TohidA/MONA · Datasets at Hugging Face

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Agree on the terms of reference for an operational review of the State Customs Committee by a specialized international company in preparation for tender.

7

06/30/2005

M

N/A

2

7

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Improve the STS's ability to conduct audits by passing a law on tax audits, including provisions to: permit off-site audits and several types of audits at a time; extend the time limit for budget audits of large enterprises to at least 3 months; and, extend the time limit for drafting the audit report to at least 3 weeks.

8

06/30/2005

NM

At P1R1, not observed. The draft law was approved by the government but, due to scheduling difficulties in parliament, has not yet been approved by parliament.

2

8

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Specify and implement a consolidated supervision framework for monitoring beneficary owners beyond the licensing stage, in order to determine the appropriate structure of corporate governance and to identify how affiliate companies and related parties impact on the bank's operations.

1

06/30/2006

SB

N/A

2

1

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit a law to parliament that raises the sanctions to at least AMD 1 million for providing false documentation to revenue agencies.

1

03/30/2006

PC

This structural performance criterion is for the third review under the PRGF arrangement.

2

1

2006-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament an amendment to the Law on Simplified Tax that narrows access to the simplified tax regime by excluding activities that require state licenses with annual stamp duties of AMD 1 million or more.

2

09/30/2006

PC

N/A

2

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Parliament adopt an amendment to the Law on Simplified Tax to abolish the presumptive social security payment for simplified tax payers and incorporate them into the regular social security tax payments system.

3

12/30/2005

M

N/A

2

3

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Insurance that eliminates the limitations on the range of services that insurance companies with substantial foreign ownership (above 49 percent of capital) can provide in Armenia.

1

06/30/2006

PC

N/A

2

1

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Parliament adopt an ammendment to the Law on Banks and Banking to (i) empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation; (ii)define the separate duties and rights of shareholders, boards of directors, and executives of banks; (iii) require disclosure of potential conflicts of interest of board members; and (iv)require public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statutes.

2

12/30/2005

M

Conditions Source: FSAP

2

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Banks and Banking to empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation.

3

06/30/2005

M

N/A

2

3

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-05-17

P1

R2

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Banks and Banking that defines the separate duties and rights of shareholders, boards of directors, and executives of banks; requires disclosure of potential conflicts of interest of board members; and requires public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statues.

4

06/30/2005

M

N/A

2

4

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

PA

20.2

1.2. Revenue administration, including customs

Finalize, in consultation with Fund staff, an action plan for 2005-06 approved by the government, with a timeline for reforms of tax policy and tax and customs administration that are closely in line with Fund technical assistance reports.

1

Program Prior Action

M

N/A

3

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the names of the 300 largest taxpayers.

1

Program Prior Action

M

N/A

3

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Finalize the general part of the unified tax code: (i) Complete the general part of the unified tax code in consulation with stakeholders.

1

06/30/2007

SB

N/A

3

1

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Finalize the general part of the unified tax code: (ii) Submit to parliament the genaral part of the unified tax code in consultation with stakeholders.

2

12/31/2007

SB

N/A

3

2

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to parliament amendments to all presumptive tax laws to index the rates to the CPI.

3

06/30/2007

SB

N/A

3

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to Parliament a law introducing a presumptive tax on property developers based on square meters of development to reduce tax evasion in the construction sector.

4

03/31/2006

MD

At P1R2, submitted to Parliament in May 2006.

3

4

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to parliament an amendment to the VAT law to become effective January 1, 2006, that will reduce the list of goods exempt from VAT payment at the border as specified in paragraph 24 of the MEFP and introduce a time limit after which VAT must be paid under the capital deferral system, both effective 2006.

5

06/30/2005

M

N/A

3

5

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): Establish an electronic risk-based selection system for VAT cross-checks, audits, and refunds. Issue an STS decree specifying the procedure and a timeline that envisages full technical implementation by the end of 2007.

1

12/31/2006

SB

N/A

3

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (i) introduce a unified computer network linking all inspectorates of the STS.

2

06/30/2007

SB

N/A

3

2

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Increase by 5 percentage points the share of the number of declarations of imports for which the approved customs value is determined on the basis of declared transaction prices.

3

12/31/2005

M

N/A

3

2005-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Complete operational review of the State Customs Committee through a specialized international company.

4

03/31/2006

M

N/A

3

4

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Agree on the terms of reference for an operational review of the State Customs Committee by a specialized international company in preparation for tender.

5

06/30/2005

M

N/A

3

5

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Improve the STS's ability to conduct audits by passing a law on tax audits, including provisions to: permit off-site audits and several types of audits at a time; extend the time limit for budget audits of large enterprises to at least 3 months; and, extend the time limit for drafting the audit report to at least 3 weeks.

