, the part of the turnover tax amount not reduced by expenses (including in the absence of tax bases formed from commercial (purchase and sale) activities for the reporting period) is subject to deduction from the amount of turnover tax calculated for the tax bases formed from commercial (purchase and sale) activities in subsequent reporting periods in accordance with the procedure established by the Tax Code. Acquisitions made by turnover tax-paying economic entities engaged in commercial activities until January 1, 2025, in 2025 In case of sale after January 1, an additional tax burden arises, taking into account the fact that during the reporting periods up to January 1, 2025, deductions from the turnover tax amount on these acquisitions were made in the amount of 4 percent. As a result, it is expected that during the transitional phase of the revision of the turnover tax system for commercial (purchase and sale) activities, a proportional tax burden will be established for economic entities engaged in these activities.
ON APPROVAL OF THE SUPPORT PROGRAM FOR TURNOVER TAX PAYING ECONOMIC ENTITIES CARRYING OUT COMMERCIAL (PURCHASE AND SALE) ACTIVITIES:
Based on Part 21 of Article 9 of the Law "On the State Budget of the Republic of Armenia for 2025", the Government of the Republic of Armenia decides:
1. To approve the program of support for economic entities paying turnover tax engaged in commercial (purchase and sale) activities, in accordance with the appendix.
2. The Chairman of the State Revenue Committee of the Republic of Armenia, within 20 working days after the entry into force of this decision, shall submit to the Staff of the Prime Minister of the Republic of Armenia a proposal to make amendments to the Decision of the Government of the Republic of Armenia No. 2060-N of December 27, 2024, arising from this decision."
PART II. HEALTH SECTOR
(This section of legal updates includes legal updates related to the healthcare sector for February 2025)
1. On amendments and additions to Order No. 28-N of the Minister of Health of the Republic of Armenia dated May 13, 2022 regarding the issuance of certificates, the application for obtaining certificates, and the documents to be submitted
Name of the legislative act:
Order No. 12-N on Amendments and Supplements to Order No. 28-N of the Minister of Health of the Republic of Armenia dated May 13, 2022
https://www.arlis.am/documentview.aspx?docid=202660
Change Status:
This Decision entered into force on February 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 Order No. 28-N "On approving the procedure for organizing and implementing certification in the Republic of Armenia, the forms of certificates and the procedure for issuing them."
What the changes are about:
As a result of the amendment, the procedure for issuing certificates, provided for in Order No. 12-N on Amendments and Supplements to Order No. 28-N of the Minister of Health of the Republic of Armenia of May 13, 2022, has been rewritten. A change has also been made in the procedure for forming an application for obtaining a professional activity certificate (Form No. 1) for the first time, as well as in point 4 of the documents available in the database for forming a Continuing Professional Development Certificate.
Paragraph 3 of the Appendix to Order No. 28-N of the Minister of Health of May 13, 2022 "On approving the procedure for organizing and implementing certification, forms of certificates and the procedure for issuing them" shall be amended as follows: Certificates are issued:
Old version.
1) persons who are pursuing higher and postgraduate professional education or have graduated from primary professional (craft) or secondary professional educational institutions in accordance with the procedure established by the legislation of the Republic of Armenia and have not engaged in professional activity for the first time in the field of healthcare;
2) senior and middle medical workers for continuing their professional activity in the field of healthcare.
New version.
1) persons who have graduated from secondary vocational educational institutions in accordance with the procedure established by the legislation of the Republic of Armenia and have not engaged in professional activity for the first time in the field of healthcare.
2) intermediate medical workers - to continue their professional activity in the field of healthcare.
3) senior medical workers - to continue their professional activity in the field of healthcare and to extend the validity period of the individual license.
Paragraph 5 should be amended as follows:
Old version.
5. For the first time, the application for obtaining a certificate of professional activity (Form N 1) is formed on the basis of the applicant's graduation documents certifying the fact of higher and postgraduate professional education and qualification, and in case of graduating from a foreign educational institution, on the basis of the documents certifying the fact of higher and postgraduate education and the conclusion issued in accordance with the procedure established by the legislation of the Republic of Armenia on the recognition of professional education qualifications, if there is no international agreement of the Republic of Armenia on the mutual recognition of documents certifying the fact of education, or on the basis of the state-standard graduation documents certifying the fact of initial professional (craft) or secondary vocational education and qualification, and in case of graduating from a foreign educational institution, on the basis of the state-standard graduation documents certifying the fact of initial professional (craft) or secondary vocational education and the conclusion issued in accordance with the procedure established by the legislation of the Republic of Armenia on the recognition of professional education qualifications, if there is no international agreement of the Republic of Armenia on the mutual recognition of documents certifying the fact of education.
New version.
5. For the first time, the application for obtaining a certificate of professional activity (Form N 1) is formed on the basis of the applicant's state-standard graduation documents certifying the fact of vocational and secondary vocational education and qualification, and in case of graduation from a foreign educational institution, on the basis of the state-standard graduation documents certifying the fact of vocational and secondary vocational education and a conclusion issued in accordance with the procedure established by the legislation of the Republic of Armenia on the recognition of professional education qualifications, if there is no international agreement of the Republic of Armenia on the mutual recognition of documents certifying the fact of education.
