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A number of draft laws were debated in the second reading at the sitting of the RA NA Standing Committee on Economic Affairs held on November 5.

The Deputy Chairman of the RA State Revenue Committee Hamlet Sahakyan presented for debate a draft law envisaging amendments and addenda to the Law on Customs Regulation. He informed that there were mainly editorial changes to the draft during the period from the first to the second reading.

The Law on Real Estate Activities and the legislative package providing for amendments to related laws were debated. The Head of the RA Cadastre Committee Suren Tovmasyan noted that the legislative package is aimed at improving the quality of services in the real estate sector, ensuring transparency of information and services in the sector, as well as creating and developing a unified information database related to the real estate. The Government submitted a number of proposals on the legislative package: it was amended. In particular, the data of entry into force of the draft was changed. It was proposed to enter into force on June 1, 2027, instead of January 1, 2027. The purpose is to have all tools required by law at the time it comes into force. Another proposal envisages providing realtors’ qualification certificates in electronic format; the paper version has been withdrawn. It was also proposed to make payments and transfers within the framework of real estate and property management services through a special Escrow account.

The Deputy Chair of the NA Standing Committee on Economic Affairs Babken Tunyan submitted a proposal on the legislative initiative. The MP proposed to set the base duty for each real estate unit for individuals to 1,000 drams instead of 5,000 drams for entering data on real estate through the unified information system provided by the law. The Government accepted the deputy’s proposal.

The draft law on Making Amendments and Addenda to the Law on Ensuring the Uniformity of Measurements was debated, presented by The Minister of the RA Economy Gevorg Papoyan. In particular, the subject of regulation has been expended, provisions have been established on the measurement of quantities, the maintenance of means and methods for measuring standard samples of units of quantities, a number of definitions have been revised and clarified.

Gevorg Papoyan also presented the draft law envisaging an amendment and addenda to the Tax Code of the Republic of Armenia. The Minister informed that the goal of the bill is to make amendments to the RA Tax Code in order to give income taxpayers the opportunity of deducting donations made to state general education schools, universities, and primary and secondary vocational educational institutions from their gross income, up to 2.5% of their gross income. According to Gevorg Papoyan, it is expected that as a result of the adoption of the draft, more funds will be allocated by businesses to meet the needs of state universities, secondary vocational and general education institutions.

It is proposed to apply the same approach to donations made to the Military Insurance Fund.

The Committee endorsed the debated draft laws. It was proposed to include them in the draft agenda of the NA regular sittings.