It is suggested that banks be able to forgive hopeless credit penalties for individuals without tax consequences, which had been recognized hopeless till the 31st of May, said Deputy Minister of Finance A. Poghosyan at the presentation of the bill on amendments to the Tax Code in the National Assembly.

At the same time, Poghosyan underlined that, in the absence of legislative regulations, banks may have some damages by forgiving these credit penalties.

"If banks forgave penalties by operating regulations, they would have tax liabilities, but now there is such a possibility," he said.

Presenting the amendments, Poghosyan mentioned that one of them is for people who have been expropriated two or more of the same type of properties in a year, and they are obligated to pay VAT, and now it is offered to give the opportunity to pay only the principal amount of the tax within 90 days after the adoption of the law, getting rid of accumulated fines and penalties.

One of the changes in the law suggests revising the burden of environmental tax on the import of passenger cars.

"As a result, the tax burden will be reduced by about 4 times for cars released during the last three years. The burden of the environmental tax on other cars will be twice less than today, "he added.

The material is copyrighted and protected by law