The Protection of Economic Competition

The State Commission for the Protection of Economic Competition performs the following tasks: protects and promotes free economic competition to contribute to the development of entrepreneurship and protect the customers' rights and interests, ensures appropriate environment for fair competition, prevents, precautions, and restricts anti-competitive activities, controls the economic competition protection. In order to achieve these goals, [...]

By | 2015-08-20T11:58:24+04:00 August 17th, 2015|Uncategorized|Comments Off on The Protection of Economic Competition

Official Language in Armenia

Armenian is the official language of Armenia. According to the law on Language, state bodies, enterprises, institutions and organizations (regardless of ownership) must maintain their documentation (including posters, letterheads, labels, stamps, seals, international mail envelopes, ads) in Armenian, coupled with other languages if necessary. Furthermore, the documentation of foreign government agencies, enterprises, institutions and organizations that is [...]

By | 2015-08-14T13:22:27+04:00 August 14th, 2015|Uncategorized|Comments Off on Official Language in Armenia

Power of Attorney in Armenia

A power of attorney (POA) is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. Armenian law does not require the principal (the person authorizing another to act) to give a POA in the form of a single document. But in practice it is almost [...]

By | 2017-01-30T13:26:28+04:00 July 25th, 2015|Uncategorized|Comments Off on Power of Attorney in Armenia

Opening a bank account in Armenia

There are 21 Banks in Armenia (all of them are private, some of these banks are international, e.g. ACBA-CREDIT AGRICOLE BANK (French Credit Agricole Banking Group holds 28% of its shares), Areximbank - Gazprombank Group, Bank Anelik (100% of its shares belong to Lebanese Credit Bank), Byblos Bank Armenia (EBRD – 25%+1 share, OFID – 10%, [...]

By | 2017-01-30T13:26:28+04:00 June 18th, 2015|Uncategorized|Comments Off on Opening a bank account in Armenia

Minimum benefits for foreign employees

Foreign employees are entitled to the same benefits as local employees, including a minimum monthly salary of 50,000 drams ($105) to be raised to 55,000 drams ($116) from July 1, 2015. However, the employer is not required to ensure the same level of compensation for local and foreign workers in comparable positions. Employee insurance is [...]

By | 2017-01-30T13:26:28+04:00 February 4th, 2015|Uncategorized|Comments Off on Minimum benefits for foreign employees

VAT Taxation of Agency Services

For VAT purposes the following services are deemed to be provided in Armenia if the recipient of services is registered in Armenia (art. 14 of the Law on VAT): Consulting Legal Accounting Expert Translation Engineering Data processing Software Financial Other similar services Agency services are not considered to be a separate type of services but [...]

By | 2014-10-30T07:36:43+04:00 October 30th, 2014|Uncategorized|Comments Off on VAT Taxation of Agency Services

VAT on Gifts, Discounts and Deals

Gratuitous or partially compensated transactions in Armenia are subject to full VAT taxation based on the real (market) value of the goods and services provided. Article 6(3) of the Law on VAT. If the goods (services) are sold at a price which is substantially lower than the normal price, the transaction shall be treated as a partially compensated (or [...]

By | 2017-01-30T13:26:29+04:00 October 23rd, 2014|VAT @ru|Comments Off on VAT on Gifts, Discounts and Deals

VAT on Gifts, Discounts and Deals

Gratuitous or partially compensated transactions in Armenia are subject to full VAT taxation based on the real (market) value of the goods and services provided. Article 6(3) of the Law on VAT. If the goods (services) are sold at a price which is substantially lower than the normal price, the transaction shall be treated as a partially compensated (or [...]

By | 2017-01-30T13:26:29+04:00 October 23rd, 2014|VAT @hy|Comments Off on VAT on Gifts, Discounts and Deals