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At September 29 sitting, the RA NA Standing Committee on Economic Affairs, moderated by Vahe Hakobyan debated in the first reading the bill authored by the Government on Amending the RA Tax Code, which is aimed at changing the direction of the privilege of the income tax refund in the amount of interest paid for service of a mortgage loan and showing importance of balanced territorial development to them, as well as giving more emphasized social significance to the regulation.

The RA Deputy Minister of Finance Arman Poghosyan noted that without term restrictions, since 2025, constructions will be carried out in the residences being out of Yerevan. Privileges set to protect investors’ interests will continue to be applied to the constructions, and its building permits will be obtained until January 1, 2022. The adoption of the draft will not stop the income tax refund of the persons who have become beneficiaries of the system until the deadlines set by this law. The proposed amendment will allow maintaining the positive economic and social impact of this programme receiving significant financial support of the Government and at the same time add a new, more balanced urban development impact that will significantly improve the quality of life in other urban settlements.

The opposition deputies were against the draft law, stating that first, it is necessary to solve security problems in the border regions.

The Deputy Chair of the Standing Committee Babken Tunyan, the Committee member Tsovinar Vardanyan and the Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan, highlighting the adoption of the draft law, emphasized the solution of the social problems and the development of construction as a result of its implementation.

The deputies of the parliamentary majority voted for the legislative initiative.

The Committee members debated the package of draft laws on Amending the Law on Activity of Real Estate Appraisal and the enclosed ones, which defines the bases for conducting the appraisal activities in the RA and regulates the relations related to the appraisal activities. According to the Deputy Head of the RA Cadastre Committee Arman Petrosyan, the alienation of state or community property will be carried out at the market value, as a result of which, the state or community budget revenues will be increased. The mandatory assessment of cases of a real estate insurance will ensure the protection of the interests of the parties of a deal, the real physical characteristics and value of the real estate will be recorded. The application of the standards in consonance with international assessment standards set by the Government will promote the increase of the assessors’ quality. The requirements for evaluation reports will be equalized with the requirements in European and a number of other developed countries, as well as EEU Member States. The authorized body will be given an opportunity to exercise more effective control over assessment organizations and qualified individuals.

The deputies who participated in the exchange of thoughts underlined the necessity to develop the field of assessment.

The Committee endorsed the legislative package.

The debates of the package of the draft laws on Making Amendments to the RA Law on Establishment of Minimum Coverage Limits for Liability Insurance of Aircraft Operator and on Making Amendments and Addenda to the Law on Procurements and the enclosed ones were postponed up to two months.