LAW OF THE REPUBLIC OF ARMENIA

of December 27, 2006 No. ZR-251

About modification and amendments in the Law of the Republic of Armenia "About the excise tax"

Accepted by National Assembly of the Republic of Armenia on December 25, 2006

Article 1. In article 8 of the Law of the Republic of Armenia "About the excise tax" (on July 7, 2000, ZR-79):

a) to add parenthetic clause of Item 5 before the word "acquired" with words "bank payment";

b) to exclude the words "in proportion to sales of goods, subject to excise tax liability" from the subitem "b" of Item 5;

c) to add Item 6 before the word "acquired" with words "bank payment";

d) add Item 6.1 of the following content:

"6.1. In case of excess by the amount of the excise tax paid according to this Law for the raw materials which are subject to excise tax liability acquired in the Republic of Armenia or imported into the Republic of Armenia by producers of the goods which are subject to excise tax liability by results of the accounting period of the amount of the excise tax calculated for the goods which are subject to excise tax liability the exceeding part, except as specified, stipulated in Item the 6th Article 8 and article 9 of this Law, is calculated in the subsequent accounting periods at the expense of the amounts of the excise tax which are subject to payment according to this Law".

Article 2. This Law becomes effective since January 1, 2007.

Provisions of this Law do not extend much reduction (calculation) of the excise tax paid for the raw materials which are subject to excise tax liability acquired in the Republic of Armenia or imported into the Republic of Armenia by producers of the goods which are subject to excise tax liability to the introduction of this Law in force. Accounting and calculation of these amounts is made to the introduction of this Law in force in the operating procedure.

(c) Soyuzpravoinform LLC

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