Sub-paragraph 4 of paragraph 6 shall be amended as follows:
6. An application for a Continuing Professional Development Certificate (hereinafter referred to as CPD Certificate) (Form N 2) is formed if the following documents are available in the database:
Old version
4) information on work activities: an extract from the work book issued by the employer (if any) or a certificate issued by an authorized person certifying the performance of the relevant professional activity;
New version
4) information on work activities, obtained automatically from databases that are the source in accordance with the procedure prescribed by law, and in its absence, an extract from the work book issued by the employer (if any) or a certificate issued by an authorized person certifying the performance of the relevant professional activity;
Paragraph 16 should be amended to read as follows:
Old version
16. Certificates are issued for a period of five years. Moreover, for the first time, a certificate of professional activity is issued: in the case of senior medical workers, for a period of 5 years from the date of adoption of the decision of the state examination commission certifying the fact of higher and postgraduate professional education and qualification, and in the case of intermediate medical workers, for a period of 5 years from the date of adoption of the decision of the state examination commission certifying the fact of initial professional (craft) or intermediate professional education and qualification.
New version
16. Certificates are issued for a period of five years. Moreover, for the first time, a certificate of professional activity is issued to intermediate health workers for a period of 5 years from the date of adoption of the decision of the state examination commission certifying the fact of vocational and intermediate vocational education and qualification.
In paragraph 17, the words “three months” shall be replaced with the words “two months”.
Old version.
17. At least three months before the expiration of the certificate, the healthcare worker shall apply for a PHC certificate for the next five years in accordance with the procedure prescribed by this order.
New version.
17. At least two months before the expiration of the certificate, the healthcare worker shall apply for a PHC certificate for the next five years in accordance with the procedure prescribed by this order.
PART III. INFORMATION TECHNOLOGY SECTOR
(This section of legal updates includes legal updates related to the information technology sector for February 2025.)
1. On establishing the list of types of activities subject to state support in the high-tech sector
Name of the legislative act:
Decision No. 142-N on establishing the list of types of activities subject to state support in the high-tech sector
https://www.arlis.am/DocumentView.aspx?docID=203094
Change Status:
This Decision entered into force on February 14, 2025.
What the changes are about:
The adoption of the decision is conditioned by the adoption of the Law "On State Support for the High-Tech Sector". In particular, the Decision establishes the list of types of activities subject to state support in the High-Tech sector. The types of activities defined in the appendix to the Decision are based on the classifier of types of economic activities approved by the Order of the Minister of Economy of the Republic of Armenia No. 874-N of September 19, 2013.
Based on Part 1 of Article 5 of the Law of the Republic of Armenia “On State Support for the High-Tech Sector”, Sub-paragraph “b5.” of Part 1 of Article 109 of the Tax Code of the Republic of Armenia, Point 10 of Part 1 of Article 113, Point 2 of Part 2 of Article 123 and Point 8 of the Table of Part 1 of Article 258 of the Tax Code of the Republic of Armenia, the Government of the Republic of Armenia hereby decides:
1. To establish the list of types of activities subject to state support in the high-tech sector, in accordance with the Appendix.
2. To establish that the classifier of types of economic activities approved by Order of the Minister of Economy of the Republic of Armenia of September 19, 2013 N 874-N shall be taken as the basis for the types of activities defined in the Appendix to this Decision.
3. This decision shall enter into force on the day following its official publication and shall apply to relations arising after January 1, 2025, and in terms of the application of Article 123, Part 2, Point 2 and the second paragraph of the same part of the Tax Code of the Republic of Armenia, also to relations arising from January 1, 2024.
Prime Minister of the Republic of Armenia N. Pashinyan Yerevan
Appendix to the Resolution of the Government of the
Republic of Armenia No. 142-N of February 13, 2025
LIST
TYPES OF ACTIVITIES SUBJECT TO STATE SUPPORT IN THE HIGH TECHNOLOGY SECTOR
LIST OF TYPES OF ACTIVITIES SUBJECT TO STATE SUPPORT IN THE HIGH TECHNOLOGY SECTOR
| Code | Name of activity type | |
| C26.11.0 | Activity type name | |
|
C26.12.0 |
Electronic components manufacturing |
|
|
C26.20.0 |
Computer and peripheral equipment manufacturing |
|
| C26.30.0 | Communication equipment manufacturing | |
|
C26.40.0 |
Manufacture of consumer electronic equipment | |
| C26.51.0 | Manufacturing of measuring, checking, testing and navigational instruments and devices | |
|
C26.60.0 |
Manufacturing of radiation, electromedical and electrotherapeutic equipment | |
| C26.70.0 | Manufacture of optical instruments and photographic equipment | |
|
C26.80.0 |
Production of magnetic and optical data carriers | |
|
C28.11.0 |
Manufacture of engines and turbines, except for motor vehicles, motorcycles and aircraft | |
| C28.12.0 | Hydraulic equipment manufacturing | |
|
C28.99.0 |
Manufacture of other special-purpose machinery n.e.c. | |
| C29.31.0 | Manufacture of electrical and electronic equipment for motor vehicles and their engines | |
| C30.30.1 | Aircraft and spacecraft manufacturing | |
|
C30.30.2 |
Other aircraft manufacturing | |
| C30.30.9 | Manufacture of parts for aircraft, spacecraft and other flying vehicles | |
| C30.40.0 | Combat vehicle production | |
| J58.21.0 | Computer game publishing | |
| J58.29.0 | Other computer software publishing | |
| J62.01.0 | Software development | |
|
J62.02.1 |
Design, testing and development of electronic systems | |
| J62.02.9 | Computer technology consultancy activities not elsewhere classified | |
| J62.03.0 | Computer systems management activities | |
|
J62.09.0 |
Other activities in the field of information technology and computer equipment | |
| J63.11.1 |
Development and use of databases and information resources |
|
| J63.11.3 |
Software-related maintenance services in operational mode: maintenance of application programs and system software and hardware |
|
| J63.12.0 | Web portal related activities | |
| M71.12.5 | Integrated circuit design and testing | |
| M72.11.0 | Scientific research and experimental development in the field of biotechnology | |
| M72.19.1 | Scientific research and experimental developments in the field of natural sciences | |
| M72.19.2 |
Scientific research and experimental development in the field of technical sciences and technologies |
|
| M72.20.0 | Scientific research and experimental developments in the field of social sciences and humanities | |
2. Draft on defining the list of professional jobs in the high-tech sector
Name of the legislative act:
Draft on defining the list of professional jobs in the high-tech sector
https://www.e-draft.am/projects/8364/about
What the draft changes are about?
