LAW OF THE REPUBLIC OF ARMENIA

of December 30, 2014 No. ZR-274

About entering of amendment and changes into the Law of the Republic of Armenia "About taxes"

Accepted by National Assembly of the Republic of Armenia on December 17, 2014

Article 1. In article 29.1 of the Law of the Republic of Armenia "About taxes" of April 14, 1997, ZR-107 (further - the Law):

1) the offer first of paragraph two after the word "be put" to add with the words "or to be applied restriction";

The second paragraph two of the word "puts" shall be replaced with words 2) in the offer "or restriction is applied";

The second word paragraph two "Article 30.2" shall be replaced with words 3) in the offer "Articles 30.2 and 30.3".

Article 2. Add the Law with Article 30.3 of the following content:

"Article 30.3. Application of restriction on property through the income controlled by tax authority is the action performed by the tax authority directed to acquisition of right of benefit concerning other creditors of the taxpayer for the purpose of ensuring obligation fulfillment from property of the taxpayer. Restriction is applied to personal estate of the taxpayer in the amount of the tax liability.

If the amount of pending obligation through the income controlled by tax authority constitutes five hundred thousand or more dramas if already acquired within the administrative production performed by tax authority, proofs give good cause to assume that the taxpayer can conceal, spoil or consume the personal estate necessary for execution of the administrative act, then the head of tax authority in accordance with the established procedure has the right to publish the order about application of restriction for personal estate of the taxpayer.

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