The Armenian parliament passed Wednesday a bill on amendments to the Tax Code submitted by the Prosperous Armenia Party MP Mikael Melkumyan.

The bill proposes to mitigate the economic consequences of coronavirus and calculate penalties for late tax liabilities for each late day for 0.04%, instead of 0.075%.

The next change concerns the possibility of seizing property. Now, if an economic entity accumulates tax liabilities of over AMD 500 thousand, the tax authority has the right to issue an order to seize the property of the taxpayer. 

After April 20, 2020, the project proposes to replace the amount of tax liabilities established by the Code for seizure by AMD 1 million 500 thousand. Moreover, the indicated amount will be taken into account when seizing after April 20, 2020. According to the MP, over the past two years the property of 9,800 entities was under arrest, which is about 10% of business entities.