Tuesday, May 10 2011 15:20
Commercial banks of Armenia to get an opportunity to resolve income tax payment when selling the property taken upon the security
Arminfo. Today in the first reading Armenian parliament made alterations and amendments to the law "On income tax" and Civil Code.
As deputy chairman of Central Bank Nerses Yeritsyan said, the submitted package is directed to improvement of the process of loan giving by commercial banks upon security of property. According to the present law, when taking pawn in form of property they have problems connected with the sale of this property, as despite its selling or not, the authority body requires from the banks to fully pay the income tax.
The draft law will put resolving of this problem in order, which will lead to reduction of risks connected with the property taken upon the security. This will finally lead to growth of the crediting volumes. If the property passed all the procedures connected with its transference to the new owner, in that case the income tax will be paid from the sum formed from the sale of this property to the third party. If the price of the real estate is less than the market one, in that case the market price will be take like a basis and the income tax will be taken from it. If the bank does not sell the real estate during the fixed period of time, the contract obligations of the parties will be recognized like a market price, and the income tax will be taken from them.
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