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The law on Non-Cash Transactions entered into force in the Republic of Armenia from 1 July 2022, according to which, the transactions exceeding 300.000 AMD should be carried out in non-cash way. During its use a number of problems emerged, on which the NA Standing Committee on Economic Affairs received numerous complaints, proposals and observations. The Deputy Chair of the NA Standing Committee on Economic Affairs Babken Tunyan said about this during the working discussion held on September 30.

The representatives of the state structures, departments, the banking sphere, the Central Bank (CB), the economic entities, the expert-lawyers and the economists took part in the working discussion. The goal of the discussion is to bring up the emerged problems and to give necessary solutions to them.

The culture of introduction of non-cash payments, according to the representatives of the banking state, is a civilized, strategic issue, and the society should move forward in that direction.

During the discussion the problems emerged on medical services were presented. The issues of technical provision, the necessity for specification of the tax legal regulations were particularly underlined. According to the representatives of the sphere, the commissions being levied by the banks caused additional tax obligations for the economic entities. Issues on the legal regulations of the retail sphere on tax relations and demanding clarification were also presented.

At the discussion it was noted that awareness need exists in the rural communities, as well as the problem of availability and accessibility of banking services for the economic entities.

The RA CB Vice Governor Hovhannes Khachatryan informed that there is necessity for certain amendments.

The joint discussions will be continuous: the collected problems will be summed up and the package of legislative amendments will be presented.