YEREVAN, February 13. /ARKA/. Leasing procedures in Armenia will be simplified, and market volumes are expected to double, Deputy Economy Minister Avag Avanesyan said during a government meeting on Thursday.

The government made today a set of changes to a number of laws, aimed at simplifying the procedures for concluding leasing transactions.

“The changes regulate the leasing field and open up new opportunities for the development of this sector. As a result, we expect that after the changes are adopted the amount of leasing transactions will double,” Avanesyan said.

He said one of the changes stipulates the leasing agreement can be concluded by two parties. Under the current law they are to be signed by three parties .

According to him, this will allow to carry out so-called secondary leasing transactions, Thus, if earlier one could lease an agricultural machine and then return it, the bank could no longer re-lease that machine.

According to the deputy minister, leasing transaction will similar to providing a property-secured loan, which will also help reduce interest rates in the market.

The amendments also provide for the solution of such issues as payment of taxes, VAT, penalties for violation of traffic rules, depreciation expenses and a number of other issues, which will increase the attractiveness of leasing. --0--