YEREVAN. - The economic entities that had had outstanding tax debts by January 1, 2010, will not have to pay further fines and penalties if they pay off their debts as soon as possible.

It will be possible if the Armenian parliament passes a bill proposed by the government on Thursday.

By January 1, 2010, Armenian taxpayers’ debts had exceeded AMD 210 billion ($557 million), with tax arrears exceeding AMD 104 billion ($275 million), penalties AMD 72 billion ($190 million), and fines AMD 34 billion ($90 million).

At the Armenian government’s sitting, Prime Minister Tigran Sargsyan qualified the bill as a “tax amnesty” supposed to replenish the budget.