ArmInfo. In order to protect economic competition, a unified register of state assistance will be formed in Armenia. Amendments to the Law on the Protection of Economic Competition in the second and final reading were approved at a parliament meeting on January 24.
As Deputy Minister of Economy of the Republic of Armenia Varos Simonyan noted in his speech, the presented document is aimed at ensuring the protection of competition and the exclusion of protectionism, especially with state assistance. Moreover, the concept of state assistance is understood as the provision by the state of assistance to individuals and legal entities or groups of persons in the form of either subventions or loans, and the provision of certain tax benefits. It is envisaged that an electronic database will be created within the framework of the project, which will include all those persons who will receive state assistance. These persons also undertake to provide all the necessary information on the directions of use of state funds and tax benefits. At the same time, commercial banks will be exempted from this need, since they are included in the field of the law "On Bank Secrecy". Issues related to ensuring competition in the banking services market will continue to be addressed by the Central Bank. With regard to competition in the market, including the study and adoption of decisions on violations of antitrust laws as a result of state assistance, the State Commission for the Protection of Economic Competition will consider it. The presented document is based on the recommendations of the European Union and the World Bank.
