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New property tax rates in Armenia will increase revenues to the  budgets of local authorities 4.3-fold

 Wednesday, May 27 2020
New property tax rates in Armenia will increase revenues to the  budgets of local authorities 4.3-fold

ArmInfo.The application of new property tax rates in Armenia will increase revenues to the budgets of local governments 4.3-fold, Minister of Finance of the Republic of  Armenia Atom Janjughazyan, announced this on May 27 introducing  amendments to the Tax Code.


Deputy Prime Minister: We intend to further strengthen cooperation  within the CIS in order to reliably ensure the  sanitary-epidemiological and financial-economic security of our  countries 

ArmInfo.Armenia's Deputy Prime Minister Mher Grigoryan via videoconferencing took part in a meeting of the Council of CIS Heads of Government. The agenda of the meeting contained 15 issues, including a joint statement by the heads of  government of the CIS member states in connection with the spread of  a new coronavirus infection.  

Y-o-y growth of Armenian GDP slowed down to 3.8% in Q1, 2020

ArmInfo.Armenia's GDP slowed down y-o-y growth in the first quarter of 2020 from 7.1% to 3.8%, amounting to 1.3 trillion AMD ($ 2.6 billion). The GDP deflator index  in the first quarter of 2020 decreased to 98% from 103.8% in the first quarter of 2019. This is evidenced by the data of the Statistical Committee of the Republic of Armenia.

Deputy Prime Minister: Government is considering ways to assist  workers in the restaurant sector
Minister: Armenian government takes necessary steps to support  tourism in the coronavirus conditions

Finance and banks

CBA: High level of liquidity and capital adequacy in the financial  system of Armenia can withstand shocks

ArmInfo. High liquidity and capital adequacy in the financial system of Armenia allow to withstand shocks.

Precious metals price growth accelerated in Armenia

ArmInfo. In Armenia, prices for precious metals have accelerated the growth rate - from 2.6% last week to 6.2% this week. Moreover, a significant acceleration in price  growth was observed for platinum and palladium, relatively moderate  for silver, against which the cost of gold remained almost unchanged.

IDBank reduced interest rates on Student loans in the framework of the state-financed special program
UBA: For the first time, non-cash card transactions in Armenia  exceeded cash


In Armenian insurance market corporate portfolio dominates in  premiums, while retail component dominates in reimbursements

ArmInfo.According to the results of the Q1 of 2020, the corporate component dominates in the premium insurance portfolios of Armenian insurers - 64.2% (10.2 billion drams), while the retail component accounts for 35.8% (5.7 billion  drams), against 65.8% and 34 2% respectively a year earlier. 

In Armenia, the growth of health insurance indemnities sharply  accelerated

ArmInfo.For the first quarter of 2020, Armenian insurers reimbursed 6.4 billion drams or $ 12.7 million for different classes (the figures are given from the reports of UK portfolios according to the standards of the CBA). Annual  growth in insurance claims accelerated from 4.3% to 7.1%.

Insurance indemnities in Armenia will be excluded from the list of taxable funds
Armenian insurance sector reduced tax payments to the state budget by  15.6% in the first quarter of 2020

"Ayg-1" industrial-scale solar power plant with a capacity of 200 MW  will be built in Armenia

ArmInfo.Until October 27, 2020, the results of an international tender to select a company that will build a 200-megawatt Aig-1 solar power plant of industrial importance will be summed up in Armenia.

Putin responds to Lukashenko and Pashinyan: Unified tariff for gas  transit in the EAEU can be introduced only with a single budget and  taxation

ArmInfo. A single gas transit tariff in the Eurasian Economic Union can be introduced only with a single budget and taxation. Russian President Vladimir Putin stated on May 19 during a meeting of the Supreme Eurasian Economic Council.

Armenia and Iran discussed opportunities to revitalize activities of  joint intergovernmental commission
Power Transmission Project between Iran and Armenia Underway


Beeline will help corporate customers in developing an internal  network

ArmInfo. Beeline announces the launch of a service for building a local network for corporate clients, installing server and network equipment and connections,  which will be available when connecting to the Corporate Internet or  Corporate VPN services.

Armenian communication operators issued a statement regarding 5G  network

ArmInfo. The Armenian communication operators - telecommunication companies Beeline, Ucom and MTS Armenia issued a single statement regarding the 5G network.  ArmInfo was informed about this at the press service of Beeline.

Arina Arustamyan Appointed as New Commercial Director at Beeline  (Armenia)
Armenia and Russia reached a number of agreements in the field of   high technologies and industry

Real estate

Armenian citizens make money and get rid of the burden of mortgage  loans ahead of schedule - Pashinyan

ArmInfo. In September 2019,  compared to September last year, the number of mortgage loans in  Armenia increased by 23.3%, or by 7261 mortgage loans. The Prime  Minister of Armenia Nikol Pashinyan wrote about this on his Facebook  page.

Cadastral value of expensive real estate in Armenia may increase  eight fold

ArmInfo. The cadastral value of  luxury expensive real estate in Armenia can increase eight fold. This  was stated during the discussion of the draft law "On Establishing  the Procedure for Calculation of the Cadastre Approximate to the  Market Value of Real Estate for the Taxation of Real Estate" on  September 11, head of the Real Estate Cadastre Committee of Armenia  Sarhat Petrosyan. Thus, with the adoption of the law, the tax on  particularly expensive real estate will increase significantly.

Apartment prices in the regions of Armenia increased by 4.1% in the  first half of 2019
Property tax in Armenia will increase significantly from 2021

ArmInfo. The negative balance of foreign trade turnover of Armenia has decreased in January-April 2020 by 16.2% per annum, against the growth of 9.2% a year earlier.

ArmInfo.Economic activity in Armenia, in January-April 2020 has decreased by 1.7% per annum (against 7% growth a year earlier), against the backdrop of a decline  in exports and imports by 8.1% and 11.5%, respectively. According to  preliminary data of the RA Statistical Committee, in the industry  breakdown, the industrial sector, the services sector and the energy  sector showed growth, the sectors of trade and construction were in  decline, and data on the agricultural sector are published in the  statistical report only quarterly.

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