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As a result of the package of draft laws, it will become possible to solve the issue of the privileges established for the Free Economic Zones (FEZ) operators working in the Republic of Armenia within the framework of the localization works of the 5^th measure Harmful Tax Practices of the Base Erosion and Profit Shifting (BEPS) Program connected with the ‘harmful’ tax regimes. The RA Acting Deputy Minister of Economy Narek Teryan said this.

At February 21 sitting of the Standing Committee on Economic Affairs the package of draft laws on Amending the RA Tax Code and on Amending the Law on Free Economic Zones was debated.

It is designed to set the types of permissible activity on the FEZ territory, which were chosen, taking as a basis the priorities of the RA Government economic policy, promoting the development of the given spheres: processing industry, agriculture, sector of information technologies, tourism, etc. It is proposed by presenting draft that the sectors will also be included in the priorities of the economic policy of the Government.

It was also fixed that a guidebook will be established for the assessment of the FEZ operators’ business programs.

The Chair of the Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan inquired if monitoring on efficiency of the functioning FEZ operators is done. Narek Teryan answered that at present the strategy of the FEZ and the program of the further steps aimed at the development are elaborated. He informed that at the moment, there are 4 FEZs, and two out of them actively work.

The debated legislative package was endorsed.