TohidA/MONA · Datasets at Hugging Face

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): (iii) start the pilot testing of risk-based software for VAT refunds.

12

10/31/2007

SB

N/A

5

12

2007-10-31

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): (iv) implement the automated risk-based audit selction system.

13

12/31/2007

SB

N/A

5

13

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

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

5

14

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

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.

5

1

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

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.

1

03/31/2007

NM

At P1R4, not observed. Expected to be submitted in April 2007. At P1R5, "the new Securities Market Regulation Law was submitted to parliament with some delay."

5

1

2007-03-31

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

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.

2

12/31/2006

M

N/A

5

2

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

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

5

3

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

25.1

6.1. Financial sector legal reforms, regulation, and supervision

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

4

12/31/2007

SB

N/A

5

4

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

25.1

6.1. Financial sector legal reforms, regulation, and supervision

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

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

SPC

20.2

1.2. Revenue administration, including customs

Issue an order to eliminate recording commissions effective September 2008.

1

12/31/2007

PC

N/A

5

1

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

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.

2

03/30/2007

M

N/A

5

2

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

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.

3

03/30/2007

M

N/A

5

3

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

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.

4

03/30/2006

M

N/A

5

4

2006-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

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.

5

12/30/2005

M

N/A

5

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

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.

6

09/30/2006

M

N/A

5

6

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

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.

7

12/31/2007

PC

N/A

5

7

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

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament legislation to change the filing process by conducting cameral audits as part of the audit (not filing) program.

8

12/31/2007

PC

N/A

5

8

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

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

M

N/A

5

1

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

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.

2

12/31/2006

W

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

5

2

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

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.

3

12/30/2005

M

Conditions Source: FSAP

5

3

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2007-11-26

P1

R5

BLANK

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.

4

06/30/2005

M

N/A

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

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.

5

06/30/2005

M

N/A

5

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

6

1

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the names of the 300 largest taxpayers.

2

Program Prior Action

M

N/A

6

2

2023-09-23

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

1

03/31/2006

MD

At P1R2, submitted to Parliament in May 2006.

6

1

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

2

06/30/2005

M

N/A

6

2

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

4

06/30/2007

M

N/A

6

4

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

7

06/30/2007

M

N/A

6

7

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

8

12/31/2007

M

N/A

6

8

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

15

12/31/2007

M

N/A

6

15

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

6

1

2005-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

2

06/30/2005

M

N/A

6

2

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

3

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.

6

3

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

SB

20.2

1.2. Revenue administration, including customs

Start applying universal VAT cross-checks.

4

06/30/2006

M

N/A

6

4

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

5

06/30/2006

M

N/A

6

5

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

6

09/30/2006

M

N/A

6

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

SB

20.2

1.2. Revenue administration, including customs

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

7

03/31/2006

M

N/A

6

7

2006-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

8

06/30/2006

M

N/A

6

8

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

9

12/31/2006

M

N/A

6

9

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

10

06/30/2007

NM

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

6

10

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

11

05/31/2007

M

N/A

6

11

2007-05-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

12

06/30/2007

M

N/A

6

12

2007-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

13

10/31/2007

M

N/A

6

13

2007-10-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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 selction system.

14

12/31/2007

M

N/A

6

14

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

SB

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

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.

3

12/31/2006

MD

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

6

3

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

1

03/31/2007

NM

At P1R4, not observed. Expected to be submitted in April 2007. At P1R5, "the new Securities Market Regulation Law was submitted to parliament with some delay."

6

1

2007-03-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

2

12/31/2007

M

N/A

6

2

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

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

3

12/31/2007

M

N/A

6

3

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

6

4

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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'soperations.

5

06/30/2006

M

N/A

6

5

2006-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

M

N/A

6

1

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

M

N/A

6

2

2007-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

3

09/30/2006

M

N/A

6

3

2006-09-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

4

12/31/2007

M

N/A

6

4

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

SPC

20.2

1.2. Revenue administration, including customs

Submit to parliament legislation to change the filing process by conducting cameral audits as part of the audit (not filing) program.

