07Jul
Announcement on the Enforcement of the Republic of Armenia Law On Non-Cash Transactions
Dear Client,
According to the Republic of Armenia Law On Non-Cash Transactions (the “Law”), starting from July 1, 2022, payments under any transaction for the amount exceeding AMD 300,000 specified in the law and executed in Armenia should be in a non-cash manner.
According to the Law, any entity engaged in trade or provision of services (hereinafter referred to as the “Merchant”), other than kiosks, must provide a possibility of card payments upon the customer’s wish.
Based on the open offer of the Central Bank of Armenia and the discussions held among the banks, Armenia-based ACBA BANK OJSC and AMERIABANK CJSC have committed to major investments and large-scale works to activate a system for the acceptance of non-cash payments via cash registers owned by the Merchants.
Applications for the activation of POS service by the Merchants will be soon available for online filing at the respective domain of “File Online” system of the State Revenue Committee. The State Revenue Committee will give a respective notice to the merchants.
In addition, the State Revenue Committee has released an announcement on a simplified administrative procedure in the scope of the Law.
The respective rates and fees are presented below.
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Fee (taxes included), % of the non-cash transaction amount
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ArCA cards
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1.00%
|
|
Visa and MasterCard cards of ArCa member banks
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1.80%
|
|
VISA, MasterCard and MIR cards of non-ArCa member banks
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2.50%
|
| |
|
|
|
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Yerevan
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Towns in the regions of Armenia
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Rural areas of Armenia
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Minimum monthly fee[i] (AMD, taxes included)
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4,600
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2,950
|
1,000
|
[i] Applicable only in the case when the total monthly amount of commission fees is below the minimum monthly fee, in which case the difference between the minimum monthly fee and the total sum of the commission fees will be charged. The minimum monthly fee is applicable per every cash register activated for the business.