LAW OF THE REPUBLIC OF ARMENIA

of July 22, 2014 No. ZR-134

About introduction of amendments and changes in the Law of the Republic of Armenia "About taxes"

Accepted by National Assembly of the Republic of Armenia on June 21, 2014

Article 1. The law of the Republic of Armenia "About taxes" of April 14, 1997, ZR-107 (further - the Law) to add with Chapter II.2 of the following content:

"Chapter II.2 Taxation of family entrepreneurship

Article 13.7. Family entrepreneurship and subjects of family entrepreneurship

1. In sense of application of the tax legislation:

1) family entrepreneurship the business activity jointly performed more than one family member for the purpose of income acquisition (profit) is considered;

2) the parent, the spouse, the child, the brother, the sister are considered as family members.

2. The commercial organizations and individual entrepreneurs (further in sense of application of this Chapter – also persons) meeting the requirement established by part 3 of this Article, including newly created (who received state registration or considered) the organizations and individual entrepreneurs can be considered as subjects of family entrepreneurship. And:

1) the individual entrepreneur can be considered as the subject of family entrepreneurship if the last performs the activities only by means of members of the family (including - as hired employees);

2) the commercial organization can be considered as the subject of family entrepreneurship if the authorized (share) capital of the commercial organization completely belongs to one or several family members and if the organization performs the activities only by means of shareholders of the organization, or members of families of shareholders (including - as hired employees).

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