Armenia withdraws plan to toughen tax crime penalties
Armenia’s government announced that it is reconsidering its proposal to impose stricter criminal penalties for tax violations after receiving criticism from entreprenuers. This has compelled the Armenian tax authority, the State Revenue
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Armenia increases late payment interest rate
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
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Armenia lowers Central Bank refinancing interest rate
Armenia’s Central Bank has lowered the refinancing interest rate from 7.75% to 7.50%. This marks the sixth rate reduction in 2024, following a previous drop of 9.25%. The Central Bank's refinancing rate influences the deductible interest on
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OECD reports advances on harmful tax practices in Armenia, Bulgaria, Croatia, Eswatini, and Hong Kong
The OECD released an announcement on 27 August 2024 highlighting that jurisdictions have made further progress in addressing harmful tax practices through the implementation of the international standard under BEPS Action 5. This is evidenced by
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Hong Kong, Armenia sign tax treaty
The Hong Kong Inland Revenue Department announced that it had signed a comprehensive avoidance of double taxation agreement (CDTA) with Armenia on Monday, 24 June 2024. Tam Tai-pang, Commissioner of Inland Revenue, signed the CDTA on behalf of
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Armenia to double turnover tax, introduce expense-based credit
Armenia’s parliament is reviewing proposed legislation to modify the turnover tax regime, which mainly includes doubling tax rates across various sectors. This includes doubling the tax rates for trade from 5% to 10%, manufacturing from 3.5% to
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Armenia, Hong Kong to sign tax treaty
On 14 June 2024, Armenia’s government announced it approved plans to sign an income tax treaty with Hong Kong. If signed, this tax treaty will be the first between the two nations. The treaty aims to eliminate double taxation of income and prevent
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Spain completes BEPS MLI procedures for tax treaty with Armenia
Spain, in an updated OECD notification published on 31 May, 2024, announced that it confirmed completing procedures for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with
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Spain publishes synthesized text of tax treaty with Armenia under BEPS MLI
Spain's Ministry of Finance has released the synthesized text of the tax treaty with Armenia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
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Slovenia & Armenia update tax treaty to combat profit shifting
Slovenia's Ministry of Finance has released an updated tax treaty with Armenia, incorporating provisions from the Multilateral Convention (MLI) to combat tax avoidance. This revised agreement aims to close loopholes and prevent companies from
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Armenia: Central bank lowers refinancing interest rate
On 12 December 2023, the Armenian Central Bank announced that it lowered the refinancing interest rate from 9.5% to 9.25%. This is the fifth interest rate reduction for 2023. The previously reduced refinancing interest rates are as follows:
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Armenia ratifies MCCA on the exchange of financial account information
On 3 October 2023, the President of Armenia, Vahagn Khachaturyan, signed the law to ratify the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). This agreement facilitates the exchange
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Armenia deposits its instrument for the ratification of BEPS MLI
On 25 September 2023, Armenia deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent BEPS (MLI). The Convention will enter into force in relation to Armenia on 1
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Armenia extends tax privilege for start-up IT companies
On 16 December 2022, the Armenian parliament adopted the relevant laws "On amendments and additions to the Law on State Support of the IT sphere" and "On Amendments to the Tax Code of the Republic of Armenia" for the extension of tax incentives for
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Armenia: Parliament approves a bill to ratify BEPS MLI
On 14 September 2022, the Armenian Parliament (National Assembly) approved draft Bill No. K-294 for ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). On 7 June 2017, Armenia signed the agreement
See MoreArmenia approves BEPS MLI
On 24 March 2022, the Armenian Cabinet approved the ratification of BEPS MLI. Armenia signed the convention on 7 June 2017. After completing the ratification process Armenia must deposit its ratification instrument to bring the MLI into force for
See MoreIMF Report on Armenia’s Economic Situation
On 17 March 2022 the IMF published a report following discussions with Armenia in relation to the sixth and final review of the economic program which is supported by a three-year IMF stand-by arrangement (SBA). Armenia is in a stronger economic
See MoreArmenia increases the interest rate from December 2021
On 14 December 2021, the Armenian Central Bank has announced the decision to increase the key rate from 7.25% to 7.75% with effect from December 2021. The interest rate of the Central Bank is used for the purposes of calculating interest
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