A Cabinet sitting was held today, chaired by Prime Minister Hovik Abrahamyan. The government approved a bill on suspension of Article 76 of the Funded Pension Law. The aforementioned article shall be suspended until the enactment of the legislative package to ensure full enforcement of the Constitutional Court’s April 2, 2014 ruling.

Under the applicable law, in case of failure to make a mandatory retirement payment within the established deadlines, the citizen will have to pay a statutory penalty of 0.15 percent for each day of default. With the next decision, the above bill was recognized as urgent and will be submitted to the National Assembly in the manner established by law.

The Prime Minister noted in this regard, “We discussed this issue with all political forces, including the political parties represented in the National Assembly, as well as all the interested non-governmental organizations. We have tried to understand the public’s concerns and dissatisfaction associated with the pension reform. Today I have had my position and considerations posted on the Government’s website. I have issued a statement which clearly states the Government’s position. I would like you to get acquainted with my statement.” (See here).

The Government approved a set of legislative amendments to the law on alternative tax audits in the Republic of Armenia and about a dozen other legal acts in an effort to introduce alternative tax audit and horizontal monitoring systems.

Prioritizing the importance of the Bill, Hovik Abrahamyan considered it necessary to introduce its details to both the business community and the public at large. In this context, he reminded that the improvement of the business environment is among the Government’s key priorities.

The Government next approved a draft law on amendments to the Customs Code in order to ensure compliance with Paragraph 17 of the timetable set out in the roadmap of Armenia’s accession to the Customs Union and the Common Economic Space between the Republic of Belarus, Kazakhstan and Russia.

The draft law is expected to have a ten-digit FEA classification system in line with the requirements of the January 25, 2008 treaty on Unified Customs Tariff Regulation. The draft law is expected to come into force on the day of signing the instrument of Armenia’s accession to the Eurasian Economic Union.

The meeting next approved a bill on amendments to the Customs Code of the Republic of Armenia. The bill seeks to create effective customs control mechanisms through a system of risk management, preliminary and mandatory information processing, provisioning and simplified customs procedures introduced by the customs authorities.

The above-mentioned draft laws will be submitted to the National Assembly in the prescribed manner.
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