{"id":141092,"date":"2022-07-20T14:21:16","date_gmt":"2022-07-20T14:21:16","guid":{"rendered":"https:\/\/armbanks.am\/2022\/07\/20\/250450\/"},"modified":"2024-12-15T13:48:12","modified_gmt":"2024-12-15T13:48:12","slug":"armenian-business-community-dissatisfied-with-srcs-plan-to-amend-law-on-banking-secrecy","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2022\/07\/20\/141092\/","title":{"rendered":"Armenian business community dissatisfied with SRC\u2019s plan to amend Law on Banking Secrecy"},"content":{"rendered":"\n<p><strong>YEREVAN, July 20. \/ARKA\/.<\/strong> The business community of Armenia is dissatisfied with a package of\u00a0proposals,\u00a0designed by the State Revenue Committee (SRC) to\u00a0amend\u00a0the Law on Banking\u00a0Secrecy and other related laws.<\/p>\n\n\n\n<p>The package was withdrawn earlier this month from the&nbsp;single website e-draft.am, created for publishing daft legal acts, for elaboration, according to SRC.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.<\/p>\n\n\n\n<p>Under the proposed amendments, tax authorities will have direct and full access to information on the bank accounts of individuals and legal entities.<\/p>\n\n\n\n<p>&#8220;We find that this package of proposals poses a serious threat to economic entities because it would be a big step backwards if implemented,&#8221; said LSA founder and director Arsen Sardaryan at a press conference.<\/p>\n\n\n\n<p>He pointed out a proposal that says if a company&#8217;s expenses are larger than its income, the exceeding portion will be counted as undeclared income and taxed.<\/p>\n\n\n\n<p>&#8220;If an entrepreneur misspells the investment, it would be regarded as income and taxed,&#8221; the entrepreneur said.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Many entrepreneurs fear that if adopted the changes would lead to capital flight from the Armenian banking system.-0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The business community of Armenia is dissatisfied with a package of\u00a0proposals,\u00a0designed by the State Revenue Committee (SRC) to\u00a0amend\u00a0the Law on Banking\u00a0Secrecy and other related laws<\/p>\n","protected":false},"author":1,"featured_media":175102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[],"class_list":{"0":"post-141092","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/141092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=141092"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/141092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/175102"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=141092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=141092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=141092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}