Wed, 23 July
33.1 C
Yerevan
USD: 383.74 RUB: 4.93 EUR: 450.05 GEL: 141.25 GBP: 521.81

Package of amendments to law on banking secrecy will be publicly discussed again in Armenia – SRC

YEREVAN, July 15. /ARKA/. Armenia’s State Revenue Committee (SRC) said today it has withdrawn a package of proposals, designed to amend the Law on Banking Secrecy and other related laws from the single website e-draft.am, created for publishing draft legal acts.

The SRC said the package will be again placed for public discussions after some elaboration. Earlier, the SRC had said that the amendments would be sent for parliament’s approval after comprehensive discussions with the Central Bank and other interested bodies.

According to an opposition MP Tadevos Avetisyan from Hayastan alliance, under the proposed amendments, tax authorities are to have direct and full access to information on the bank accounts of individuals and legal entities.

“The populist and fictitious packaging of the amendments is all the same –fighting against the shadow sector of the economy. In reality, the proposed amendments are meant as new tools of tax terror. Now they want to liquidate protection of bank secrecy, vesting tax authorities with powers of court,” Avetisyan wrote.

“These changes will very quickly lead to capital flight from the Armenian banking system. In fact, a tax inspector would possess full information about the bank accounts of any citizen, including employees of private organizations, friends, relatives of persons engaged in economic activities, etc., without a court decision,” Avetisyan wrote. -0-

spot_img

POPULAR

Euro falls by 2.8 points against Armenian dram, meanwhile, US dollar and ruble decline slightly

As of July 16, 2025, the average market exchange rate of the U.S. dollar against the Armenian dram fell by 0.16 points compared to July 15, amounting to 383.96 drams.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Armenian Market: Acceleration of Economic Activity is Positive for the Market

In the period from June 16 to June 30, 2025, the Armenian stock market demonstrated mixed dynamics.

LATEST NEWS

spot_imgspot_imgspot_img