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“If adopted, this initiative could be very effective, particularly for universities,” the deputy of the NA Civil Contract Faction Sisak Gabrielyan noted during the working discussion held on November 23 regarding the RA draft law on Foundations with Inviolable Capital authored by him and Gevorg Papoyan.

The representatives of the Government, the Central Bank (CB) and the higher educational institutions were in parliament to discuss the initiative, as well as to present proposals.

The former deputy, member of the CB Board Artak Manukyan, who was the co-author of such a draft law, emphasized the adoption of the draft, which will enable the SNCOs, as well as the higher educational institutions , to create foundations, to which benefactors will be able to provide money free of charge to carry out certain targeted activities. It is proposed to exempt such foundations from income tax. It is expected that the creation of foundations will ensure the financial stability of the higher educational institutions to a certain extent.

The participants of the discussion generally considered the idea of the legislative initiative to be acceptable, and also presented certain concerns.

The co-author Sisak Gabrielyan proposed the participants of the discussion to submit their proposals and comments in writing, which will be discussed and, if acceptable, will be included in the draft.