The sanctions set for violating the requirements of accounting the precious metals and scrap stones will be made stricter by the legislative proposal of the Government. Violating the abovementioned requirements will cause appointment of fine by 200-fold of the minimum salary for every violation instead of the former 1000-fold, regularly violating by 1000-fold instead of the former 200-fold.
At April 27 sitting of the NA Standing Committee on Economic Affairs, the RA Deputy Minister of Economy Ani Ispiryan presented the amendments being proposed in the RA Code on Administrative Offences and in the law on Precious Stones. She has noted that in case of mild sanction, temptation risks of law violation can emerge. The EAEU Monitoring Group also presented a proposal for the sanction strictness to ensure harmony of sanctions on the EAEU territory. According to the Deputy Minister, the remaining amendments aim at facilitating the rating and stamping processes.
The Agreement on Peculiarities of the Operations with the Precious Metals and Precious Stones within the framework of the Eurasian Economic Union entered into force from May 24, 2021 united conditions of circulation of precious metals and stones on the EAEU territory are established. It will give an opportunity to the entities of the member states to circulate their jewelry and diamond product on the EAEU whole territory. Now a need emerged to harmonise the national legal acts to the requirements of the established provisions by the Agreement.
As a result of voting the initiative was endorsed by the Committee.
The bill on Amending the RA Tax Code authored by the NA deputy Gevorg Papoyan was debated in the second reading and endorsed. After the first reading the Government presented a proposal related to the term of entering into force the law, which was accepted.