Armenia’s National Assembly, in a specially convened session tomorrow, will review two bills designed to mitigate the economic impact of the coronavirus crisis.

The first bill, sponsored by Prosperous Armenia Party MP Mikael Melkumyan, proposes to reduce the rate of fines for small and medium-sized businesses. Now, for each day of overdue payment, the taxpayer or tax agent pays a penalty of 0.075%. The MP proposes to change the rate to 0.04%.

The other bill, sponsored by Chairman of the National Assembly’s Standing Committee on Economic Affairs Babken Tunyan, offers the opportunity to make expenditures (depreciation deductions) for investments made before December 31, 2020, not within the set minimum period, but to decide at its own discretion for at least one year.