The adoption of the draft decision of the Government of the Republic of Armenia “On establishing the list of professional activities in the high-tech sector” is conditioned by the adoption of the package of laws “On state support for the high-tech sector” of December 4, 2024 HO-498-N, “On making amendments and additions to the Tax Code of the Republic of Armenia” of December 4, 2024 HO-499-N, “On making amendments to the Law “On making amendments to the Tax Code of the Republic of Armenia” of December 4, 2024 HO-500-N, and “On making amendments to the Code of the Republic of Armenia on Administrative Offenses” of December 4, 2024 HO-501-N.
The same law stipulates that the list of activities considered professional in the high-tech sector will be established by sub-legislative acts for the provision of state support defined in Article 5 of the Law “On state support for the high-tech sector”.
As a result of the adoption of the draft, the list of professional activities in the high-tech sector will be approved, according to which an economic operator Subjects may benefit from state support and tax privileges in the sector if they meet the requirements of the Law "On State Support for the High-Tech Sector" and the Tax Code of the Republic of Armenia..
ON DETERMINING THE LIST OF PROFESSIONAL JOBS IN THE FIELD OF HIGH TECHNOLOGIES
Based on Article 3, Part 1, Clause 8, Article 123, Part 2 and Article 150, Part 1.1 of the Law "On State Support for the High Technologies Sector", the Government of the Republic of Armenia decides: To establish the list of professional activities in the high technologies sector in accordance with the Appendix. To establish that the basis for establishing the list of professional activities specified in the Appendix to this decision is the classifiers of occupations and professions, specializations approved by the orders of the Minister of Economy of the Republic of Armenia of September 19, 2013 N 872-N and N 873-N. This decision shall enter into force on the day following its official publication.
PART IV. STATE REVENUE SECTOR
(This section of legal updates includes legal updates related to the state revenue sector for February 2025.)
1. On making amendments and supplements to the Law "On State Duty" on the implementation
of customs operations, customs escort, and temporary storage of goods by customs authorities in
cases prescribed by law
Name of the legislative act:
Law HO-290-N on Amendments and Supplements to the Law "On State Duty" https://www.arlis.am/documentview.aspx?docid=194970
Change status:
This order entered into force on January 1, 2025.
Which legislative act was amended by the adoption of the above act:՝
As a result of the adoption of this Law, a change will occur in the Law on "State Duty"
What the changes are about:
The amendment to this Law particularly concerns the implementation of changes in the rates of state duty by the persons provided for in Article 37 of the Law "On Customs Regulation" for the implementation of customs operations by the Customs authorities in cases established by law, customs escort, temporary storage of goods, relevant commodity expertise on the suitability of goods for their intended purpose, expertise on the value of used goods and provision of a conclusion, as well as the provision of preliminary decisions. The Law also rewrote the terms for payment of state duty rates for the implementation of customs operations by the Customs authorities in cases established by law, customs escort, temporary storage of goods, filling out customs declarations based on the application submitted by the declarant, as well as the provision of preliminary decisions.
