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It is designed to bring the notions used by the ode into line with the regulations established by the Law օn Bankruptcy, because there were certain amendments in that law and the amendments made in the Tax Code also stem from them, as well as to clarify the grounds for termination of tax obligations. The Deputy Head of the State Revenue Committee (SRC) Karen Tamazyan said this during the NA regular sitting presenting the draft law on Making Amendments and Addenda to the Tax Code of the Republic of Armenia in the first reading.

“In particular, it is planned that if the tax obligation exceeds 2 million AMD and if the activity of the organization or the private entrepreneur is considered dissolved by the court’s decision in accordance with the procedure established by the Law on Bankruptcy, then the tax obligation will also terminate. If the obligation is less than 2 million AMD, it will cease if 7 years have passed since the deadline for the fulfillment of the obligation in case of private entrepreneurs, and 5 years in case of natural persons. Thus, the cases of termination of tax obligation will be clarified,” the SRC Deputy Head said.

The endorsement of the Standing Committee on Economic Affairs was presented by the member of the Committee Hovik Aghazaryan. The MP stated that the law mainly requires amendments of technical character.