At the 21 October sitting, the National Assembly adopted in the first reading the draft law “On Establishing Tax Privileges during the Martial Law” submitted by the government, by which commercial banks and credit organizations will be able to forgive loans of people killed or disabled as a result of hostilities without incurring additional tax liabilities.
The RA Deputy Minister of Finance Arman Poghosyan presented the draft law to the legislators.
“When we say loan liabilities, we mean not only fines and penalties, but also the principal amounts of the loan,” Poghosyan said.
It is possible to forgive without tax consequences not only the credit obligations of those who died or became disabled as a result of hostilities, but also the credit obligations of their spouse, living together child or parents.
It is planned to consider the forgiveness of the loan as a deductible income for individuals, so that tax agents do not have to calculate for the forgiven amount and pay income tax to the budget. It is possible to see not only loans that are recognized as unreliable, but also loans that are not yet recognized as unreliable.
The draft law received 83 votes in favor.
