Sat, 25 October
8.1 C
Yerevan
USD: 383.05 RUB: 4.73 EUR: 444.80 GEL: 141.19 GBP: 510.03

Armenian business community dissatisfied with SRC’s plan to amend Law on Banking Secrecy

YEREVAN, July 20. /ARKA/. The business community of Armenia is dissatisfied with a package of proposals, designed by the State Revenue Committee (SRC) to amend the Law on Banking Secrecy and other related laws.

The package was withdrawn earlier this month from the single website e-draft.am, created for publishing daft legal acts, for elaboration, according to SRC. Now it will be again placed for public discussions.

Under the proposed amendments, tax authorities will have direct and full access to information on the bank accounts of individuals and legal entities.

“We find that this package of proposals poses a serious threat to economic entities because it would be a big step backwards if implemented,” said LSA founder and director Arsen Sardaryan at a press conference.

He pointed out a proposal that says if a company’s expenses are larger than its income, the exceeding portion will be counted as undeclared income and taxed.

“If an entrepreneur misspells the investment, it would be regarded as income and taxed,” the entrepreneur said.

According to Sardaryan, entrepreneurs would be deprived of one of the fundamental constitutional guaranties and as a result, foreign investors will not seek entry to the Armenian market either.

Beer Academy Restaurants founder Armen Ghazaryan stated that in 2020 the SRC had already proposed to adopt a similar draft law. At the time, however, the president sent the draft law to the Constitutional Court, which ruled it unconstitutional.

Many entrepreneurs fear that if adopted the changes would lead to capital flight from the Armenian banking system.-0-

spot_img

POPULAR

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

LATEST NEWS

spot_imgspot_imgspot_img