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LAW OF THE REPUBLIC OF ARMENIA

of February 8, 2022 No. ZR-12

About non-cash transactions

Accepted by National Assembly of the Republic of Armenia on January 18, 2022

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

1. This Law governs the relations connected with the payments in non-cash form made for transactions on alienation in the territory of the Republic of Armenia of goods, to property acquisition, use of goods, use of property, performance of works and rendering services for the purpose of salary payment, grants, pensions, benefits, loans, entertainment expenses, business trip, and also the other relations connected with non-cash transactions.

Article 2. Law coverage

1. This Law extends to the physical persons who are in the territory of the Republic of Armenia, the organizations operating in the territory of the Republic of Armenia, the foreign organizations operating in the territory of the Republic of Armenia the allocated divisions of the foreign organizations on individual entrepreneurs, notaries, lawyers, bodies of system of public administration and local self-government.

2. This Law extends to the bargains concluded (in writing and orally) in the territory of the Republic of Armenia, and providing actual payment for them (actually paid) in the territory of the Republic of Armenia, and also to the bargains concluded outside the Republic of Armenia, however providing payment (actually paid) in the territory of the Republic of Armenia.

Article 3. The basic concepts used in the Law

1. The basic concepts used in this Law have the following value:

1) transaction (payment) in non-cash form - the payment initiated by cash or non-cash method which is directed (is transferred) to the bank account of the beneficiary (the receiver of payment), or the payment initiated by non-cash method which is directed (is transferred) to the account of electronic money of the beneficiary (the receiver of payment). At the same time payment (translation) made from the bank account or the account of electronic money of the initiator is considered the payment initiated by non-cash method;

2) booth - the type of object of trade established by the Law "About Trade and Services";

3) the salary - the salary established by the Labor code of the Republic of Armenia and the payments equated to it, and also the contractual income established by the Law "About Funded Pensions";

4) transaction (payment) in cash form - the payment which is not the non-cash payment established by this Law;

5) cash - currency of the Republic of Armenia and foreign currency in the form of banknotes or coins;

6) the physical person - the citizen of the Republic of Armenia, the foreign citizen, person with double citizenship, the stateless person;

7) the organization - the legal entity created (who received state registration, registered) in the territory of the Republic of Armenia, its allocated division and the organization operating in the territory of the Republic of Armenia, the foreign organization, the allocated division of the foreign organization operating in the territory of the Republic of Armenia;

8) the devices accepting the payment cards or other payment instruments used on the basis of payment technologies - the POS terminal and other similar devices having opportunity to accept payments in non-cash form;

9) the individual entrepreneur - according to the value established by the Law of the Republic of Armenia "About the individual entrepreneur";

10) the notary - according to the value established by the Law "About Notariate";

11) electronic money, payment card, the payment instrument - in the value established by the Law "About Payment and Settlement Systems and the Payment and Settlement Organizations";

12) the lawyer - in the value established by the Law "About Legal Profession";

13) bodies of system of public administration - in the value established by the Law "About Bodies of System of Public Administration";

14) local government bodies - in the value established by the Law "About Local Government Bodies";

15) bank - in the value established by the Law "About Banks and Banking Activity";

16) insurance company - in the value established by the Law "About Insurance and Insurance Activity";

17) credit institution - in the value established by the Law "About Credit Institutions";

18) pawnshop - in the value established by the Law "About Pawnshops and Lombard Activities".

Article 4. Implementation by individual entrepreneurs, notaries, lawyers and the organizations of transactions in non-cash form

1. In the territory of the Republic of Armenia payment and receipt of payments for transactions on alienation by individual entrepreneurs and the organizations since July 1, 2022 of goods, to property acquisition, use of goods, use of property, performance of works and rendering services, payment of the passive incomes established by the Tax code of the Republic of Armenia, provision and receipt of loan if one of their parties is the physical person, in the amount of, exceeding 300 000 dram of the Republic of Armenia, are performed in non-cash form, irrespective of payment procedure if this Law and other laws for payment of these transactions do not provide lower limits and other exceptions. The exception is constituted also by the transactions on purchase of goods which are drawn up by the tax account of VAT return which is drawn up by foreign citizens and stateless persons in retail trade in accordance with the established procedure for which the maximum size for acceptance of cash amount money for the territories of the Republic of Armenia is not established.

2. Payment and receipt of payments for any transactions performed between the foreign organizations and individual entrepreneurs, notaries, lawyers, the organizations, physical persons of the Republic of Armenia are performed in non-cash form, irrespective of payment procedure if payment and receipt of payments is performed in the territory of the Republic of Armenia.

3. Acceptance of payments for rendering lawyer services, and also all consulting (accounting, auditor, legal, financial, on information technologies and others consulting) services is performed in non-cash form if other is not stipulated by the legislation.

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