Armenia’s Parliament has approved the draft law to increase the late payment interest rate from 0.04% to 0.075% for each overdue day.
The revised interest rate will go into effect from 1 January 2025.
This law was adopted by parliament in its second and final reading on 11 September 2024.
The previous penalty rate (daily changing 0.075% to 0.04%) was introduced to alleviate the economic consequences of the Covid-19 pandemic. According to the Deputy Chairman of the State Revenue Committee (SRC) Artur Manukyan, taking into consideration the fact, the amount of penalty, for example, to the percentage amounts being paid for the business loans by the organisations, the Government proposed again to set daily the penalty in the amount of 0.075%.
