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The NA Standing Committee on Economic Affairs debated the package of drafts authored by the Government on Making Amendments and Addenda to the RA Tax Code and on Amending the RA Civil Code at March 15 sitting in the second reading, by which it is proposed to revise the rules for determining the value added tax (VAT) and the tax base of profit tax regarding a number of transactions. It is proposed with the first draft to apply some exceptions in the determination of the VAT tax base in case of alienating buildings, constructions (including unfinished, half-built), residential or other areas, plots of land.

According to the Deputy Minister of Finance Arman Poghosyan, after the first reading, a clarifying correction was made, and the terms of the laws coming into force were also changed.

The Deputy Chair of the NA Standing Committee on Economic Affairs Babken Tunyan, the Committee members, the RA Minister of Economy Vahan Kerobyan, the Head of the Cadastre Committee Suren Tovmasyan presented their views on the legislative package.

Arman Poghosyan stated that the solutions proposed by the package are expected for all interested parties.

According to Babken Tunyan, the adoption of the package will be an important investment for property units to participate in economic life.

As a result of the debate, the package of draft laws wasn’t endorsed.

By the proposal of the key rapporteur, the Deputy Minister of Territorial Administration and Infrastructure Hovhannes Harutyunyan, the debate of the second reading of the package of drafts on Making Addenda to the RA Code on Lithosphere and on Making Addendum the Code on Administrative Offenses was postponed for up to two months.

The Deputy Chair of the NA Standing Committee on Economic Affairs Babken Tunyan and the key rapporteur informed their colleagues that the NA deputies and Government representatives were in Araks basin during this period, got acquainted with the current situation, studied a number of issues and made a decision to postpone the debate of the issue in order to solve the new problems that arose.

“The inspection body has made records that people illegally dug holes and took out sand. Comparing the volume of illegally mined sand with the volume of sand shown by legal statistics, it is noticeable that there is a huge shadow in that regard, which not only harms the state budget, but also the environment. In order to fight against corruption, we should give a complete solution to the problem,” the Deputy Chair of the Committee underscored.

The RA Minister of Economy Vahan Kerobyan introduced the draft law on Making Addendum to the Law on Industrial Policy authored by the Government for debate in the second reading.

It is proposed to authorize the Government of the Republic of Armenia to approve state assistance and support programmes in the main directions of the mentioned sector within the framework of the state regulation of the industrial policy implementation.

There were no proposals after the first reading. The Committee members have endorsed the draft.

The draft law on Making Addenda to the RA Code on Administrative Offenses presented by the RA Deputy Minister of Territorial Administration and Infrastructure Vache Terteryan was also debated and endorsed by the procedure of the second reading.