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Banks’ powers for forgiving fines may be expanded in Armenia

07.10.2020 15:08

Banks’ powers for forgiving fines may be expanded in Armenia

YEREVAN, October 7. /ARKA/. The National Assembly of Armenia passed Tuesday at the first reading amendments to the Tax Code, in accordance with which banks, taking into account the current situation, will be allowed to forgive fines and penalties.

"Yet in 2018, an opportunity was created for banks to be able to forgive fines and penalties on loans extended as of May 31, 2018 to individuals and recognized as uncollectible without tax consequences. This change was introduced in order to prevent any impact on income tax base," Arman Poghosyan, deputy finance minister, said Tuesday presenting the project.

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