Wednesday, May 6 2020 11:17
Alexandr Avanesov

Insurance indemnities in Armenia will be excluded from the list of taxable funds

Insurance indemnities in Armenia will be excluded from the list of taxable funds

ArmInfo. Insurance indemnities in Armenia will be excluded from the list of taxable funds. The RA National Assembly at its plenary meeting on May 6 in the second and final reading amended the Tax Code.

The representative of the Bright Armenia faction Arkady Khachatryan, who introduced the bill noted that the bill is intended to resolve issues related to individuals and organizations that attracted credit from commercial banks and credit organizations. When these funds are raised, commercial banks and credit organizations become beneficiaries of collateral that is insured.

In particular, as the author of the document noted, in case of an accident, insurance companies pay commercial banks and credit organizations a certain amount of reimbursement, some of which are used to repay customers' credit obligations, and the other part is provided to the customers themselves. At the same time, according to the current legislation, the amount of compensation is included in the profit base, from which profit tax is levied. At the same time, the balance returned to the borrower is considered as income from which income tax is paid. The result is that an individual or organization may pay taxes twice. As a result of the proposed changes, insurance payments will no longer be regarded as profit, and taxes will not be levied on income from them. The bill, according to which fees will not be considered profit for banks, will be retroactive, and will apply to processes that have taken place since January 1, 2018.

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