6

06/30/2005

NM

At P1R1, not observed. The draft law was approved by the government but, due to scheduling difficulties in parliament, has not yet been approved by parliament.

3

6

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Start applying universal VAT cross-checks.

7

06/30/2006

M

N/A

3

7

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establish a dedicated Risk Management Unit in the State Customs Committee (SCC). One of the objectives of the unit will be the regular review and updating of examination selectivity criteria.

8

06/30/2006

M

N/A

3

8

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Expand the use of the examination selectivity module in ASYCUDA to all customs houses and customs points.

9

09/30/2006

M

N/A

3

9

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Complete a 2006-08 IT and acquisition plan for the State Tax Service (STS) based on the strategy paper and secure budget resources.

10

06/30/2006

M

N/A

3

10

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Submit to parliament amendments to the law on state non commercial enterprises to streamline their definition and their activities and define the functions of the management bodies.

1

12/31/2006

SB

N/A

3

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament an amendment to the Law on Banking Secrecy which allow the CBA to publish violations of and sanctions against commercial banks that do not comply with the Law on Banks and Banking.

1

12/31/2006

SB

N/A

3

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament a new Securities Market Regulation Law that corresponds to the standards of the International Organization of Securities Commissions.

2

03/31/2007

SB

N/A

3

2

2007-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Specify and implement a consolidated supervision framework for monitoring beneficary owners beyond the licensing stage, in order to determine the appropriate structure of corporate governance and to identify how affiliate companies and related parties impact on the bank's operations.

3

06/30/2006

M

N/A

3

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament legislation to change the calculation of the income tax bases from cash to accrual so as to unify the calculation of income tax and social contributions.

1

03/30/2007

PC

N/A

3

1

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit legislation to parliament to require the recording of taxpayers at the location of their main economic activity.

2

03/30/2007

PC

N/A

3

2

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit a law to parliament that raises the sanctions to at least AMD 1 million for providing false documentation to revenue agencies.

3

03/30/2006

M

This structural performance criterion is for the third review under the PRGF arrangement.

3

2006-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Parliament adopt an amendment to the Law on Simplified Tax to abolish the presumptive social security payment for simplified tax payers and incorporate them into the regular social security tax payments system.

4

12/30/2005

M

N/A

3

4

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament an amendment to the Law on Simplified Tax that narrows access to the simplified tax regime by excluding activities that require state licenses with annual stamp duties of AMD 1 million or more.

5

09/30/2006

M

N/A

3

5

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament a new Insurance Law that corresponds to the standards of the International Association of Insurance Supervisors.

1

12/31/2006

PC

N/A

3

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Parliament adopt an ammendment to the Law on Banks and Banking to (i) empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation; (ii)define the separate duties and rights of shareholders, boards of directors, and executives of banks; (iii) require disclosure of potential conflicts of interest of board members; and (iv)require public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statutes.

2

12/30/2005

M

Conditions Source: FSAP

3

2

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Banks and Banking to empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation.

3

06/30/2005

M

N/A

3

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Banks and Banking that defines the separate duties and rights of shareholders, boards of directors, and executives of banks; requires disclosure of potential conflicts of interest of board members; and requires public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statues.

4

06/30/2005

M

N/A

3

4

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2006-11-22

P1

R3

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Insurance that eliminates the limitations on the range of services that insurance companies with substantial foreign ownership (above 49 percent of capital) can provide in Armenia.

5

06/30/2006

M

N/A

3

5

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

PA

20.2

1.2. Revenue administration, including customs

Finalize, in consultation with Fund staff, an action plan for 2005-06 approved by the government, with a timeline for reforms of tax policy and tax and customs administration that are closely in line with Fund technical assistance reports.

1

Program Prior Action

M

N/A

4

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the names of the 300 largest taxpayers.

1

Program Prior Action

M

N/A

4

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit legislation to parliament to help increase tax revenues from imported and domestically produced tobacco products preferably by moving these products from the presumptive to the regular VAT and excise regime; alternatively raise the current tax rates on these products by at least 10 percent.

1

12/31/2007

SB

N/A

4

1

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to parliament amendments to all presumptive tax laws to index the rates to the CPI.

2

06/30/2007

SB

N/A

4

2

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to Parliament a law introducing a presumptive tax on property developers based on square meters of development to reduce tax evasion in the construction sector.

3

03/31/2006

MD

At P1R2, submitted to Parliament in May 2006.

4

3

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to parliament an amendment to the VAT law to become effective January 1, 2006, that will reduce the list of goods exempt from VAT payment at the border as specified in paragraph 24 of the MEFP and introduce a time limit after which VAT must be paid under the capital deferral system, both effective 2006.

4

06/30/2005

M

N/A

4

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Finalize the general part of the unified tax code: (i) Complete the general part of the unified tax code in consulation with stakeholders.