5

12/31/2007

M

N/A

6

5

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

SPC

20.2

1.2. Revenue administration, including customs

Issue an order to eliminate recording commissions effective September 2008.

6

12/31/2007

M

N/A

6

2007-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

7

03/30/2006

M

N/A

6

7

2006-03-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

8

12/30/2005

M

N/A

6

8

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

6

1

2006-12-31

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

2

06/30/2005

M

N/A

6

2

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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.

3

12/30/2005

M

Conditions Source: FSAP

6

3

2005-12-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

6

4

2005-06-30

N/A

557

ARMENIA

911

PRGF

2005-05-25

2,005

2008-05-24

2,008

N/A

2008-05-19

P1

R6

L

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

6

5

2006-06-30

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SB

20.2

1.2. Revenue administration, including customs

Restructure the tax administration organization by (i) implementing a modern function-based structure.

1

12/31/2008

SB

R0 macro criticality: Remove inefficiencies (such as duplicated activity) and ensure better use of tax administration resources.

0

1

2008-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SB

20.2

1.2. Revenue administration, including customs

Restructure the tax administration organization by: (ii) merging the four specialist inspectorates into a single large taxpayer inspectorate (LTI).

2

12/31/2008

SB

R0 macro criticality: Focus on large taxpayer segment, where contributions to total tax revenues have been declining in recent years.

0

2

2008-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SB

20.2

1.2. Revenue administration, including customs

Restructure the tax administration organization by: (iii) closing at least 10 tax inspectorates that are not cost-effective.

3

12/31/2008

SB

R0 macro criticality: Redirect tax administration resources to higher revenue-yielding activities.

0

3

2008-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SB

20.2

1.2. Revenue administration, including customs

Further reduce the number of tax inspectorates by at least 20.

4

06/30/2009

SB

R0 macro criticality: Redirect tax administration resources to higher revenue-yielding activities.

0

4

2009-06-30

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Strengthen the fiscal framework by producing a yearly analytical report identifying fiscal challenges and risks over the short- and medium-term, and potential fiscal policy responses to them.

1

12/31/2009

SB

R0 macro criticality: Fiscal policy should become a more effective and credible demand management tool.

0

1

2009-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SB

21.1

2.1. Central bank operations and reforms

Improve the recapitalization mechanism for the central bank by amending Article 11 of the Law on the Central Bank of the Republic of Armenia to allow a gradual recapitalization of the CBA with marketable securities.

1

06/30/2009

SB

R0 macro criticality: Current modalities (non-marketable, non-interest bearing promissory notes) lack transparency, hinder monetary policy implementation, and discourage debt market development.

0

1

2009-06-30

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SPC

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by: (i) clearing the stock of late refund claims, while meeting the statutory 90-day processing deadline for all claims filed in 2009

1

12/31/2009

PC

R0 macro criticality: Reduce the stock of refund claims, which has been increasing since late 2006 because of pressure to meet collection targets and concerns about VAT fraud.

0

1

2009-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SPC

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by: (ii) implementing risk-management approaches (i.e. taxpayers with good compliance histories to get fast-track refunds, while risky cases face pre-refund audits)

2

12/31/2009

PC

R0 macro criticality: Introduce best practice in modern tax administration in Armenia, which should be feasible given small number of claims.

0

2

2009-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SPC

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by: (iii) implementing a forecasting system to anticipate refund levels so that funds are available to pay legitimate refund claims as they occur

3

12/31/2009

PC

R0 macro criticality: Ensure that funds are available to pay legitimate refund claims as they occur.

0

3

2009-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SPC

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by: (iv) submitting legislation to parliament to strengthen penalties for false refund claims and pay interest on legitimate refunds not paid on time (interest will apply only to new claims filed after December 31, 2009). Interest will be paid out of VAT revenues.

4

12/31/2009

PC

R0 macro criticality: Enhance the integrity of VAT system by strengthening incentives for both tax payers and tax administration.

