Royalty Taxation System to Be Fairer and More Efficient
1 / 3

The Government proposes to make amendments and addenda to the Tax Code and the Law on State Duty aimed at making the royalty system paid by mining companies fairer, more efficient and more responsive to international metal prices.

The legislative package was debated at the NA regular sitting on May 24.

According to the Deputy Minister of Finance Arman Poghosyan, the need to adopt the draft laws is conditioned by the fact that prices in international metal markets have been steadily rising since the 2020 autumn. In this case, the current royalty system does not, in fact, allow to distribute new value formed in the sector between the Government and the economic entities representing the given sector honestly.

According to Arman Poghosyan, the solution gave the desired result, but, nevertheless, the introduced system of the state duty cannot be described as long-term, because it does not depend in the results of financial and economic activity of companies and, in fact, both metal prices and expenses incurred by the companies of the sector are not taken into account and therefore also the profitability of the companies.

So, the legislative package proposes to suspend the application of copper and molybdenum concentrate, as well as the state duty on the export of molybdenum from January 1, 2023, maintaining the general principals based on the current royalty system, making it more progressive.

The Deputy Minister informed that the draft has come long way for debate. Working debates with the economic entities representing the sector were held.

The Deputy Chair of the Standing Committee on Economic Affairs Babken Tunyan presented the endorsement of the NA Head Committee.

The Committee Chair noted that in addition to the profit tax, the mining companies also pay royalties. According to the deputy, it was previously announced that the export duty will be temporary.

The deputy expressed hope that after the final adoption of the legislative package, there will be a regulation, which will not be amended for a long time.

Cooperation Between the Parliaments of Armenia and France are at High Level: Vladimir Vardanyan
I thank France for permanently being next to the Armenian people and supporting them: the Head of Armenia-France Friendship Group of the National Assembly Vladimir Vardanyan noted during the meeting with the Ambassador Extraordinary and Plenipotentiary of the Republic of France to our country Anne L...

Parliamentary Engagement on Climate Change in Advancement Process of Agendas is Highlighted
We try to cooperate with our friends, including Armenia, to help them to succeed in prevention processes of the climate change: the COP26 Regional Ambassador for Europe, Central Asia, Turkey and Iran of the United Kingdom (the Climate Change Conference) David Moran said during the meeting with the d...

NA Standing Committee to Convene Extraordinary Sitting
The Standing Committee on Financial-Credit and Budgetary Affairs will convene an extraordinary sitting on May 25, at 12:30, in the hall 114. ...

Executive Body Proposes to Resolve Problems of Issuing Certificates for Temporary Import and Export of Expensive Items
Due to the provision of legal grounds for giving the RA Chamber of Commerce and Industry the authorities to organize the work ensuring the implementation of the Convention on Temporary Importation signed in 1990 and to issue ATA Carnet certificates, there is a need to make an addendum to the RA Law ...

National Assembly Submits Annual Report on CB Activities
On May 24, the Governor of the RA Central Bank Martin Galstyan submitted the Annual Report on Activities of the Central Bank. According to Martin Galstyan, the report includes two documents, the Report on the Monetary Policy Program (Q1, 2022) a...

It is Envisaged to Turn to Electronic Regime Procedure on Criminal Cases in 2023: the Deputy Minister of Justice
In accordance with the regulations stipulated by the law on Prosecutor’s Office, to make up the list of the prosecutors’ candidates, as well as in case of vacancy for the Deputy Prosecutor General, the information is published for announcing a competition, among them also in the 3000 copies of print...

Draft Law to Regulate Issue of Notifications of Participants in Administrative Proceedings by Administrative Bodies
“Unfortunately, there are cases in our reality when some citizens, taking advantage of a gap in the law and their certain legal knowledge, do not fulfil their obligations to the state and public,” Gevorg Papoyan said, presenting the draft law on Making Amendments and Addenda to the Law on Fundamenta...

Arpine Sargsyan: Current laws and secondary regulatory legal acts will be harmonized with RA new Criminal Code
The RA new Criminal Code will enter into force from July 1, 2022. The Criminal Code adopted on April 18, 2003, will be recognized invalid from that moment. Before the entry into force of the Code, the other current laws and the secondary regulatory legal acts in the RA territory are subject to harmo...

“One Stop, One Window” Principle to Be Introduced at State Border Checkpoints
The Border Guard Troops of the National Security Service will conduct border control at the state border checkpoints, and the customs bodies – customs control. The RA Deputy Chairman of the State Revenue Committee Tsovinar Soghomonyan presented for debate the proposed addenda and amendments to the L...

It is Proposed to Increase the Amount of Fine in Case of Not Illegally Providing Information Stipulated by Law
The executive body proposes to increase the amount of the fine functioning for not illegally providing the information stipulated by law. It is designed to make the fine in the amount from 10-fold up to 50-fold of the established minimum salary from 30-fold into 70-fold, and in case of applying the ...

Business Environment to Be Improved in Rendering Customs Services by New Draft
The Government proposes to set out an opportunity of the postponement or deferral payment of the payment term of VAT, excise and environment taxes by the Tax Code for the goods being imported in the customs procedure Omission for Domestic Consumption. The Deputy Chairman of the RA State Revenue Comm...

Initiative Ensuring Execution of Right to the Convicts’ Education is Debated
There are 300 convicts in the penitentiaries of Armenia. They don’t have certificates of the 9th and 12th classes: the RA Deputy Minister of Justice Arpine Sargsyan voiced and added that the 12-year secondary education in our country is obligatory until turning 19.According to Deputy Minister, witho...

Workload of Anti-Corruption Commission to Be Lightened
The Government proposes to make amendments and addenda to the Criminal Procedure Code aimed at lightening the workload of the Anti-Corruption Commission, conducting a proper and high-quality preliminary investigation of alleged corruption crimes. According to the Deputy Minister of Justice Arpine Sa...

Alen Simonyan Receives Multiple Arm Wrestling World and European Champion, Master of Sports of International Class Ashot Adamyan
On May 24, the RA NA President Alen Simonyan received the Multiple World and European Arm Wrestling Champion, Master of Sports of International Class Ashot Adamyan by his request.Congratulating Ashot Adamyan for not giving up anybody the champion title for many years, Alen Simonyan was interested in...

Artur Hovhannisyan: According to the proposed regulation of the Law on Mass Media, the media outlet is not deprived of its right to operate in the state body
According to the amendments made to the Law on Mass Media, the accreditation of a journalist can also be terminated by the state body based on the violations in the work zone. The deputies of the Civil Contract Faction Artur Hovhannisyan and Lilit Minasyan suggest to make new addenda to the law. Acc...

Process of Communities’ Medium-Term Expenditure Framework to be Regulated by Law
As a result of unification of communities, a need arose that the communities also will have medium-term expenditure frameworks, plan the incomes and expenditure of the upcoming 3 years. The RA Minister of Territorial Administration and Infrastructure Gnel Sanosyan voiced about this.Stemming from the...