ArmInfo. Legal services in Armenia have become more expensive.  This is a consequence of the fact that legal activity was transferred from the turnover tax system to the general tax field. At the same time, the workload of the Public Defender's Office has increased, since many can no longer afford a private lawyer. This was stated by the Chairman of the Chamber of Advocates of the Republic of Armenia Simon Babayan at a  press conference on February 10.

ArmInfo. High-quality audit services cannot be cheap. This was stated by Deputy Minister of Finance of Armenia Arman Poghosyan on February 10 at a meeting of the parliamentary committee on financial and budgetary commission, answering a question from opposition MP from the Hayastan faction Artur Khachatryan about how much more expensive audit services have become after the reforms initiated by the Cabinet of Ministers.

ArmInfo. Administrative liability for late submission of financial statements will be increased in Armenia. The National Assembly Committee on Financial, Credit and Budgetary Issues issued a positive conclusion on the amendments to the Code of Administrative Offenses submitted by the RA government at an extraordinary meeting on February 10.

ArmInfo. The Armenian government intends to harmonize the investment programs implemented in the country with the state budget of the Republic of Armenia. The National Assembly Committee on Financial, Credit and Budgetary Issues at an extraordinary meeting on February 10 issued a positive conclusion on the amendments to the law "On the Budget System" submitted by the RA government in the second and final reading.

ArmInfo. The Armenian authorities intend to soften some restrictions on the country's pension funds to invest their funds in the real sector of the economy. At an extraordinary meeting on February 10, the National Assembly Committee on Financial, Credit and Budgetary Affairs issued a positive conclusion on the amendments to the Law "On Funded Pensions" submitted by the RA government.

ArmInfo. Russia has conveyed to Armenia that simultaneous membership in the Eurasian Economic Union and the European Union is impossible. This was stated by Deputy Foreign Minister of the Russian Federation Mikhail Galuzin in an interview with Izvestia.

ArmInfo. February 3 to 7, 2025, in Armenia's interbank foreign exchange market, daily USD and two RUB transactions were effected, with no EUR transactions effected.  USD transactions showed an 87% decline against a 3-fold growth the previous week. RUB transactions showed a 23% growth as against an 58 % decline. The total amount of USD transactions exceeded that of RUB transactions 1.2-fold  up to 9 fold..  Duding the period under review against the previous period (Jan 27-31, 2025), in Armenia's intrabank foreign exchange market, USD, EUR and  RUB showed a downward trend, while EUR and RUB sales showed a growth. 

ArmInfo. This evening, traffic through the Upper Lars checkpoint, which links Russia and Georgia,  has resumed normal operations and is open to all vehicles, as reported by Russian media.

ArmInfo. The world is moving towards development, and countries like ours should emulate those who  create opportunities and streamline conditions for the growth of small businesses. This was stated by Mariam Manukyan, the head of the Council for International Business Relations Support, during a press  conference on February 7.

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ArmInfo. The management of the Zangezur Copper and Molybdenum Plant (ZCMC) has started the process of terminating employment contracts with employees who incited illegal actions and organized sabotage at the plant. This is noted in the official statement of the plant. It is emphasized that the termination of contracts is being carried out in strict compliance with Armenia's  labor legislation.

ArmInfo. The Ministry of Economy is not involved in tax policy, but is trying to assist businesses. Deputy Minister of Economy Edgar Zakaryan told this to  journalists in response to questions about potential revisions to the  bill proposing an increase in the turnover tax for SMEs from 5% to  10%.

ArmInfo. Jewelry retailers are propose reduction in the turnover tax rate from 10% to 1%. This will eliminate any "shadow" activity and increase the amount of taxes paid. This was stated by Hayk Sargsyan, a member of the ruling "Civil Contract" faction, on February 7 in a conversation with journalists  following parliamentary hearings on the topic of doubling the  turnover tax rate.

ArmInfo. According to her, Armenia needs to take several actions to open up  the Schengen countries. In particular, the head of the Committee  pointed to transitioning the population to digital passports, which  will contain all information about a person,  introducing a universal  health insurance system and adopting two legislative acts.   the head of the Committee said. At the same time, she expressed the  opinion that the most challenging thing for Armenia will be  implementing universal health insurance.  

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ArmInfo. Retail jewelers are rapidly losing their competitiveness due to the tax amendments that came into effect in January 2025, resulting in higher prices for gold jewelry compared to neighboring countries. This was stated by Karen Martirosyan, an individual entrepreneur representing the sector,  during a parliamentary hearing on February 7.

ArmInfo. During a press conference on February 7, Lusine Gevorgyan, the Chairperson of the Tourism Committee of Armenia, stated that tourists who independently organize their vacation in Armenia, including accommodation and food, will spend on average of $700 in our country, while the costs of all  tourist services for a vacation organized by tour operators can reach  $2000 and more. She also added that organized  tourism is chosen by  solvent tourists.   she said.

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