0

4

2009-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SPC

20.5

1.5. Debt Management

Strengthen domestic debt market by signing an agreement between the Ministry of Finance (MoF) and Central Bank (CBA) on the coordination of government securities auctions, including: (ii) a commitment to avoid using cut-off yields at Treasury auctions, except to reject clearly speculative bids that lie outside the normal range of bidding.

1

12/31/2008

PC

R0 macro criticality: Strengthen monetary transmission mechanism, boost credibility of the government's macroeconomic framework, and encourage development of treasury securities market.

0

1

2008-12-31

N/A

602

ARMENIA

911

PRGF

2008-11-17

2,008

2011-11-16

2,011

2009-03-06

N/A

2008-11-17

P1

R0

EL

SPC

20.5

1.5. Debt Management

Strengthen domestic debt market by signing an agreement between the Ministry of Finance (MoF) and Central Bank (CBA) on the coordination of government securities auctions, including (i) the discontinuation of CBA security issuance

2

12/31/2008

PC

R0 macro criticality: Remove market segmentation.

0

2

2008-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-03-06

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by (i) clearing the stock of late refund claims, while meeting the statutory 90-day processing deadline for all claims filed in 2009; (ii) implementing risk-management approaches;4 (iii) implementing a forecasting system to anticipate refund levels so that funds are available to pay legitimate refund claims as they occur; and (iv) submitting legislation to parliament to strengthen penalties for false refund claims and pay interest on legitimate refunds not paid on time (interest will apply only to new claims filed after December 31, 2009).

1

12/31/2009

SB

Rationale: denied refunds are a tax on exports, and more broadly, undermine the integrity of the VAT and discourage tax compliance. This step is a key element of improving revenue performance.

0

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-03-06

P1

R0

E

SB

21.1

2.1. Central bank operations and reforms

Submit to parliament an amendment to Article 11 of the “Law on the Central Bank of the Republic of Armenia” to allow a gradual recapitalization of the CBA with marketable interest bearing securities.

1

09/30/2009

SB

Rationale: current modalities (non-marketable, non-interest bearing promissory notes) lack transparency, hinder monetary policy implementation, and discourage debt market development.

0

1

2009-09-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-03-06

P1

R0

E

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Approve a plan to increase the resources of the Deposit Guarantee Fund (DGF).

1

06/30/2009

PC

Rationale for macro criticality: higer resources boost the credibility of the Deposit Guarantee Fund, which is crucial in assuring depositors that there is no need to withdraw deposits from banks.

0

1

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

As part of the unified Tax Code, submit legislation to parliament to bring petroleum and tobacco products within the regular tax regimes (excise tax, customs duties, profit tax, and VAT), effective January 2011.

1

12/31/2009

SB

Introduced at R1. Rationale for macro criticality: Establish a sustainable and effective revenue base by increasing revenue collection from petroleum and tobacco products, while enhancing tax efficiency and equity.

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by (i) clearing the stock of late refund claims, while meeting the statutory 90-day processing deadline for all claims filed in 2009; (ii) implementing risk-management approaches;4 (iii) implementing a forecasting system to anticipate refund levels so that funds are available to pay legitimate refund claims as they occur; and (iv) submitting legislation to parliament to strengthen penalties for false refund claims and pay interest on legitimate refunds not paid on time (interest will apply only to new claims filed after December 31, 2009).

1

12/31/2009

MOD-SB

At R1, this condition was split into 2 structural benchmarks -- one related to meeting the 90-day statutory deadline for processing VAT refund claims which will be monitored on a continuous basis, and the other related to submission to parliament for strengthening penalties for overstated VAT refunds, with a test date of end-September 2009.

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit legislation to parliament to (a) strengthen penalties for overstated VAT refund claims effective January 2010, and (b) pay interest on all legitimate VAT refund claims filed after December 2009 and not refunded within 90 days, with interest to be paid out of VAT revenues.

