Parliament Votes in Favor of Amendments to the Tax Code

The National Assembly voted in favor of the draft law on amendments to the Tax Code presented by Babken Tunyan, a member of the "My Step" faction. The legislation allows entities to determine the depreciation period of imported or acquired fixed assets at their discretion.

According to the proposed amendments, the minimum depreciation period for imported or acquired (constructed, processed) fixed assets included in the list approved by the government for investment projects executed by selected organizations and individual entrepreneurs will be set at the discretion of resident corporate tax payers, but not less than one year. This means that businesses will carry out their depreciation calculations not according to general rules and minimum periods but will determine the period independently.

The draft provides that up until December 31, 2020, all businesses will have the opportunity for their investments. It is expected that this decision will serve as an additional incentive for companies making capital investments, motivating them to expedite their investment processes.