Deputy Prime Minister Tigran Khachatryan chaired the SME Development Council meeting

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Council Meetings

The final summer session of the SME Development Council was chaired by Deputy Prime Minister Tigran Khachatryan.

During the meeting, Hovsep Patvakanyan, Head of the Investment Council of Armenia, provided updates on current reforms. Key topics included:

The RA SRC's stance on discussions from the SME sub-council session concerning amendments to Armenian tax legislation.
Proposed tax changes to incentivize businesses to donate to higher education institutions, secondary professional, and general education institutions.
The need to define the concept of an option contract, establish its basic conditions, and create a regulatory framework for such contracts.
Setting a minimum fine for incorrect printing of VAT or VAT codes on cash register receipts, provided the product name printed is accurate.
Exploring legal regulations for factoring contracts in exchange for the concession of monetary claims arising from purchase contracts.
Introducing regulations to eliminate the need for double examination of goods not classified as dual-use or military during export and import processes.
Reviewing technical requirements for implementing educational programs.

The Council's agenda also included:

Introducing the possibility of deferring the obligation to pay the difference in cadastral values resulting from changes in the purpose of land plots.
Discussing a package of amendments related to the legislation on limited liability companies, addressing issues such as:
- Clarifying directors' powers, including the processes for assuming, exercising, and terminating these powers, to ensure smooth leadership transitions and avoid potential disputes.
- Reducing unnecessary administrative requirements, such as multiple state registrations during a share transfer, to save time and resources.
- Promoting flexibility by allowing unanimous decisions to be made without formal meetings, enabling quicker and more efficient decision-making.

Council members also discussed mechanisms for raising and addressing issues relevant to SME activities.

The Investment Council of Armenia is implemented by EBRD with support from the UK Government's Good Governance Fund.