2

09/30/2009

SB

Introduced at R1. Rationale for macro criticality: Enhance the efficiency of tax administration and improve revenue performance while ensuring the integrity of the VAT system by reducing incentives for fraud and corruption.

1

2

2009-09-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Meet the statutory 90-day processing deadline for all VAT refund claims filed in 2009.

3

Continuous

SB

Introduced at R1. Benchmark is continuous throughout 2009. Rationale for macro criticality: Boost the integrity of the tax system and enhance revenue performance by increasing compliance and reducing incentives for tax evasion.

1

3

2023-09-23

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit to parliament an amendment to Article 11 of the “Law on the Central Bank of the Republic of Armenia” to allow a gradual recapitalization of the CBA with marketable interest bearing securities.

1

09/30/2009

SB

Introduced at R1. Rationale for macro criticality: Promote central bank financing modalities that increase transparency and support monetary policy implementation. [Current modalities (non-marketable, non-interest bearing promissory notes) lack transparency, hinder monetary policy implementation, and discourage debt market development.]

1

2009-09-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

In close collaboration with the World Bank, develop a strategy to further strengthen the targeting of social safety nets.

1

12/31/2009

SB

Introduced at R1. Rationale for macro criticality: Improve the targeting and efficiency of social safety nets so as to provide additional assistance to the poor while minimizing costs.

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

25

6. Financial sector

Approve a plan to increase the resources of the Deposit Guarantee Fund.

1

06/30/2009

SB

Rationale for macro criticality: higher resources boost the credibility of the Deposit Guarantee Fund, which is crucial in assuring depositors that there is no need to withdraw deposits from banks. In case of bank closures, the Deposit Guarantee Fund would likely need further resources to meet existing commitments to depositors. At R1, previously a structural performance criterion is now a structural benchmark with the same test date.

1

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

25

6. Financial sector

Start offering repo operations with a maturity of at least three months.

3

06/30/2009

SB

Introduced at R1. Rationale for macro criticality: Unlock the frozen credit market and strengthen the transmission of monetary policy by providing longer-term dram liquidity to facilitate banks’ liquidity management and promote domestic currency lending.

1

3

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

CBA to adopt a formal foreign exchange market intervention strategy consistent with IMF technical assistance.

1

06/30/2009

SB

Introduced at R1. Rationale for macro criticality: Ensure a coherent intervention strategy to achieve consistent and transparent outcomes in line with the objectives of smoothing excessive movements of the exchange rate and accumulating international reserves.

1

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-06-22

P1

R1

BLANK

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Approve a plan to increase the resources of the Deposit Guarantee Fund (DGF).

1

06/30/2009

MOD-SB

Rationale for macro criticality: higer resources boost the credibility of the Deposit Guarantee Fund, which is crucial in assuring depositors that there is no need to withdraw deposits from banks. At R1, this performance criterion is changed to a benchmark with the same test date.

1

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

As part of the unified Tax Code, submit legislation to parliament to bring petroleum and tobacco products within the regular tax regimes (excise tax, customs duties, profit tax, and VAT), effective January 2011.

1

12/31/2009

SB

Introduced at R1. Rationale for macro criticality: Establish a sustainable and effective revenue base by increasing revenue collection from petroleum and tobacco products, while enhancing tax efficiency and equity.

2

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Introduce best practices in VAT refund processing to exporters by (i) clearing the stock of late refund claims, while meeting the statutory 90-day processing deadline for all claims filed in 2009; (ii) implementing risk-management approaches;4 (iii) implementing a forecasting system to anticipate refund levels so that funds are available to pay legitimate refund claims as they occur; and (iv) submitting legislation to parliament to strengthen penalties for false refund claims and pay interest on legitimate refunds not paid on time (interest will apply only to new claims filed after December 31, 2009).

1

12/31/2009

MOD-SB

At R1, this condition was split into 2 structural benchmarks -- one related to meeting the 90-day statutory deadline for processing VAT refund claims which will be monitored on a continuous basis, and the other related to submission to parliament for strengthening penalties for overstated VAT refunds, with a test date of end-September 2009.

2

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit legislation to parliament to (a) strengthen penalties for overstated VAT refund claims effective January 2010, and (b) pay interest on all legitimate VAT refund claims filed after December 2009 and not refunded within 90 days, with interest to be paid out of VAT revenues.

2

09/30/2009

M

Introduced at R1. Rationale for macro criticality: Enhance the efficiency of tax administration and improve revenue performance while ensuring the integrity of the VAT system by reducing incentives for fraud and corruption.

2

2009-09-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Meet the statutory 90-day processing deadline for all VAT refund claims filed in 2009.

3

09/30/2009

M

Met for R2.

2

3

2009-09-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Meet the statutory 90-day processing deadline for all VAT refund claims filed in 2009.

3

Continuous

SB

Introduced at R1. Benchmark is continuous throughout 2009. Rationale for macro criticality: Boost the integrity of the tax system and enhance revenue performance by increasing compliance and reducing incentives for tax evasion.

2

3

2023-09-23

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

As a necessary condition for implementing a fully functional risk-based approach to VAT refund processing, submit legislation to parliament that allows only high-risk VAT refunds to be subject to review.

4

03/30/2010

SB

Introduced at R2. Rationale: Enhance the efficiency of tax administration by introducing best practice in modern tax administration, while ensuring the integrity of the VAT system.

2

4

2010-03-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit to parliament an amendment to Article 11 of the “Law on the Central Bank of the Republic of Armenia” to allow a gradual recapitalization of the CBA with marketable interest bearing securities.

1

09/30/2009

M

Introduced at R1. Rationale for macro criticality: Promote central bank financing modalities that increase transparency and support monetary policy implementation. [Current modalities (non-marketable, non-interest bearing promissory notes) lack transparency, hinder monetary policy implementation, and discourage debt market development.]

2

1

2009-09-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

In close collaboration with the World Bank, develop a strategy to further strengthen the targeting of social safety nets.

1

12/31/2009

SB

Introduced at R1. Rationale for macro criticality: Improve the targeting and efficiency of social safety nets so as to provide additional assistance to the poor while minimizing costs.

2

1

2009-12-31

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

25

6. Financial sector

Approve a plan to increase the resources of the Deposit Guarantee Fund.

1

06/30/2009

M

Rationale for macro criticality: higher resources boost the credibility of the Deposit Guarantee Fund, which is crucial in assuring depositors that there is no need to withdraw deposits from banks. In case of bank closures, the Deposit Guarantee Fund would likely need further resources to meet existing commitments to depositors. At R1, previously a structural performance criterion is now a structural benchmark with the same test date.

2

1

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

25

6. Financial sector

Start offering repo operations with a maturity of at least three months.

3

06/30/2009

M

Introduced at R1. Rationale for macro criticality: Unlock the frozen credit market and strengthen the transmission of monetary policy by providing longer-term dram liquidity to facilitate banks’ liquidity management and promote domestic currency lending.

2

3

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

CBA to adopt a formal foreign exchange market intervention strategy consistent with IMF technical assistance.

1

06/30/2009

M

Introduced at R1. Rationale for macro criticality: Ensure a coherent intervention strategy to achieve consistent and transparent outcomes in line with the objectives of smoothing excessive movements of the exchange rate and accumulating international reserves.

2

1

2009-06-30

N/A

611

ARMENIA

911

SBA

2009-03-06

2,009

2011-07-05

2,011

N/A

2009-10-30

P1

R2

BLANK

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Approve a plan to increase the resources of the Deposit Guarantee Fund (DGF).

1

06/30/2009

MOD-SB

Rationale for macro criticality: higer resources boost the credibility of the Deposit Guarantee Fund, which is crucial in assuring depositors that there is no need to withdraw deposits from banks. At R1, this performance criterion is changed to a benchmark with the same test date.

2

1

2009-06-30

N/A