To amend Article 19.9, Part 1, of the Law HO-186 of December 27, 1997 “On State Duty” (hereinafter referred to as the Law) as follows:
1. In cases prescribed by law, customs authorities shall collect state duty from persons specified in Article 37 of the Law on Customs Regulation for the implementation of customs operations, customs escort, temporary storage of goods, relevant commodity expertise on the suitability of goods for their intended purpose, expertise
on the value of used goods and provision of conclusions, as well as for the provision of preliminary decisions, at the following rates:
1) for each day of temporary storage of goods by the customs authority (except for paragraph 2 of this part):
a. for goods with a gross weight of up to and including 3 tons in the amount of 1.5 times the base duty
b. For goods with a gross weight of more than 3 up to and including 10 tons in the amount of three times the base duty
c. For goods with a gross weight of more than 10 tons up to and including 25 tons six times the base duty
d. For goods with a gross weight of more than 25 up to and including 60 tons in the amount of 12 times the base duty
e. For goods with a gross weight of more than 60 tons in the amount of 25 times the base duty
2) for temporary storage of each of the following goods by customs authorities, starting from the 4th day of temporary storage, daily:
a. ԱՏԳ ԱԱ 8429 for goods classified under commodity heading in the amount of 10 times the base duty
b. ԱՏԳ ԱԱ 8701 for goods classified under commodity heading in the amount of 10 times the base duty
c. ԱՏԳ ԱԱ 8702 for goods classified under commodity heading in the amount of seven times the base duty
d. ԱՏԳ ԱԱ 8703 for goods classified under commodity heading in the amount of five times the base duty
e. ԱՏԳ ԱԱ 8704 for goods classified under commodity heading in the amount of 10 times the base duty
f. ԱՏԳ ԱԱ 8705 for goods classified under commodity heading in the amount of 10 times the base duty
g. ԱՏԳ ԱԱ 8709 for goods classified under commodity heading in the amount of 10 times the base duty
h. ԱՏԳ ԱԱ 8711 for goods classified under commodity heading in the amount of five times the base duty
t. ԱՏԳ ԱԱ 8716 for goods classified under commodity heading in the amount of 10 times the base duty
3) for customs operations aimed at the release of goods declared under a single transit declaration, regardless of weight, with the exception of paragraphs 4, 14 and 15 of this part in the amount of 10 times the base duty
4) for customs operations aimed at the release of goods declared under a single transit declaration from the customs authority of the place of arrival to the internal customs authority, regardless of weight in the amount of five times the base duty
5) for the implementation of customs operations aimed at the release of goods declared under a single commodity declaration, with the exception of paragraphs 14 and 15 of this part:
a. for goods with a gross weight of up to and including 3 tons in the amount of five times the base duty
b. For goods with a gross weight of more than 3 up to and including 10 tons in the amount of 10 times the base duty
c. For goods with a gross weight of more than 10 tons up to and including 25 tons in the amount of 15 times the base duty
d. For goods with a gross weight of more than 25 up to and including 60 tons in the amount of 20 times the base duty
e. For goods with a gross weight of more than 60 tons in the amount of 30 times the base duty
6) for the implementation of customs operations aimed at the release of goods declared under a single passenger customs declaration:
a. for goods with a gross weight of up to and including 3 tons in the amount of three times the base duty
b. For goods with a gross weight of more than 3 up to and including 10 tons in the amount of 10 times the base duty
c. For goods with a gross weight of more than 10 tons up to and including 25 tons in the amount of 20 times the base duty
d. For goods with a gross weight of more than 25 up to and including 60 tons in the amount of 1000 times the base duty
e. For goods with a gross weight of more than 60 tons in the amount of 5000 times the base duty
7) For the implementation of customs operations aimed at the release of vehicles not registered in the Republic of Armenia, declared with a single transport declaration or used as a vehicle declaration, with carrier documents provided for by international agreements, regardless of weight in the amount of 10 times the base duty
8) for the adoption of one preliminary decision by the customs authorities in the amount of 30 times the base duty
9) for customs escort by customs authorities for one vehicle or other accompanied unit, regardless of weight in the amount of 25 times the base duty
10) for tracking the route of a single vehicle with tracking devices, regardless of weight in the amount of five times the base duty
11) for customs control of goods transported by pipeline and power lines in the same direction under the same contract within a month in the amount of 500 times the base duty
12) for issuing a decision by the customs authority on the classification of goods not assembled or organized in accordance with the procedure established by the Law "On Customs Regulation", including goods transported in several batches in an incomplete or incomplete state in the amount of 30 times the base duty
13) for the customs authorities to conduct appropriate product expertise on the fitness for purpose of goods, as well as expertise on the value of used goods and provide a conclusion:
a. for one object by application of legal entities in the amount of 20 times the base duty
b. for one object by application of individuals in the amount of 15 times the base duty
14) For customs control of goods weighing up to one ton declared under the same customs declaration for goods exported from the territory of the Republic of Armenia under the customs procedure "Release for domestic consumption" or from the member states of the Eurasian Economic Union to the territory of the Republic of Armenia subject to excise duty by a resident organization or individual entrepreneur having imported goods subject to excise duty from the territory of the Republic of Armenia under the customs procedure "Export" or from the territory of the Republic of Armenia to a member state of the Eurasian Economic Union in the amount of 10 times the base duty
15) for customs control of each additional (or incomplete) ton of goods weighing more than one ton declared under the same customs declaration for exported goods, as defined in point 14 of this part
to be supplemented with the following content in Part 4:
Old version.
New version.
4. One object defined in paragraph 13 of part 1 of this article includes a maximum of three types of goods with different ԱՏԳ ԱԱ codes or with the same ԱՏԳ ԱԱ code but with different technical characteristics, the quantity of which (bag, box, piece, package, etc.), regardless of weight, cannot exceed 30 units.
In Article 28.2 of the Law, paragraph 7 of part 1 shall be amended as follows:
Old version.