5

06/30/2007

SB

N/A

4

5

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Finalize the general part of the unified tax code: (ii) Submit to parliament the genaral part of the unified tax code in consultation with stakeholders.

6

12/31/2007

SB

N/A

4

6

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Government to approve a medium-term modernization program for the State Tax Service (STS) in line with IMF recommendations.

1

05/31/2007

SB

N/A

4

1

2007-05-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (ii) start the pilot testing of automated risk-based audit selection system.

2

06/30/2007

SB

N/A

4

2

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (iii) start the pilot testing of risk-based software for VAT refunds.

3

10/31/2007

SB

N/A

4

3

2007-10-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (iv) implement the automated risk-based audit selection system.

4

12/31/2007

SB

N/A

4

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Increase by 5 percentage points the share of the number of declarations of imports for which the approved customs value is determined on the basis of declared transaction prices.

5

12/31/2005

M

N/A

4

5

2005-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Complete operational review of the State Customs Committee through a specialized international company.

6

03/31/2006

M

N/A

4

6

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Agree on the terms of reference for an operational review of the State Customs Committee by a specialized international company in preparation for tender.

7

06/30/2005

M

N/A

4

7

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Improve the STS's ability to conduct audits by passing a law on tax audits, including provisions to: permit off-site audits and several types of audits at a time; extend the time limit for budget audits of large enterprises to at least 3 months; and, extend the time limit for drafting the audit report to at least 3 weeks.

8

06/30/2005

NM

At P1R1, not observed. The draft law was approved by the government but, due to scheduling difficulties in parliament, has not yet been approved by parliament.

4

8

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Start applying universal VAT cross-checks.

9

06/30/2006

M

N/A

4

9

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establish a dedicated Risk Management Unit in the State Customs Committee (SCC). One of the objectives of the unit will be the regular review and updating of examination selectivity criteria.

10

06/30/2006

M

N/A

4

10

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Expand the use of the examination selectivity module in ASYCUDA to all customs houses and customs points.

11

09/30/2006

M

N/A

4

11

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): Establish an electronic risk-based selection system for VAT cross-checks, audits, and refunds. Issue an STS decree specifying the procedure and a timeline that envisages full technical implementation by the end of 2007.

12

12/31/2006

M

N/A

4

12

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (i) introduce a unified computer network linking all inspectorates of the STS.

13

06/30/2007

SB

N/A

4

13

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Complete a 2006-08 IT and acquisition plan for the State Tax Service (STS) based on the strategy paper and secure budget resources.

14

06/30/2006

M

N/A

4

14

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Submit to parliament amendments to the law on state non commercial enterprises to streamline their definition and their activities and define the functions of the management bodies.

1

12/31/2006

MD

At P1R4, not observed. The amendments were submitted to parliament in January 2007.

4

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament legislation allowing asset securitization and issuance of mortgage-backed securities.

1

12/31/2007

SB

N/A

4

1

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament an amendment to the law on Anti-Money Laundering and Combating the Financing of Terrorism in line with FATF 40+9 recommendations.

2

12/31/2007

SB

N/A

4

2

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament a new Securities Market Regulation Law that corresponds to the standards of the International Organization of Securities Commissions.

3

03/31/2007

NM

At P1R4, not observed. Expected to be submitted in April 2007.

4

3

2007-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament an amendment to the Law on Banking Secrecy which allow the CBA to publish violations of and sanctions against commercial banks that do not comply with the Law on Banks and Banking.

4

12/31/2006

M

N/A

4

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Specify and implement a consolidated supervision framework for monitoring beneficary owners beyond the licensing stage, in order to determine the appropriate structure of corporate governance and to identify how affiliate companies and related parties impact on the bank's operations.

5

06/30/2006

M

N/A

4

5

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit legislation to parliament limiting access to the simplified tax regime to the retail and household services sectors.

1

12/31/2007

PC

N/A

4

1

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament legislation to change the filing process by (a) conducting cameral audits as part of the audit (not filing) program; and (b) eliminating recording commissions effective September 2008.

2

12/31/2007

PC

N/A

4

2

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament legislation to change the calculation of the income tax bases from cash to accrual so as to unify the calculation of income tax and social contributions.

3

03/30/2007

M

N/A

4

3

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit legislation to parliament to require the recording of taxpayers at the location of their main economic activity.

4

03/30/2007

M

N/A

4

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit a law to parliament that raises the sanctions to at least AMD 1 million for providing false documentation to revenue agencies.

5

03/30/2006

M

N/A

4

5

2006-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Parliament adopt an amendment to the Law on Simplified Tax to abolish the presumptive social security payment for simplified tax payers and incorporate them into the regular social security tax payments system.

6

12/30/2005

M

N/A

4

6

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament an amendment to the Law on Simplified Tax that narrows access to the simplified tax regime by excluding activities that require state licenses with annual stamp duties of AMD 1 million or more.

