Increase in Notary Service Fees Expected, Government Announces

Considering the socio-economic changes in the country over the past decade, the Armenian government plans to amend the regulations governing notary service fees. According to Armenpress, the basis for the proposed decision is that since 2011, socio-economic indicators have changed significantly, with GDP growth exceeding three times, a doubling of the average salary, and a 47% increase in the consumer price index.

Additionally, the amendment to the law on Notaries has expanded the scope of notary activities, increasing the volume of services rendered. Alongside this, a new taxation regime has been established for notaries, applying mandatory VAT and profit tax, which has significantly increased their tax burden.

The proposal includes updating the fees for notary services to align them with the socio-economic situation, with fees expected to rise by approximately 50%. New rates will be established for additional services, ensuring their economic viability.

The expected outcomes include improved quality of notary services and increased system efficiency, strengthening the material and technical provision of notary offices, reinforcing employees' social guarantees, and an anticipated growth in additional tax revenues for the state budget of up to 1.6 billion drams.