7) Goods exported from one consignor to one consignee under one transport document across the border of the Republic of Armenia, including to an EAEU member state, with a total customs value not exceeding one million drams.
New version.
7) The total customs value of goods exported across the border of the Republic of Armenia within the framework of one shipment from one consignor to one recipient, and in the case of export to the EAEU member states, the total value of goods not exceeding one million drams
2) to fill in part 1.1 with the following content:
Old version.
New version.
1.1. Persons who have submitted preliminary information for the implementation of transit operations in the format necessary for completing the transit declaration shall be exempted from the state duty established by Article 19.9, Part 1, Clause 4 of this Law.
Article 32, Part 11 of the Law shall be amended as follows:
The state duty specified in Part 1 of Article 19.9 of this Law shall be paid within the following periods:
1) The state duty specified in paragraphs 1 and 2 shall be paid before the end of the storage.
2) The state duty specified in paragraphs 3 and 4 shall be paid before the end or termination of the transit.
3) The state duty specified in paragraphs 5, 6, 11, 14 and 15 shall be paid before the customs authority makes a
decision on the release of the goods.
4) The state duty specified in paragraph 7 shall be paid within one month after the release of the means of transport, but no later than the withdrawal of the means of transport from the customs territory of the Eurasian Economic Union.
5) The state duty specified in paragraphs 8 and 12 shall be paid before the customs authority registers the applications submitted for preliminary and classification decisions.
6) The state duty specified in paragraph 9 shall be paid before the start of customs escort.
7) The state duty specified in paragraph 10 shall be paid before the end of transportation.
8) The state duty specified in paragraph 13 shall be paid before the customs authorities provide the results of the examination.
2. On Amendments to the Law "On State Duty" for the Implementation of Non-Public Fund Management Activities
Name of the legislative act:
Law HO-28-N on Amendments and Supplements to the Law "On State Duty"
https://www.arlis.am/documentview.aspx?docid=203230
Change Status:
This law entered into force on February 27, 2025.
Which legislative act was amended by the adoption of the above act:՝
As a result of the adoption of this Law, a change will occur in the Law on "State Duty".
What the changes are about:
The amendment to this Law specifically relates to the annual state duty rate for the implementation of non-public fund management activities, which, according to the amendment to the law, is 500,000 AMD.
Article 19 of Law HO-186 of December 27, 1997 "On State Duty" shall be supplemented with the following sub-clause 4.5, section "4. SCOPE OF CIRCULATION OF SECURITIES":
«4.5. for the implementation of non-public fund management activities: annually in the amount of 500 times the base duty»։
3. On Amendments to the Law "On State Duty"
Name of the legislative act:
Law on Amendments and Supplements to the Law "On State Duty"
HO-5-N
https://www.arlis.am/documentview.aspx?docid=203230
Change Status:
This amendment to the law will enter into force on September 1, 2025.
Which legislative act was amended by the adoption of the above act:՝
As a result of the adoption of this Law, a change will occur in the Law on "State Duty"e Resolution.
What the changes are about:՝
The amendment to this Law concerns the rates of state duty for obtaining citizenship of the Republic of Armenia and changing citizenship of the Republic of Armenia, in particular, after the entry into force of the Law, the base duty for obtaining citizenship of the Republic of Armenia will be 50,000 AMD, and the base duty for changing citizenship of the Republic of Armenia will be 150,000 AMD. A change has also been made in the legal provisions on state duty privileges for documents of legal significance issued to individuals and services provided, as well as consular services or actions, as well as in the provisions on the refund of state duty.
In Article 13 of the Law HO-186 of December 27, 1997 “On State Duty” (hereinafter referred to as the Law):
1) In paragraph 1, the words “in the amount of the base duty” shall be replaced with the words “in the amount of 50 times the base duty”.
2) In paragraph 2, the words “in the amount of 25 times the base duty” shall be replaced with the words “in the amount of 150 times the base duty”.
Article 13. State duty rates for obtaining citizenship of the Republic of Armenia and changing citizenship of the Republic of Armenia
Old version.
1. For obtaining citizenship of the Republic of Armenia, in the amount of the base duty
2. For changing the citizenship of the Republic of Armenia, in the amount of 25 times the base duty.
New version.
1. For obtaining citizenship of the Republic of Armenia, in the amount of 50 times the base duty
2. For changing citizenship of the Republic of Armenia, in the amount of 150 times the base duty.
Article 26 of the Law shall be supplemented with the following part 6:.
Article 26. State duty exemptions for documents of legal significance issued to individuals and services provided, as well as for consular services or activities
Old version.
5) as a state benefit or social support, except for
cases defined by law;
New version.
6. Persons who have been granted refugee status in the Republic of Armenia and stateless persons status by the Republic of Armenia are exempt from paying the state duty for obtaining citizenship of the Republic of Armenia.
Article 38 of the Law shall be supplemented with the following part 6:.
Article 38. Refund of state duty
Old version.
New version.
The state duty provided for in Article 13 of this Law is not subject to refund, except in the case of payment of the state duty in excess of the established amount.