7

09/30/2006

M

N/A

4

7

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to parliament a new Insurance Law that corresponds to the standards of the International Association of Insurance Supervisors.

1

12/31/2006

W

At P1R4, waiver granted. Amendments were submitted to parliament in January 2007.

4

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Parliament adopt an ammendment to the Law on Banks and Banking to (i) empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation; (ii)define the separate duties and rights of shareholders, boards of directors, and executives of banks; (iii) require disclosure of potential conflicts of interest of board members; and (iv)require public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statutes.

2

12/30/2005

M

Conditions Source: FSAP

4

2

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Banks and Banking to empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation.

3

06/30/2005

M

N/A

4

3

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Banks and Banking that defines the separate duties and rights of shareholders, boards of directors, and executives of banks; requires disclosure of potential conflicts of interest of board members; and requires public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statues.

4

06/30/2005

M

N/A

4

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-05-16

P1

R4

BLANK

SPC

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament an amendment to the Law on Insurance that eliminates the limitations on the range of services that insurance companies with substantial foreign ownership (above 49 percent of capital) can provide in Armenia.

5

06/30/2006

M

N/A

4

5

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

PA

20.2

1.2. Revenue administration, including customs

Finalize, in consultation with Fund staff, an action plan for 2005-06 approved by the government, with a timeline for reforms of tax policy and tax and customs administration that are closely in line with Fund technical assistance reports.

1

Program Prior Action

M

N/A

5

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the names of the 300 largest taxpayers.

1

Program Prior Action

M

N/A

5

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to parliament amendments to all presumptive tax laws to index the rates to the CPI.

1

06/30/2007

M

N/A

5

1

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to Parliament a law introducing a presumptive tax on property developers based on square meters of development to reduce tax evasion in the construction sector.

2

03/31/2006

MD

At P1R2, submitted to Parliament in May 2006.

5

2

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to parliament an amendment to the VAT law to become effective January 1, 2006, that will reduce the list of goods exempt from VAT payment at the border as specified in paragraph 24 of the MEFP and introduce a time limit after which VAT must be paid under the capital deferral system, both effective 2006.

3

06/30/2005

M

N/A

5

3

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Finalize the general part of the unified tax code: (i) Complete the general part of the unified tax code in consulation with stakeholders.

4

06/30/2007

M

N/A

5

4

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Finalize the general part of the unified tax code: (ii) Submit to parliament the genaral part of the unified tax code in consultation with stakeholders.

5

12/31/2007

SB

N/A

5

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit legislation to parliament to help increase tax revenues from imported and domestically produced tobacco products preferably by moving these products from the presumptive to the regular VAT and excise regime; alternatively raise the current tax rates on these products by at least 10 percent.

6

12/31/2007

SB

N/A

5

6

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Increase by 5 percentage points the share of the number of declarations of imports for which the approved customs value is determined on the basis of declared transaction prices.

1

12/31/2005

M

N/A

5

1

2005-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Complete operational review of the State Customs Committee through a specialized international company.

2

03/31/2006

M

N/A

5

2

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Agree on the terms of reference for an operational review of the State Customs Committee by a specialized international company in preparation for tender.

3

06/30/2005

M

N/A

5

3

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Improve the STS's ability to conduct audits by passing a law on tax audits, including provisions to: permit off-site audits and several types of audits at a time; extend the time limit for budget audits of large enterprises to at least 3 months; and, extend the time limit for drafting the audit report to at least 3 weeks.

4

06/30/2005

NM

At P1R1, not observed. The draft law was approved by the government but, due to scheduling difficulties in parliament, has not yet been approved by parliament.

5

4

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Start applying universal VAT cross-checks.

5

06/30/2006

M

N/A

5

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establish a dedicated Risk Management Unit in the State Customs Committee (SCC). One of the objectives of the unit will be the regular review and updating of examination selectivity criteria.

6

06/30/2006

M

N/A

5

6

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Expand the use of the examination selectivity module in ASYCUDA to all customs houses and customs points.

7

09/30/2006

M

N/A

5

7

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): Establish an electronic risk-based selection system for VAT cross-checks, audits, and refunds. Issue an STS decree specifying the procedure and a timeline that envisages full technical implementation by the end of 2007.

8

12/31/2006

M

N/A

5

8

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (i) introduce a unified computer network linking all inspectorates of the STS.

9

06/30/2007

NM

At P1R5, "there has been some delay in introducing an unified computer network linking all STS inspectorates."

5

9

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Government to approve a medium-term modernization program for the State Tax Service (STS) in line with IMF recommendations.

10

05/31/2007

M

N/A

5

10

2007-05-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Strengthen the IT capacity of the State Tax Service (STS): (ii) start the pilot testing of automated risk-based audit selection system.

11

06/30/2007

M

N/A

5

11

2007-06-30

N/A