New procedure for payment of royalties as an impulse to mining sector development

09 February, 2017

On February 3, the Minister of Economic Development and Investments of RA Suren Karayan received mining sector representatives to discuss reforms in the sector.

Deputy Minister Tigran Khachatryan mentioned that responding to the concerns of enterprises, the Government submits appropriate legislative proposals to the National Assembly on changes of the Tax Code, which will come into force from January 1, 2018. As a result, the application of the indirect method of pricing base of the royalties, the tax authority will apply 80% limit.

The First Deputy Director of “Zangezur Copper Molybdenum Combine” CJSC (ZCMC) Narek Ambaryan mentioned that the Government responds to the concerns of mining industry representatives for the first time and this is a serious reform for the sector.

The Minister asked the participants what impact the decision will have on the activity of the sector.

Expressing gratitude to the Ministry of Economic Development and Investments for the decision, the Finance Director of “Agarak Copper Molybdenum Combine” CJSC Davit Yedigaryan mentioned that as the result of this decision new investments are expected,

Minister Karayan discussed a number of other issues related to the mining sector with the respresentatives.

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