PART V. CUSTOMS SECTOR
(This section of legal updates includes legal updates related to the customs sector for February 2025)
1. On ratification of the Agreement between the Government of the Republic of Armenia and the Government of the United States of America on Mutual Assistance between their Customs Authorities
Name of the legislative act:
On ratification of the Agreement between the Government of the Republic of Armenia and the Government of the United States of America on Mutual Assistance between Their Customs Authorities
http://www.parliament.am/draft_docs8/K-991_Hamadzaynagir.pdf
Change status:
This agreement was officially published on February 3, 2025.
What the changes are about:
The purpose of the Agreement is to regulate the accurate assessment of customs duties and other taxes between the Republic of Armenia and the United States of America, recognizing the need for international cooperation in matters related to the administration and application of the customs legislation of their respective countries.
Adopted on January 22, 2025
ON THE RATIFICATION OF THE AGREEMENT "BETWEEN THE GOVERNMENT OF THE REPUBLIC OF ARMENIA AND THE GOVERNMENT OF THE UNITED STATES OF AMERICA ON MUTUAL ASSISTANCE BETWEEN THEIR CUSTOMS AUTHORITIES"
Article 1. To ratify the Agreement between the Government of the Republic of Armenia and the Government of the United States of America on Mutual Assistance between Their Customs Authorities, signed on June 11, 2024.
Article 2. This law shall enter into force on the day following its official publication.
PART VI. PURCHASE SECTOR
(This section of legal updates includes legal updates related to the purchase sector for February 2025)
1. On making amendments to the Decision of the Government of the Republic of Armenia No. 526-N of May 4, 2017
Name of the legislative act:
Decision No. 1252-N on making amendments to the Decision No. 526-N of the Government of the Republic of Armenia of May 4, 2017
https://www.arlis.am/documentview.aspx?docid=196140
Change status:
This law entered into force on February 5, 2025.
Which legislative act was amended by the adoption of the above-mentioned act:՝
As a result of the adoption of this Law, an amendment was made to the Resolution No. 526-N "On approving the procedure for organizing the procurement process and repealing the Resolution No. 168 of the Government of the Republic of Armenia of February 10, 2011"
What the changes are about:
The amendment to this Law specifically concerns the assignment of a monetary claim arising from a purchase contract by a selected participant in the cases and in the manner prescribed by Chapter 48 of the Civil Code of the Republic of Armenia, based on a financing (factoring) contract in exchange for the assignment of the claim (hereinafter referred to as the factoring contract), and also provides for the items that should be provided for in the Factoring Contract. The Decision has also been supplemented with a new Chapter entitled “Conclusion of a financing (factoring) contract in exchange for the assignment of a monetary claim arising from a purchase contract”.
To make the following additions to the procedure approved by subparagraph 1 of paragraph 1 of the Resolution of the Government of the Republic of Armenia No. 526-N of May 4, 2017 "On approving the procedure for organizing the procurement process and repealing the Resolution of the Government of the Republic of Armenia No. 168-N of February 10, 2011"; to supplement paragraph 33 with the following content, subparagraph 17.1::
«17.1) The selected participant has the right, after the conclusion of the purchase contract, to make a concession of the monetary claim arising from the purchase contract in the cases and in the manner prescribed by Chapter 48 of the Civil Code of the Republic of Armenia, on the basis of a financing (factoring) contract (hereinafter referred to as the factoring contract) in exchange for the concession of the claim. The factoring contract must stipulate that the financial agent agrees that, in the event of the existence of the grounds provided for by the contract, the customer, when making payments, shall ensure the calculation of penalties and fines against the party to the contract and their offset with the amounts to be paid, regardless of the fact that the claim has been conceded. Moreover, in the event of receiving a written notification of the concession of the claim based on the factoring contract, the customer shall make the payment specified in the contract to the financial agent, if the notification was received by the customer on the day preceding the day of entering the payment order and a copy of the protocol into the treasury system of the authorized body or issuing a payment order to the bank.
After Chapter VII, add Chapter VII.1 with the following content:
58.1. The selected participant has the right to conclude a financing (factoring) agreement in exchange for the assignment of a monetary claim arising from the purchase agreement in the cases and in accordance with the procedure established by Chapter 48 of the Civil Code of the Republic of Armenia.
58.2. The assignment of a claim based on a factoring agreement cannot be made before the conclusion of the purchase agreement, but may be made before the acceptance of the results of the contract execution, but not later than the day preceding the day on which the customer enters the payment order and a copy of the protocol into the treasury system of the authorized body or issues a payment order to the bank.
58.3. The financial agent is obliged to notify the customer in writing within two business days from the moment of assignment of the claim based on the factoring agreement, in accordance with the notification form provided for in the invitation to the procedure, through the Mulberry electronic document management system. The text of the notification must include a note that the financial agent agrees with the requirements set forth in subparagraph 17.1 of paragraph 33 of these Rules.
58.4. The customer also has other rights under the Civil Code of the Republic of Armenia and other laws.
58.5. The financial agent has the right to request and receive from the customer or the Ministry of Finance of the Republic of Armenia the purchase contract (if any) that served as the basis for the claim that is the subject of the factoring contract, including information on its execution, except for cases specified by the legislation of the Republic of Armenia.
