LAW OF THE REPUBLIC OF ARMENIA

of June 29, 2020 No. ZR-321

About modification and amendments in the Tax code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on June 18, 2020

Article 1. In the Tax code of the Republic of Armenia of October 4, 2016 (further - the Code) the words "finance lease (leasing)" in the corresponding case forms shall be replaced with words "leasing (versions)".

Article 2. Regarding 1 article 4 of the Code:

Item 20 to add 1) with the new offer of the following content: "In case of transition of subject of leasing (versions) to the taxpayer by the property right the original cost calculated for this subject of leasing according to Item 70 of this part is considered original cost of asset;";

Item 30 to add 2) with the new offer of the following content: "In case of determination of asset carrying amount in case of transition of subject of leasing (versions) to the taxpayer by the property right also the deductions made from them for the purpose of the taxation of this subject of leasing, also taking into account capital expenditures, the stipulated in Item 1 parts 3 of article 121 of the Code made by the leasing recipient before transition of subject of leasing to the leasing recipient by the property right are subtracted;";

Item 41 to add 3) with the subitem "g" of the following content:

"transfer by the lessor of subject of leasing to the leasing recipient, the agreement of leasing (versions) provides that after the termination of effective period of this agreement or before its termination the property right regarding leasing can pass to the leasing recipient;";

To add 4) with Items 69 - 71 following content:

"69) leasing subject - the leasing subject established by the Civil code of the Republic of Armenia;

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