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LAW OF THE REPUBLIC OF ARMENIA

of March 25, 2024 No. ZR-108

About introduction of amendments to the Law "About Funded Pensions"

Accepted by National Assembly of the Republic of Armenia on February 28, 2024

Article 1. According to article 71 of the Law of December 22, 2010 No. ZR-244 "About funded pensions":

Paragraphs of the first and second part 1 to state 1) in the following edition:

"1. The hired employees obliged to make social payments (the tax agents obliged to calculate and list them social payments) under this law bear responsibility for nonpayment or untimely introduction of social payments: In case of nonpayment of social payment at the scheduled time the hired employee (the tax agent having obligation on calculation and transfer to it social payments) for each overdue day pays penalty in the amount of and procedure, the stipulated in Clause 401 Tax code of the Republic of Armenia.";

2) to state part 4 in the following edition:

"4. In case of payment delay of social payments over fixed term the tax authority performs ensuring execution of the unpaid social payments and penalties established by this law for them, and also the measures directed to forced execution, according to the procedure, established by the Tax code of the Republic of Armenia.

Article 2.

1. This law becomes effective since July 1, 2026, except for Item 1 of article 1 of this Law and extends to the obligations which arose after the introduction of this law in force. Concerning the obligations which arose to the introduction of this law in force, this law is applied in the cases and procedure established by part 2 of this Article.

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