58.6. The norms specified in Chapter VII.1 of these Rules do not apply to purchases containing state secrets. After paragraph 115, add paragraph 115.1 with the following content: 115.1. In case of receiving a notification of assignment of a claim based on a factoring agreement in accordance with Chapter VII.1 of these Rules, the customer shall make the payment to the financial agent.
PART VII. BANKING SECTOR
1. On Amendments and Supplements to the Law "On Investment Funds"
Name of the legislative act:
Law HO-23-N on Amendments and Supplements to the Law "On Investment Funds"
https://www.arlis.am/documentview.aspx?docid=203224
Change Status:
This law entered into force on February 27, 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 Law "On Investment Funds".
What the changes are about:
The amendment to this Law specifically relates to the rewriting of the main concepts used in the Law "On Mutual Funds", in particular, from now on, the concepts of investment fund, standard fund, and exchange-traded fund have been rewritten in the Law, the legal provisions on non-public funds have been amended, the provisions on the investment policy of standard funds have been amended, as well as the Law has been amended regarding the features of exchange-traded funds.
The first and second sentences of paragraph 1 of Article 3 of the Law shall be amended as follows:
Article 3. Main concepts used in the law
Old version.
1) Investment fund - a legal entity or a group of assets formed on the basis of fund management agreements or other similar agreements provided for by the Civil Code of the Republic of Armenia, which is created and (or) operates (used) with the aim or one of the main aims of ensuring the return of funds collected from investors through collective investments in securities and (or) other assets under a common investment policy in the form of capital increase, dividends and (or) other financial income to investors in accordance with the investments made by the latter in the capital of the legal entity (pool of assets) and depending on the results of the management of these investments, regardless of whether that legal entity (pool of assets) is described as an "investment fund" in its constituent documents or offer documents or not, as well as regardless of whether the defined aim and (or) activity was actually implemented by the given legal entity (person managing the pool of assets) or not (hereinafter referred to as the fund).
New version.
1) Investment fund (hereinafter also referred to as fund) - a legal entity or a group of assets formed on the basis of fund management agreements provided for by the Civil Code of the Republic of Armenia, which is created, operates or is used to attract funds from investors and make collective investments in securities or other assets under a unified investment policy. A legal entity or group of assets that meets these criteria is considered an investment fund, regardless of whether it is described as an "investment fund" in its constituent documents or offer documents or not, as well as regardless of whether the defined goal or activity is actually carried out by the given legal entity (the entity managing the group of assets) or not. A regulatory legal act of the Central Bank may establish the activities provided for in this paragraph as criteria for assessing the goal of the establishment or activity of a person (group of assets)..
Paragraph 5 should be amended as follows:
Old version.
5) Standard fund - a type of fund that is not considered a specialized fund, the investment policy of which (in case of having sub-funds, of all its sub- funds) complies with the requirements set out in Chapter 6 of this law, with the exception of non- diversified standard funds.
New version.
5) Standard fund - a type of fund, the assets of which (in case of having sub-funds, all its sub-funds) may be invested at least 90 percent only in the assets specified in paragraphs 1-9 of Part 1 of Article 40 of this Law.
to supplement with the following content in point 14.1:
Old version.
New version.
4.1) Exchange-traded fund - a standard fund, the units (shares) of which are admitted to trading on a regulated market, and the issue, placement and redemption (repurchase) of the units (shares) of which are carried out in accordance with the procedure established by its rules (statutes), in accordance with Article 42.1 of this Law.
Paragraph 21 should be amended as follows:
Old version.
21) Fund participant: owner of securities issued by
the fund in accordance with this law.
New version.
21) Fund participant: an owner of units (shares) issued by a fund in accordance with this Law. Units (shares) for the purposes of this Law also include shares in the share capital of a trust-based partnership..
to supplement point 28 with the following content:
Old version.
New version.
28) Person managing a non-public fund - a legal entity that has received a permit to manage a non-public fund in accordance with the procedure prescribed by this law, and that manages a non-public fund established in accordance with this law.
Article 8 of the Law shall be amended as follows:
Article 8. Non-public fund
1. A non-public corporate fund may not have the organizational and legal form of an open joint-stock company. 2. A public placement of shares (stocks) of a non-public fund may not be carried out. 3. A non-public fund may have no more than 49 participants. If the number of participants exceeds 49, the non- public fund shall be obliged to re-register as a public fund within 90 calendar days in accordance with the general procedure established by this Law or to reduce the number of its participants accordingly. Otherwise, it shall be subject to judicial liquidation.
4. Articles 3-7, 10 and 11, Article 12 (except for Part 5), Article 13 (except for Part 5), Articles 16-18, Articles 20-23, Article 24 (except for Part 1) of this Law shall apply to non-public funds. 17), Article 25, Parts 1, 2, 5 and Part 6 (except the second sentence), Article 26, Parts 1-3 and 7, Articles 27 and 28, Article 30 (except Part 3), Article 31, Parts 1 and 2, Article 32 (except Parts 5 and 6), Article 34, Article 40, Article 45 (except Part 3), Article 46 (except Part 2), Article 47 (except Part 4), Articles 48, 49 and 51, Article 62.1, Article 68, Part 1, Point 1, Article 69, Article 72 The provisions of Part 1 of Article 92, Parts 3 and 4 of Article 95, Part 4 of Article 97, Article 99 (except Parts 11 and 12), Article 100 (except Parts 11 and 12), Article 101 (except Part 3, first sentence, Parts 4 and 10), Article 102 (except Part 3, second sentence, Part 4, Parts 5 and 13) and Articles 103- 113. Moreover, the provisions set forth in this Part, in relation to the custodian, shall apply to non-public funds only in the event of the requirement to have a separate custodian, as defined by the regulatory legal acts of the Central Bank, and in relation to the manager, they shall apply to the person managing the non-public fund.
