LAW OF THE REPUBLIC OF ARMENIA

of March 27, 2017 No. ZR-79

About introduction of amendments to the Tax Code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on March 1, 2017

Article 1. To add Item 3 of part 3 of article 202 of the Tax Code of the Republic of Armenia of October 4, 2016 (further - the Code) with subitems "and-1" and "and-2" the following content:

"and-1. in case of determination of turnover on realization of concentrate in sense of calculation of royalty the metals paid for separate types of concentrate are:

- for copper concentrate - copper, gold, silver, and also the other metals paid according to the sales agreement;

- for molybdenum concentrate - molybdenum, and also the other metals paid according to the sales agreement;

- for zinc concentrate - zinc, gold, silver, and also the other metals paid according to the sales agreement;

- for other concentrates - the metals paid according to the sales agreement;

and-2. in case of determination of turnover on realization of concentrate in sense of calculation of royalty the Government of the Republic of Armenia can establish:

- the maximum limits of the part which is not paid (deductible) buyer for paid metals. If limits are not set by the Government of the Republic of Armenia, they are accepted in the amount of, established by the agreement;

- the maximum limits of expenses on conversion, filtering or other similar expenses (including transport) defined by the delivery agreement. Limits are published, based on the data published on expenses on conversion and filtering metal concentrates by specialized international editions including Wood Mackenzie, "Byulletin" Threw (Metal Bulletin) or other similar authoritative international editions, with reference to appropriate source. If limits are not set by the Government of the Republic of Armenia, they are accepted in the amount of, established by the agreement;".

Article 2. To state the subitem "v" of Item 3 of part 3 of article 202 of the Code in the following edition:

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