The matter of debate is the use of the decision of the minimum rules of bases by the value added tax (VAT) and profit tax of the taxation of the deals of the real estate alienation in certain cases, more precisely the definition of the exceptions of the use. In particular, it is proposed to give an opportunity to the banks and the credit organizations that have subjects of the mortgage passed to them by the right of property to alienate them stemming from the factual price, but not from 80% of the market value approximated cadastre value, which is an accepted rule. The RA Deputy Minister of Finance of Arman Poghosyan said about this.
The package of the draft laws on Making Amendments and Addenda to the RA Tax Code authored by the Government and on Amending the RA Civil Code was debated in the second reading at the extraordinary sitting of the Standing Committee on Economic Affairs.
The Deputy Chair of the Committee Babken Tunyan inquired what regulations are designed in case of physical persons. According to Arman Poghosyan, in case of physical persons there is liberal and comprehensive regulation, and the incomes being received from the physical persons’ securities are exempted from the income tax in general.
As Babken Tunyan observed, in the last one year noticeable changes and price growth took place in the real estate market.
The deputies expressed concern over the cadastre values of the mortgaged real estates in the banks.
To Hovik Aghazaryan’s observation, giving such privilege to the banking sector is not in place. According to him, it is purposeful that the parliament and the Government take responsibility to make certain adjustments related to the cadastre values during the possible short period and bring forth the assessment system.
According to Babken Tunyan, the solution of the issues on taxation of the cadastre approximated values is necessary to intensify. “The right thing is to find balanced solution,” he said.
The Committee Deputy Chair proposed to postpone the voting of the package of the draft laws up to two months for finding right versions of the temporary or partial solutions of the issues.
The representative of the executive body, highlighting the argued decision making, accepted Babken Tunyan’s proposal.