5. Non-public The charter of a corporate fund, in addition to the requirements set forth in the Civil Code of the Republic of Armenia and the Law of the Republic of Armenia “On Joint Stock Companies” for the charter of legal entities with a given organizational and legal form, must also contain at least the mandatory provisions provided for in the Civil Code of the Republic of Armenia for the fund rules.
6. The Central Bank may, by its regulatory legal acts, establish requirements for non-public funds regarding the maintenance of the register of fund participants and the custody of fund assets.
7. The requirements provided for in Part 6 of this Article may be differentiated depending on the type of fund or the value of the fund’s net assets.
8. The cash account of a non-public fund, which is used to receive relevant funds from investors or pay them funds during the placement or redemption of fund securities, must be opened in a bank operating in the territory of the Republic of Armenia. The requirement set forth in this Part does not apply to non-public funds, the assets of which are entrusted for custody to a custodian operating in the territory of the Republic of Armenia.
Article 38 of the Law shall be amended as follows:
Article 38. Standard fund investment policy
1. The requirements set forth in this Chapter shall apply exclusively to standard funds. In addition, Articles 39 and 41 of this Law shall not apply to qualified investor funds and non-public funds.
2. For standard funds and non-public standard funds considered qualified investor funds by the regulatory legal acts of the Central Bank, the following may be established:
1) the minimum amount of fund assets, which must be in the form of liquid assets.
2) restrictions by types or classes of assets.
3) the maximum amount of fund assets that may be invested in securities not admitted to trading on a regulated market.
4) the maximum amount of securities of the same class issued by one person or by persons belonging to the same group or affiliated with them, which the fund may acquire.
5) the maximum amount of the fund's assets that may be invested in securities issued by one person or by persons belonging to the same group or by affiliated persons, as well as the maximum amount of the fund's assets in respect of which the fund may enter into derivative financial instruments with one person or by persons belonging to the same group or by affiliated persons.
6) the maximum amount of the fund's assets that may be invested in one separate property.
7) the conditions and maximum limits for investments in units or shares of other funds.
8) the conditions for raising loans and the maximum limit for raised loans in relation to the total value of the fund's assets.
9) other economic regulations for the fund's activities, including those of temporary action.
10) the maximum amount of participation of one initiator in the asset group.
3. The regulatory legal acts of the Central Bank may establish restrictions, minimum criteria and conditions (including types, parties to the transaction) for transactions concluded with derivative financial instruments concluded at the expense of qualified investor funds and non-public funds, as well as the procedure for calculating the risk values of such transactions for the purpose of calculating the investment limits established by Part 2 of this Article.
To supplement the law with Article 42.1 with the following content:
Article 42.1. Features of exchange-traded funds
1. The rules (regulations) of a fund traded on the stock exchange may provide for a different procedure for the sale, placement and redemption of fund units (shares) than that provided for by this Law, in particular:
1) payment for units (shares) with assets other than cash.
2) payment of the redemption (redemption) amount during the repurchase (redemption) of units (shares) with assets other than cash.
3) implementation of placement and redemption of units (shares) only in the minimum volume (quantity) provided for by the rules (regulations) of the fund, only through persons provided for by the rules (regulations) of the fund.
4) other features characteristic of funds traded on the stock exchange.
2. The regulatory legal act of the Central Bank may establish requirements for the content of the rules of the funds specified in Part 1 of this Article, investment policy, as well as for the publication of information.
3. A fund traded on the stock exchange may only act as a public fund. In Article 92 of the Law, add the following part 1.1: Article 92. Reports
Old version.
New version.
1.1. The person managing non-public funds shall
prepare and submit to the Central Bank annual and
interim reports for itself and for each fund managed by it. The forms, content, procedure for their submission, deadlines and periodicity of reports on non-public funds shall be established by the regulatory legal acts of the Central Bank.
2. On Amendments to the Law "On Currency Regulation and Currency Control"
Name of the legislative act:
Law HO-27-N on Amending the Law "On Currency Regulation and Currency Control"
https://www.arlis.am/documentview.aspx?docid=203226
Change status:
This law entered into force on February 27, 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 Law "On Currency Regulation and Currency Control"
What the changes are about:
The amendment to this Law specifically relates to the implementation of foreign currency transactions in the Republic of Armenia, in particular, from now on the Law provides that the units of the Contractual Investment Fund may be quoted and payments for them may be made in foreign currency.
Article 7 of the Law HO-135-N of November 24, 2004 "On Currency Regulation and Currency Control" shall be supplemented with the following part 5.3:
Article 7. Conducting foreign currency transactions in the Republic of Armenia: