National Assembly Adopts Budget Laws

YEREVAN (Noyan Tapan)–The National Assembly of Armenia has adopted new laws on the budget system of the republic.

National Assembly deputies adopted already amended version of the bill tabled by the government. It included provisions regarding financial assignmen’s to local budgets as a result of which the republican budget will lose 700 million drams–Armenia’s Economy & Finance Minister Armen Darbinian said.

The National Assembly and–particularly–its biggest faction Hanrapetutiun defended the provision–predicting an increase in assignmen’s to local budgets. Under the bill adopted by the National Assembly–local budgets are entitled to 95 percent of land tax assignmen’s–five percent of the income tax and 95 percent of the property tax assignmen’s.

A rent imposed on lands of the state reserves which are located on the administrative area of the community is to be fully assigned to local budgets (under the previous bill–the government envisaged to earmark 50 percent of these assignmen’s to the republican budget).

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